Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: MonsieurGonzo who wrote (915)	12/8/1997 9:18:00 PM
From: Esteban	Read Replies (1) \| Respond to of 1589

Hey Steve, Now you've got my attention. I got INDU,39 and OEX,39 ending in Hammers, indicating a likely bullish morning attack tommorow for the first 39 minutes. Am I reading between the lines correctly. Duration of reversal candlestick in minutes = duration of opposing move, or at least high probability of at least the next candlestick to reverse? Have you been studying this? This would be a tradable phenomenon I think, from a scalping perspective. Tell me more. Wanna buy blind @ open and play the bounce, mon ami ? No, but I'll cheer you on from the sidelines. My five minute chart is in no man's land here, not in the zone. Otherwise I would have gone long at the close, based on the 90 minute candlestick and the trendline support zone we're in. There are some specific and usually abundant 5 minute chart patterns that have to be in place before I'll take an index position that are absent at the moment. These have to be in place before I'll trade on the 90 minute signals or on support or resistance. As you can probably tell, I'm trying to verify a system here, and don't want to tweak the results by trading helter skelter. I've got to tell you Steve, I'm not a big fan of the intraday candlesticks with the exception of the 90 minute. And those only because I like the times of the open/close, kind of natural endings or beginnings of sessions within the daily session. Thanks for suggesting I check that time frame. I haven't found any kind of continuity with the other time frames that I've felt are tradable. Except maybe for scalping like I mentioned above. I don't think our chart generators have matching open/closes for the different time frames. I don't get hammers for the INDU or OEX on the 39 minute on my PC Quote service. I get bullish engulfing patterns, same as the 90 minute. Esteban