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

To: Esteban who wrote (916)	12/9/1997 12:07:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 1589

Esteban; RE:" intra-day candlesticks..." 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. Yes, I have been studying the intra-day 'sticks on indices and some stocks rather intensely (when I'm here, Esteban), and YES I feel like the candlestick is an immediate indicator of the next most likely sentiment for the duration of that trading emotion, which is one reason why I like to scroll through many different time-slices, (because sentiment-cycles have different durations). As you pointed out, using the 90's is a pretty good way to tune in on the morning and evening attacks, because they tend to be more fixed in duration than other sentiment cycles. The only conclusion that I feel I can state with any certainty so far, Esteban, is that different time-slices are necessary because of the different velocities of price movements. When things are moving slowly, I use longer-duration 'sticks. When things are moving rapidly, I look at shorter-duration candlesticks. After the close, I look at various intra-day 'sticks time-slices, up to 195's (Session I and Session II sentiments). What I want to find is how to "tune in" the time-slices so that the turning points are all well-indicated by Hammers and Dojis and other, classical patterns. When the chart is "easy to read", I know I have selected the correct time slice for that index or stock, for that velocity of price change. To me, the value of the programmable 'stick time-slices is all in making the chart easier to read. Unfortunately, we cannot use different time-slices within the same chart, which, when you think about it, is THE proper way to measure sentiment via 'sticks. ie., one should draw one candlestick for each discrete emotion cycle, rather than some arbitrary clock-cycle (if this is making any sense at all to you, Esteban) - kinda hard to express what I think I'm observing, you know ? -Steve