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

To: MonsieurGonzo who wrote (934)12/10/1997 2:52:00 PM
From: Esteban  Read Replies (1) | Respond to of 1589
 
Nice summary of candlestick interpretations and limitations, Steve.

There does seem to be a danger here of losing objectivity by using "combinations" or "going inside a candlestick" to find the picture that best reflects our own individual psychological bias.

Just want to point out that in my previous post I was only referring to limitations using intra day candlesticks to predict next day's action, rather than the same day's intraday action. I'm speculating that the daily candlestick pattern might take precedent here being a gauge of sentiment day to day. It's just a theory based on 2 successive failings of end of day 90 min reversal patterns.

Esteban



To: MonsieurGonzo who wrote (934)12/10/1997 3:55:00 PM
From: Esteban  Read Replies (1) | Respond to of 1589
 
Steve,

Went long SPY at 97 1/8, based on 5 minute chart basing and 90 minute end of day candlestick. Highly speculative position no doubt. Just wanted to post it before it looks like hindsight.

Kind of opposite the sentiment in my previous posts, I admit. Will reverse or go flat if downtrend continues tomorrow.

Esteban


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