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

To: Esteban who wrote (935)	12/10/1997 4:45:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 1589

Esteban; RE:" that last 90-minute candlestick..." You're pretty focused on that last 'stick, mon ami (^_^) Yeah, I think that the session is probably the dominant 'stick too; but I find myself looking at ,195 (session I and session II) 'sticks a lot, in that regard. 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. ...damn good point, Esteban - and probably wise to emphasize this for anyone following our conversation. When I'm fiddling with the intra-day time-slice, folks - what I'm doing is looking at the past 'sticks, (not the present), looking at the (now evident) turning points that happened, trying to see how I can "tune in" those reversal candlesticks so that they are easy to read - like, fiddle with the time-slice until a bottom becomes a "hammer" or a "Doji" or a "Morning Star"; and with tops, too. Different reversal sentiments have different durations, usually dependent upon volatility, or how quickly prices change when the reversals occur. An idealized candlestick chart, in my mind - Esteban, would have these variable-duration reversal 'sticks - once "tuned in", they would remain fixed on the chart. The continuation 'sticks, I'd like to sum them up into just one, big line - up or down (like a point-and-figure or 3-line break chart, Esteban??) Then what you'd have is change in sentiments of various durations, and continuations of various extents. We could program a generator that would do this, Esteban - might be fun to play with this, a souped-up version of the JAVA generator... quote.com ...hmmmm. Big rally at close (on the SOX.X too) made a kind of hammer on my screen. Probably open with a bounce tomorrow. I'm getting more and more interested in these trailing STOPs tactics, Esteban. I don't know if it is just my interest in following intra-day 'sticks, or the fact that I don't like to sit on short positions for a long time, but I think we're getting too much into the "ticks", and may need to work more with bigger movements. We're not even 'trading' any more, Esteban - we're 'scalping'. You monitoring weekly 'sticks, Esteban ? -Steve