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

To: MonsieurGonzo who wrote (937)	12/11/1997 5:59:00 PM
From: Esteban	Read Replies (3) \| Respond to of 1589

Steve, If recent days are any indication, tomorrow should be a strong up open based on the bearish engulfing pattern on SPY,90 at the close. <g> Re: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'. I see from your post on TSO, you decided to stay with scalping. Personally, I haven't tried to daytrade indices yet. I'm taking every position on reversal signals with a time frame of 1 to 5 days in mind, being ever flexible if the reversal doesn't last. From that perspective, the daily chart is the largest picture I'm interested in, the weekly showing too big a picture. The daily candlestick looks pretty grim, but the chart does show 7 trading days in the range of 94 5/8 to 96 1/2 from 11/20-11/28. Are we finding support here? Reversed SPY this AM like I said I would if it went against me. Went long again just about the same time you did at 95 7/8. I decided to hold based on a very nice morning star pattern that developed in SPY,90 ending at 15:00. It's looking pretty tenuous to say the least after the torrid evening attack. Here's something you might want to know about trading SPY on Datek. SPY is open for trading until 16:15, but at Datek you can only trade until 16:00. Representation may be an issue for limit orders. Check my post on the Datek thread for further details at exchange2000.com Esteban