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

To: Esteban who wrote (1114)	1/23/1998 7:51:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 1589

Esteban; RE:" SPYDERS, WEBS and DIAMONDS " ...thanks for the reference, Esteban - certainly confirms our feelings about the intra-day rhythms within a trading session. Yes, I have been watching DIA too. But I have abandoned SPY and DIA as day-trading vehicles. I don't like the way that SPY is keying on the SP98H futures - which is quite different than the INX/SPX.X index. But I consider SPY and DIA to be great places to sock away cash reserves, especially during blow-offs, like 12-JAN. WEBS are interesting, too. They track the foreign indices like SPY and DIA. All these vehicles are based on 1/32nd ticks, IMHO; and 0.031 x 1000s = $31.00 per tick. Too much work for day-trading; but week-trading makes sense. Spain and Italy have been stormin' I've been having better success trading sector indices - just look at the candlesticks for the OSX.X when it bottomed out at ~89, or the clear reversal on XAL.X this week. I used candlesticks this week to make an ersatz "trade" in currencies, Esteban - take a look at DM98H and FR98H - the Mark and Franc futures, and you will see a clear "morning star" pattern. (Look at DX98H for an upside-down chart of this - the "dollar index") When I saw the pattern form, I transferred US $ (living expense money) from my bank in the States over to my bank in Paris - who converted it into Francs before it fell out of bed. Candlesticks are great, man. I've become interested in applying them to engineering data, and have begun some experiments with some folks over here. Question is - does mechanism have sentiment ? -Steve