To: CandleMan who wrote (1177 ) 3/25/1998 5:43:00 PM From: MonsieurGonzo Read Replies (1) | Respond to
RE:" Candlsticks and intra-day patterns... ">Message 1162 asked a question regarding intra-day candle patterns. quote.com OEX,3 for a three minute candlestick of the OEX "S&P-100" index real-time .as they are being formed , and what happens next. Watch the ,3 minute 'sticks on a fast moving index like the INDU or the OEX, for example. Turn off the volume display; turn it on only when you need it (bandwidth). You can do 'sticks of OPTIONS and COMMODITIES, too! Try CL98J,91 for 91-minute candlesticks of OIL FUTURES.SPY,90 to great effect. We got to where we were using this notation in our postings/EMAILs to one another; for example, INTC,W is a weekly chart, and INDU,13 is a 13-minute of the DJIA-30 index.Morning or Evening Attacks , and other time slices for the typical patterns within the day. Lunchtime in New York is usually dull; around 13.30 to 14.30, something (usually a buy or sell program) happens, and so forth. I varied time slices a lot, "tuning in" the 'sticks like a radio. Esteban preferred to stay with the ,90s.Fibonacci Retracements on my charts - they are excellent locators of support/resistance levels, especially when there is no precedent (like a new high or low). The package most candle-freaques use is METASTOCK. It also has the Kagi , the Renko and the Three-Line Break Charts that they (Japanese traders) use.great success just by scanning for Dojis (^_^) Set your scan for absolute Dojis first, then near-Dojis with +/- 1/16th or even 1/8th difference between OPEN and CLOSE. The Doji is probably the most meaningful, single-character candlestick.Japanese Candlestick Charting Techniques by Steve Nison. After that, I would recommend Candlepower or the newer version of it - Candlestick Charting Explained: Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris. Compleat Candlestick Freaques will want to get a copy of Nison's latest, Beyond Candlesticks to round out the reference section.sentiment but not extent . Esteban said that they were perfect for index-trading because they were like, "...mass psychology in pictures". During our thread here, a ways back, we kept a running candlestick interpretation going of the major market indices, as well as the sector indices (OSX.X was a favourite). Though he is as confounded as everyone else as to the amazing extent of this bull-rally, you freaques might enjoy Tom Rogers' daily interpretation of the OEX-100 index candlesticks...csta.org
