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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: Grandk who wrote (1565)3/25/2000 4:40:00 AM
From: HeyRainier   of 1589
 
You're asking for pain. And by the way, you might have your charts flipped upside down if you think the recent behavior is indicative of an accumulation phase. Ask yourself why you made that kind of conclusion.

What I see with your behavior is very indicative of the teachings of behavioral finance, and if you want to outpace the 80% of traders that lose money, you'll need to understand what caused you to make that kind of technical assessment. During my growth, I have come to agree with some of the best that trading is to a great extent psychological in nature. At a stage, if you're serious enough, you'll begin to reach the levels of professional athletes, where their performance is not dictated so much by their physical ability, but more by their mental performance. Didn't think you'd get a psychology lesson, did you. But isn't that what candlesticks are teaching you to read?

By the way, good read on the hammer, but as you know, the nature of candlesticks is only short-term in nature. Take what you get and don't be a pig, because pigs get slaughtered. Especially in this transitory environment for the market.

Overall, your big load wasn't too bad of a bet, given the long term strength of the chart, but when trends are negative in the short term, I find it dangerous to fight them. Let someone else get their heads handed back to them. I like your OB/OS style, as that tends to fit with mine as well, but you're front-running your indicators, which is another flaw as well.

In time, you'll learn patience, and I hope it's sooner rather than later.

Rainier
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