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

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To: Geriq who wrote (1573)5/18/2002 7:26:24 PM
From: sean sanders  Read Replies (1) of 1589
 
Geriq,

Just some brief info on candles ...

I have used them exclusivly for the past ~5 years. I like to look at chart reading as an ever changing art form. Meaning that each person can have a different view of a chart at any particular time. I feel candles help give the chart reader a more 'colorful' view of what is going on. I still have to look up what specific candle patterns mean but as you get accustomed to looking at candles you will get used to looking at them and their patterns. The main thing that I view with candles is the bodies and their wicks and the relative size of each. This tells a lot about price action in itself without knowing all the fancy names for certain candle patterns. I find seeing where a wick is in comparison to where the body is; is helpful in seeing the art behind the action. Volume is important too with looking at candles; some people dont think so but I think volume is a great T.A. tool. Helps you to ferret out strong hammer bottoms or even good reversals or patterns developing. One of the many tools a trader has.

I'm in the health profession and when diagnoising a condition 'tools' come into play in helping determine what is going on with that individual; just as candles are a tool to help you decide what is going on in the price action.

Sean
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