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

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To: Ron who wrote (1583)9/20/2002 2:53:29 AM
From: sean sanders  Read Replies (1) of 1589
 
I'll see if I can get a more detailed description tomorrow but here is a brief one ...
as of today ...

Those 2 candle on 9/17 and 9/18 along with the volume suggest that we may reverse here and swing up. Now how far we do thats the question.

Todays candle shows some indecision and a pull back from the high but again concerning canldes this doesnt mean we still shouldnt look for more of a upswing. Now giving the overall feel of the market I would still be careful when taking a buy position in this game.

a close below 25.5 is a pretty sure sign we will head alot lower; use that as support and play off that. I dont play off candles alone I tend to look at support resistance etc alot also. Candles are great too; lets see where this one goes.

Summary:
short term trend is up; a negativity in the market might pull this one down thou; also medium term trend is down so it will take alot to change that momentum.

oh here's another one; if we break above the close of today with some nice volume; I forsee us moving a bit higher in the short to medium term.

again to give you an example of those 2 candles on 17/18 look on 9/28/01 those 2 candles over there. Look a bit similar as to what we just had; maybe not as dramatic but similar. Lets keep that in mind and see how it turns out.

Sean
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