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   Strategies & Market TrendsCandlestick Charting--The unknown indicator


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To: Jay Baca who wrote (1561)1/4/2000 10:56:00 AM
From: one_less
   of 1589
 
Check out SEMI. A fairly unknown company with good earnings reports in a very hot industry.

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To: DriverX who wrote (1558)1/26/2000 7:39:00 AM
From: JDinBaltimore
   of 1589
 
DriverX,

Recently started to implement candlesticks trading the SPX, am using Nison's "Japaneese Candlestick Charting Techniques."
He dosen't recommend using charts less than 30 minutes because to many Doji are formed not giving adequate time and allowing the doji to perform it powerful top indication performance.

It ahs been working good in this recent downtrend. I've found that Daily with 60 minute charts work good.

Anyone with experience get a 3 buddha top on SPX daily? Also I've noticed a small down window on SPX 60 minute charts between 1418.27 and 1417.93. Any significance?

If so, I would guess a close of the window to 1420 area, then to head lower, to retest 1387 area.

Best and thanks
John

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To: JDinBaltimore who wrote (1563)3/9/2000 9:39:00 PM
From: Robert Graham
   of 1589
 
How are you trading the SPX? Options? Day trading index funds? The SPOOs? I find candlesticks work well down to the 5-min chart with the SPOOs.

Bob Graham

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To: HeyRainier who wrote ()3/24/2000 11:05:00 PM
From: Grandk
   of 1589
 
Rainier or another able mind, could you give a glance at HLIT over the weekend. Technicals such as stochastics, williams, and RSI all point to oversold conditions. MACD is at a year low I believe. OBV is still strong even with the recent sell off. There was a hammer on Tuesday, followed by a window that somewhat resembles a shooting star. It looks like HLIT is struggling short term with it's 50 EMA, while the 100 EMA is support. I stay bullish due to OBV being so strong. Looks like an accumulation phase. Here's the chart for any interested. Any thoughts on this would be greatly appreciated.
askresearch.com

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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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To: HeyRainier who started this subject5/15/2002 9:06:57 AM
From: Geriq
   of 1589
 
It's been a while since any one posted anything on this thread. I've recently been playing a little with this method of charting, I'd love to get this going again and hear and learn from others.

I am currently looking at QBAK. I think yesterday was a pretty good dragonfly. They had some bad news (did not hit earnings--although not by much) and then announced good news later. They opened and closed yesterday at 5 3/4, with a usual support level of 6 1/2.

I'm not going to be one of those tedious contributors who talks about past successes. But I did put in a limit order for 5.80. That way if it gaps up significantly, I won't get stuck with a high buy price but I am hoping if I get in at this level to pick up 1/2 or maybe a point.

DTH

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To: Geriq who wrote (1567)5/15/2002 4:05:41 PM
From: Geriq
   of 1589
 
Well, perhaps I am the only contributor. That's OK. It keeps me accountable and academically honest.

I put in my limit order at 5.80. The stock opened at 5.59, and that was the price at which I bought it. Then watched it drop to 5.18. But then came up to $7. I put in a stop order to sell at 6.80 and was bought out there.

Hey. 20% return. Not bad for a day's work. Although, I must admit, I did not buy a huge amount. I think after commissions and taking into account capital gains taxes, I just about broke even.

DTH

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To: HeyRainier who started this subject5/15/2002 4:38:07 PM
From: Geriq
   of 1589
 
OK, I'm looking at ELN now. Trading at $9 1/4. Previous support at about $10 1/2.

Big drop today after a rating of underperform. Long black candle with middle sized bottom wick.

I'm not sure how to interpret this and what, if anything to do about it.

Any one checking this thread care to comment? Reading the reports and the ELN thread, I get the hunch that this may go up from here.

With the downtrend on bad news, I'm reluctant to make any predictions. But I'd like to hear from any one who knows how to use the candlestick charts to see what you think they say. Not looking for recommendations.

DTH

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To: HeyRainier who started this subject5/16/2002 4:50:02 PM
From: Geriq
   of 1589
 
ELN

After a considerable downtrend, today I think we've got a spinning top. Actually opened up a little from yesterday's close.

My understanding is that I should wait another day to get bullish confirmation. But I think the spinning top shows some indecision and I think the bears are pretty much played out on this one. I cannot find any real bad news to substantiate this drop. I think the spinning top today is going to herald a turn-around.

I may be completely wrong. This is mostly an observation.

I am not making any recommendations, but to keep myself academically honest, I will share that I bought some July 10 calls @ $1.30. We'll see.

DTH

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To: Geriq who wrote (1567)5/17/2002 11:08:42 AM
From: Greg McDaniel
   of 1589
 
I had not heard the term dragonfly before. thanks for bringing to my attention. I have a lot of experience with candles but this was a new term. TOPP had a dragonfly yesterday. I just now discovered that. So too late to enter now...

OPWV may be putting in a shooting star today.. Need to finish like this and then confirmation on Monday..

Good Trading..

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