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   Strategies & Market TrendsCandlestick Charting--The unknown indicator


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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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To: HeyRainier who started this subject5/17/2002 11:55:05 AM
From: D. K. G.
   of 1589
 
Interesting candlestick website

stockfetcher.com

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To: Greg McDaniel who wrote (1571)5/17/2002 12:06:55 PM
From: Geriq
   of 1589
 
Hey, glad someone else is following this. Was beginning to fear my postings were little more than mental masturbation.

I'm new to this method. Just exploring and trying to learn a little. If nothing else, the colorful terminology is fun.

The dragonfly is basically and upside down grave-stone doji. Sort of a hammer with a very narrow real body.

I found this and some other very basic info at stockcharts.com if you're interested.

Thanks for any thoughts.

Todd

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To: Geriq who wrote (1573)5/18/2002 7:26:24 PM
From: sean sanders
   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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To: Greg McDaniel who wrote (1571)5/20/2002 11:08:35 AM
From: Geriq
   of 1589
 
Can I ask you for an interpretation?

You mentioned OPWV as a possible shooting star. For the first half of the trading day, that is how it looked. Just a nice spinning top with it's body above the previous close. Later in the day and at close, it closed considerably lower.

Can you consider it as a shooting star with bearish confirmation later in the same trading period, or do you look at the entire day before making a call?

Also, how do you scan the stocks to pick one? ie where did you find TOPP?

Thanks.

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To: Geriq who wrote (1575)5/20/2002 2:28:50 PM
From: Greg McDaniel
   of 1589
 
I would say opwv ALMOST turned into a dark cloud cover since it came down to close at top of the prior bars body. Which makes me think opwv short term bearish. I would not short opwv after looking at 20 day ma. Rather if I were long I would sell.

I happened to find TOPP because a friend asked me to look at daily..

I use tc2000 and write my own scans to find candle patterns.

Some dark cloud covers today around noon...

mtec, lgnd, stj, and tech

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To: Greg McDaniel who wrote (1576)5/20/2002 2:30:29 PM
From: Greg McDaniel
   of 1589
 
sfnt and simg were forming dragon flys at 12:07..eom

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To: HeyRainier who started this subject5/20/2002 3:48:22 PM
From: Greg McDaniel
   of 1589
 
Oils with Piercing patterns... as of 3:15 pm ..

sii, oih, ne

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To: HeyRainier who started this subject5/23/2002 12:21:52 PM
From: Geriq
   of 1589
 
VISG

Been watching this company for a week. It's made large gains on little if any news. The volume has been 10x average.

I think we have a shooting star yesterday (OK, I'd be happier with a smaller body and shorter lower wick), bearish confirmation today.

I bought some July 7.50 calls. Not a recommendation. Just FYI so you can all laugh at me later.

DTH

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To: D. K. G. who wrote (1572)5/23/2002 5:07:38 PM
From: HeyRainier
   of 1589
 
Over the years, I have come to blend candlesticks with numerous other indicators to get the bigger picture. There is a dangerous allure to focusing on just one technical indicator and attributing more explanatory power to it than it warrants. The way I look at it, it is but a single tile in the entire mosaic of decision-making.

Good luck.

Rainier

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