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Jayson, Yuki, Wavemechanic , Johnathan ,
Well I did some more research on HGMCY and found that the symbol changed to
HMY also known as Harmony Gold Mining . Harmony Gold Mining Co. is a mining
company operating in all the main gold producing regions of South Africa. So I
am attaching a chart of HMY , complete with the candles following what was shown
in the chart for HGMCY.
Here's how our analysis developed:
<FONT color=#0000ff
size=5>*****
Greg: "I'm trying to learn about candle patterns and
wondered if anyone could tell me something about the last three white candles.
Is this bullish (possibly accumulation)? Or bearish? Most MA's are flat or
pointing down, so I'm thinking this might be a bearish situation. But maybe it
will reverse direction and move up to at least the 144 MA. Anybody care to take
a crack at this?"
Jayson: " <FONT face=Arial
color=#0000ff size=2>FWIW, the lower closes coupled with the longish top tails
suggest that the bears are currently driving the stock. A look to the volume
should tell you if the really mean it. "
<FONT color=#0000ff
size=2>
Greg: <FONT
color=#ff0000>"Volume was almost at the 65 day average on the third candle from
the right and has decreased to about 1/2 and 2/3 of the 65 day average on the
last two candles respectively. I'll have to watch what happens in the next few
days."
<FONT color=#0000ff
size=2>
Johnathan: <FONT
face=Verdana color=#000000 size=3>I BELIEVE (and boy am I no expert...)
that a candle with a long upper wick is considered bearish, also known as a
shooting star. It LOOKS like you’ve got the inverse of a Three
White Soldiers, which would be moving upwards... Funky. Maybe it’s a 3
Black Crows in disguise??I’d take a close look at volume on those 3
bars, and if the volume is shrinking, it could mean that fewer people are
interested at the lower prices, which could bring price back up if the sellers
vanish. I think the key thing is that you’ve got successive lower highs
and lower lows, which is generally bearish. Think about it – if you’d gone
long at the low of the first bar, you’re feeling pretty good as it moves up...
But then suddenly you’ve got this big gap DOWN and now you’re hurting. So
maybe you wait a while for it to retrace and fill the gap, which it does but
fails to make a new high, and then you decide “to hell with this, I’m out
flat...” and sell, adding to the pressure pushing it down. Then someone
else does the same thing on the second bar, third bar... You get the
picture.
Yuki: <FONT
face="Courier New" color=#000000 size=3>I'm Japanese, yet I classify candlestick
patterns, *especially* theshorter ones, pretty close to astrology and
sorcery, maybe just a bitless reliable. ^_^Take a look at your chart
again . . .Do the large white candles in early September mean anything?
Sure,they meant the bulls were in charge, right? (Just look at
howprolific those big white bars are there -- right at the top --
whythere are FIVE of them in just seven days.) Oops. That does
appearto be the top for the viewable chart, doesn't it. Now ask
yourselfif you could not trust *those* groups of while candles on the
upside,why would you want to put any (ahem) stock in the three white
candleson the downside.Give me a simple bar chart with volume any
day.I don't know what you have there that likes to make 33 percent
movesroutinely. It's nice if you can catch one for sure. But you
do NOTbet on the turn with these; you wait for obvious evidence of it,
thenyou catch what you can, and forget/ignore what you missed.
Otherwisesomebody gets assigned the nasty job of having to scrape you off
thepavement. ^_-Take two aspirin and call me when it dips below 12
and shows evidenceof a turn. ^^_^^<FONT color=#000000
size=3>
wavemechanic: Looks like "three black
crows" which is a bearish pattern with a 65-75% chance of being
right. See Morris, Candlestick Charting Explained, or other
candlestick book/website for more details.
Yuki :
No, it cannot possibly be "Three black
crows". They must be black.These are white. It simply cannot be
the correct interpretation ofthis sorcery. ^_-
<FONT color=#0000ff
size=5>*****
And the rest of the story is in the
attached chart.
Yuki was right , prices
did test the $12 level.
Then it reversed back to the 144 MA
( $14.19 ) and continued up to a high of $18. before it turned down again only
to go below the 144 MA and stay there for about another 6
months.
Whew! That was a
mouthful!
Now I've got to sift through all
this and see what I can learn. Thanks to everyone who gave suggestions as towhat
was going on .
<FONT
color=#000000>Greg
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Yuki
Taga
To: <A title=amibroker@xxxxxxxxxxxxxxx
href="">wavemechanic
Sent: Tuesday, December 16, 2003 8:00
AM
Subject: Re: [amibroker] Off topic -
Candle interpretation
Hi wavemechanic,Tuesday, December 16, 2003, 8:51:36
PM, you wrote:w> Looks like "three black crows" which
is a bearish pattern with aw> 65-75% chance of being
right. See Morris, Candlestick Chartingw>
Explained, or other candlestick book/website for more
details.No, it cannot possibly be "Three black crows". They must
be black.These are white. It simply cannot be the correct
interpretation ofthis sorcery.
^_-Best,YukiSend BUG REPORTS to
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