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Mutual funds, of course, do not have volume reported. I don't know what the
explanation is but I'm sure it can't be legitimately employed in analysis. How
can you lend credence to something that doesn't exist. I do know that weekly
charts will show a bar with high and low. This is due to the 3% bid/asked load
and of course means nothing. I don't know where the width of the candle comes
from but I do know it is worthless.
Tim Gadd wrote:
> Maybe this will be obvious to everyone else, but up until this weekend,
> any information that I have read regarding mutual fund investing and
> trading states/implies that candlesticks are not a charting option
> available for mutual fund analysis. Then this weekend, I accidently
> chose the candlestick option on a weekly mutual fund chart and it
> produced candlesticks - gee whiz! And then one of the recent posts (by
> one of the subscribers playing with regulation-size balls - I forget
> who) professing the overwhelming power of candlestick charting got me a
> thinkin'. Can/should I use 'em?
>
> Later the same day, I just happened to run across some information on
> the FastRUBE trading software that augments Investor's FastTrack.
> FastRUBE recommends using candlesticks on weekly and monthly fund charts
> as an integral part of it's fund selection process - huh? I guess it
> makes sense, since there are open (actually, the close for the first day
> of the week / month / period), high, low and close (the actual weekly /
> monthly / period close) values available.
>
> But are the candle patterns interpretable in the classic sense? I have
> noticed that there are what seems to be an inordinate number of gaps, no
> doubt because of the use of the first-day's close as the open price.
> Comments appreciated from the candle aficionados.
>
> I'm gonna try to figure this FastRUBE thang out and try to set up some
> similar systems myself - while I'm learning how to use candlesticks. Are
> their any other mutual fund traders on the list that have set up a
> FastRube-type fund ranking and selection system using MetaStock or
> Window on Wall Street? Any guesses as to what the AccuTrack/Relative
> Strength formula might be? After 4 years of being a bull market fund
> trading genius, I am only now tinkering with setting up and testing
> automated trading systems.
>
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