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Your post may be hazzardous to lurkers, Bill, because both of your
statements are of course completely wrong ;)
Of course there's no volume, but what's vol to do with candles?
"weekly charts will show a bar with high and low" unless the price didn't
change all week.
Bob
At 08:26 AM 9/8/98 -0400, you wrote:
>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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>
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