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You are right of course, Bob. I use Arms Equivolume and I was thinking of Candle
Volume in which width, I believe, represents volume. As to the high and low it is
the high and low for the week I suppose on a weekly chart, but how do you explain
a high and low on daily charts with Candles? I don't use them and I am ignorant
on the subject. Sorry if the misinformation got to the lurkers.
Bob Jagow wrote:
> 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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