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He was specifically speaking of weekly candle charts, Bill.
' I accidently chose the candlestick option on a weekly mutual fund chart
and it produced candlesticks - gee whiz!
... FastRUBE recommends using candlesticks on weekly and monthly fund
charts as an integral part of it's fund selection process''
Bob
At 04:24 PM 9/8/98 -0400, you wrote:
>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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