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Well, let me ask the question....Does anyone here use a candlestick charting
program exclusively to trade with?
And how would you evaluate your success?
Jack
-----Original Message-----
From: Comtrade2@xxxxxxx <Comtrade2@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, May 15, 1999 9:11 PM
Subject: Re: CandleStick Chart Book
>I agree the candlesticks work really well on top of my regression channels
>both on the Weekly and Daily charts. When I get a bearish engulfment on top
>of a downward channel, look out there goes the prices straight down for
good
>shorts. I also use them for confirmation of a bullish bottoms and bearish
>tops. If I get a bearish top signal and prices are rising on the price
chart
>at or near the top of the regression channel I will wait for a bearish
candle
>or a simple reversal pattern, such as a shooting star (bullish or bearish)
or
>an Engulfing pattern or a Dark Cloud Cover, these patterns have never
failed
>using other indicators such as divergence's in a trade. I personally think
>they have there place in the trading realm.
>
>It is impossible to me to trade only candles, number one where is the long
>term trend going? I use regression channels to see this and number 2 is
there
>a divergence occurring? I use my oscillators such as MACD, Formula X and Y
>and CCI etc. If you show a bullish engulfment pattern at the bottom of a
>descending channel, you would not go long against the longer term
downtrend,
>so I would wait for the correction to run out and when prices turnaround I
>would then go short the market.
>
>So using the candles by themselves for me is an impossibility. No one
trades
>blind that I ever met personally anyhow.
>
>Great to see these comments keep it up!
>
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