Posted by philosoraptor on 23rd of Aug 2011 at 09:39 am
Brian, I completely agree with you but would add one small but
potentially important detail - yesterday's close was higher than
the previous day's close.
Therefore, using TradeStation's 'candlesticks with trend'
charting, you get a solid green candle on SPY i.e. a down day
intra-day but a higher close than the previous day. In other words,
a 'false' up day. Such a nuanced understanding might be
significant...
Posted by philosoraptor on 23rd of Aug 2011 at 09:46 am
To clarify, solid green rather than the normal hollow green. See
chart below. The inverse applies to 'false' down days i.e. hollow
red candles rather than solid red candles with intraday price
action bullish although closing lower than the previous day.
Good point -- I think all programs should be converted to the
StockCharts style of 4 styles of candles based on the day to day
and intraday price moves. Anyone have Steve Nison's ear?
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Brian, I completely agree with
SPX Daily (Inverted Hammer Candle)
Posted by philosoraptor on 23rd of Aug 2011 at 09:39 am
Brian, I completely agree with you but would add one small but potentially important detail - yesterday's close was higher than the previous day's close.
Therefore, using TradeStation's 'candlesticks with trend' charting, you get a solid green candle on SPY i.e. a down day intra-day but a higher close than the previous day. In other words, a 'false' up day. Such a nuanced understanding might be significant...
To clarify, solid green rather
Posted by philosoraptor on 23rd of Aug 2011 at 09:46 am
To clarify, solid green rather than the normal hollow green. See chart below. The inverse applies to 'false' down days i.e. hollow red candles rather than solid red candles with intraday price action bullish although closing lower than the previous day.
Good point -- I think
Posted by bkout3 on 23rd of Aug 2011 at 09:46 am
Good point -- I think all programs should be converted to the StockCharts style of 4 styles of candles based on the day to day and intraday price moves. Anyone have Steve Nison's ear?