May 30th Market Direction
The markets have moved very little from where they opened Today. This creates an indecisive trading day, a Doji type day. This also illustrates there is no decisive selling even though there is no enthusiastic buying today. The overall prognosis remains the uptrend is in progress as long as the indexes remain above the T line. Each individual stock chart is the main evaluation factor. This simple analysis allows candlestick investors to appropriately add positions to their portfolio knowing there is no market pressure one way or the other. Fortunately, simple scanning techniques based upon candlestick signals and patterns allows investors to instantly identify which stocks/sectors have the most bullish or bearish activity. In the matter of a few minutes each afternoon, the simple scanning process pinpoints at least five – seven – 10 bullish charts as well as bearish charts in spite of the fact that the market is trading sideways.
The major profitable aspect to utilizing candlestick charts is creating extremely high probabilities of being in the right positions at the appropriate time. Are there times when you are watching the market go up and none of your positions are moving? That scenario is dramatically reduced when visually able to identify which positions are moving the best during an upward or downward market trend. Prices do not move based upon fundamentals! Prices move based upon the perception of fundamentals. Candlestick charts reveal with clear graphic clarity which stocks are getting buying and selling pressure.
We will conduct a "Members Only" chat session tonight at 8:00 p.m EST.
The Candlestick Forum Team
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