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Use of Stochastics

 
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babelproofreader
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PostPosted: Fri Sep 10, 2004 11:16 am    Post subject: Use of Stochastics Reply with quote

I've read on Steves's web page that candlestick patterns should be qualified or are made more meaningful by stochastics being in overbought or oversold territory. My question is this: if the candlestick pattern is a 2 or 3 day pattern, should stochastics be overbought/sold for each day of the pattern, for any 1 or 2 days, for just the final day or perhaps is there some other "rule" that would apply?

Thanks in advance.
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Fri Sep 10, 2004 11:36 am    Post subject: stochastics Reply with quote

if you use the 12,3,3 setting for stochastics, then a 3 day signal will not be effected, the stochastics give you an indication of whether the signal is occurring in the right area. remember, the stochastics is just a confirmation of the signal, The signal is the main factor, the stochastics just tell you where you are in investor sentiment. The more oversold the stochastics, the better the reversal probabilities
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RobertT
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PostPosted: Sat Sep 11, 2004 4:58 pm    Post subject: Stochastics Reply with quote

I have found that for the shorter trades, 2 or 3 days, the 5,3,3 gives good areas to watch for the signals FYI
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PostPosted: Sun Sep 12, 2004 12:51 pm    Post subject: Re: Use of Stochastics Reply with quote

[quote="babelproofreader"]I've read on Steves's web page that candlestick patterns should be qualified or are made more meaningful by stochastics being in overbought or oversold territory. My question is this: if the candlestick pattern is a 2 or 3 day pattern, should stochastics be overbought/sold for each day of the pattern, for any 1 or 2 days, for just the final day or perhaps is there some other "rule" that would apply?

Thanks in advance.[/quote]
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Sun Sep 12, 2004 2:06 pm    Post subject: stochastics Reply with quote

it is best to see the stochastics in the oversold area, however if they are almost there when the signal appears, if the stochastics are turning back up by the third day, although not hardly below thwe 20 area, that produces more evidence that the trend has turned.
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