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DPZ-belthold or non-signal?

 
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Mon Feb 20, 2006 10:36 pm    Post subject: DPZ-belthold or non-signal? Reply with quote

I just want to see if I am right about this.

The candlestick signal that DPZ made on Friday (2/17) looks like a bullish belthold but since it happenned "at the top" with stochastics in the overbought condition, is it correct for me to disregard the signal as bullish in this case?

Thanks in advance.
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ChickenHawk



Joined: 24 Apr 2005
Posts: 247
Location: Houston, Texas

PostPosted: Tue Feb 21, 2006 9:55 am    Post subject: Reply with quote

mesa613, you are right.... a Belthold should occur after a downtrend. Exclamation

If you look at DPZ on a 2 Day, 5 minute Chart, you will find that the "Belthold" occurred in the first five minutes of trading 09:30-09:35. From noon till close trading was relatively flat.

Whatever triggered the opening to gap down was immediately negated by the bulls. Though it appears to be a bullish signal, having a 0% outcome for the entire trading day could be thought of as a long-legged Doji. If the signal was bullish, it should have had a positive close.

Have a nice day Smile
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