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A Doji question ...

 
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Fletch
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PostPosted: Fri Feb 16, 2007 2:04 pm    Post subject: A Doji question ... Reply with quote

I just started reading "High profit candlestick patterns", so forgive me if this is discussed later in the book, but ...

From time to time I see a Doji following a long white candle, and within the body ... like a "doji-harami". Frequently the shadows are long. I have seen it precede a downtrend, and also an uptrend. I haven't done any quantitative work on it, but one might argue that the bulls lost their strength, or that the bears failed to win the price wars. Any data on this?

IYT did this yesterday, but with short shadows.

Also, what one is really looking for are rules to trade by, so one could take profits, or one could snug up the trailing stop.
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Harry



Joined: 11 Jun 2005
Posts: 128
Location: midwest

PostPosted: Fri Feb 16, 2007 8:16 pm    Post subject: Reply with quote

Fletch, welcome to the traders world. It is a great profession but it takes time and a lot of work. I am sure you have hundreds of questions right now but as you keep reading good books and studying charts you will understand more and more. Don't expect to get rich this year or next. One thing I love about trading is the future is in your hands. Any time you are having problems you can always look in the mirror. About the doji's it depends where they are at on the trend and if the trend is going up or down or flatline. The bodies, the tails, the colors all mean something and most of the time something different. Sometimes bullish, sometimes bearish, sometimes just wait until tomorrow. You might want to paper trade a little. It won't help you much toward making money because the emotions do not come in to play. I think it helps a person to read the charts by studing the signals when a stock is going up and when it reverses and starts back down. Of course as you read the books and review the charts it will come together more and more. I hope I haven't confused you to much. Very Happy
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cosmo



Joined: 06 Apr 2005
Posts: 57

PostPosted: Sat Feb 17, 2007 4:48 am    Post subject: Reply with quote

Fletch, I like to scan after mkt. for stocks like IYT that you mentioned in your post above that have an extended stochastic value. In the morning after the mkt opens I watch the move for confirmation of my analysis. I am learning also and am still paper trading and as Harry mentioned above about paper trading and emotions I am hoping I can keep my emotions in control when I put my money on the trade. ANPI has a similar set-up except a possible move to the long side.

Another one on my watch list for a long is AMGN. It isn't a doji but has the extended stochastic I like to scan for. Good luck.
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Fletch
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PostPosted: Sat Feb 17, 2007 12:15 pm    Post subject: The Harami Cross Reply with quote

Harry & Cosmo

Thanks for the input.
I just looked this pattern in Steve Nison's Japanese Candlestick Charting Techniques. It in the Harami Cross. A couple of quotes: "A harami cross occurring after a very long white candle is a pattern a trader ignores at his or her own peril." and "Harami cross can also call bottoms, but they seem more effective at tops".

Thanks

Fletch
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