Friday, February 24, 2012
Thursday, February 23, 2012
Wednesday, February 22, 2012
Tuesday, February 21, 2012
BN, uptrending, makes a "Shooting star" at the channel top.
The shooting star is made up of one candlestick (white or black) with a small body, long upper shadow and small or nonexistent lower shadow. The size of the upper shadow should be a least twice the length of the body and the high/low range should be relatively large. Large is a relative term and the high/low range should be large relative to the range over the last 10-20 days.
For a candlestick to be in star position, it must gap way from the previous candlestick. A gap up would definitely enhance the robustness of a shooting star, but the essence of the reversal should not be lost without the gap. Note from the chart below that there is also another shooting star prior to the "circled" one which held the stock for a while down before another upmove started..
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For a candlestick to be in star position, it must gap way from the previous candlestick. A gap up would definitely enhance the robustness of a shooting star, but the essence of the reversal should not be lost without the gap. Note from the chart below that there is also another shooting star prior to the "circled" one which held the stock for a while down before another upmove started..
Sunday, February 19, 2012
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