The high profit candlestick patterns become more effective in an indecisive trading market. The high profit candlestick patterns are the buildup of bullish or bearish sentiment, demonstrating less reliance on the overall market trend. Although the markets had a strong day on Friday, the Dow did not perform a reversal signal, merely a bullish day. The NASDAQ had a much stronger sentiment based upon a MorningStar signal that pushed back up to the resistance level. However, today’s trading was an indecisive Doji-type day. The transportation index traded lower. The S&P 500 traded indecisively flat. The NASDAQ is the only index that appears like it could breakout into new territory, out of the sideways trading range. Until it does, the sideways trading mode of the indexes make having both long and short positions in the trading portfolio. Having the ability to analyze the overall market trend allows for scanning for the high profit candlestick patterns more effectively. There are 9500 trading entities. On any given day, simple candlestick scanning techniques will identify a number of strong bullish trade set ups as well as a number of strong bearish trade setups. Using this information allows the candlestick investor to always have a good supply of potentially profitable trades.
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Good Investing,
Stephen Bigalow
