SENSEX _ Candle stick pattern
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padiyara
Nov 4, 2009, 11:15:12 AM11/4/09
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DOWN SIDE GAP THREE METHODS Pattern: continuation |
Identification
A long black day is followed by a second long black day that gaps in the direction of the trend. The third day is white and fills the gap between the first two days.
The Psychology
In a downtrend a gap simply gets filled. As long as the black candles have higher volume than the white, the one white profit taking day for the shorts shouldn't be a big concern. The downtrend should continue if indeed the stock is as weak as it appears.
In a downtrend a gap simply gets filled. As long as the black candles have higher volume than the white, the one white profit taking day for the shorts shouldn't be a big concern. The downtrend should continue if indeed the stock is as weak as it appears.
tomorrows high (resistace16200/ 4750) can be used to add more short.
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