Monday, November 26, 2007
Look at the Candles!!
Keep watching the candles! Look for a blended candle pattern. Always watch the past 2 or 3 candles and start looking for big volume once we approach the Feb/Aug low trend line. The example to the left shows one bullish reversal pattern and one bearish reversal pattern. Being that we are in a correction of a bull market, we are looking for a bullish pattern for the reversal signal. Whether it is a single candle pattern or a blended candle pattern, who cares, just make sure you see big volume to go along with it. Keep watch all the charts on page 1 of Red Dirt Trader. Look to the longer term charts, weekly & monthly. Pay close attention to the moving averages of both charts to see if we get some sort of a bounce. If we violate those ma's just remember,"If someone throws you a potato, it shouldn't take you long to figure out if it is hot."
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