What decoration is needed in daily/hourly candlestick or barchart for intraday

Discussion in 'Technical Analysis' started by harrytrader, Mar 10, 2004.

  1. As an intraday trader I am interested to know if market made its low first or it high first. Daily/hourly candlestick or chartbar doesn't indicate this : for example when you have a white candlestick, it doesn't imply obligatorily that the low has been made firstly and the high secondly since the color of the candlestick corresponds to the differential between close and open, information which is redundant with the bases of the candlestick since they already indicate open and close.

    So I intend to add these decorations : an up arrow to indicate that market made a low first, a down arrow to indicate that market made a high first.
  2. Hi Harrytrader,

    There are some candlestick software that do that (I can't remember their names), there are some excel programs that do that and/or you could simply look at the intraday chart to determine what occur when.

    Simply, I think any trader that trades via the daily chart and needs to know what occur first between the low and high...

    that's a trader that needs to spend a few seconds looking at the intraday charts.

    There's even software that will tell you the different levels of volume in a particular candlestick interval...such may be important to price action only traders that are dependent upon price and volume analysis for their trades.

    I think that particular software will tell you how much volume occurred at the Upper candlestick shadow, the candlestick body and the Lower candlestick shadow.

    My point...when it comes to candlestick software...there's some weird stuff out there that does some odd things...that's useful to some candlestick traders.

    A few years ago...the quantitative approach to candlestick analysis picked up a little steam but quickly slowed to a trickle...bad timing in my opinion because of the economy and many traders unable to adapt to the changing market conditions.

    The question is this...is the info useful in helping a trader to maximize profits or minimize losses?

    That can only be answered by someone that actually uses such info to make trade decisions with their hard earned money on the line.

  3. +==========================================

    Good order;
    end of day then hourly.

    Like moving averages, however occasionaly checked for math errors;
    30 minute candle may be looked on also, & end of day more in a bull market.

    Its personal;
    prefer spring up geeen. or green lite go candles rather than white.:) Had a brownish red dog as a kid i called ''red''
  4. I don't use candlestick framework as the basis of my decision process: the decision process is based entirely on my model not on anything else. I'm rather talking of purely DESCRIPTIVE representation of charts. In my model, there is the concept of wave 1 or seed wave - in the same sense than Elliott Wave in fact - so this decoration is needed for me since this seed wave has connection with the first high or the first low of the day. I'm not talking about decision process based on candlestick, I'm rather talking of being able to visualise a whole year with such indication so that I can quickly see the correspondance between the seed wave and the First High or Low of the day.

    P.S.: I don't need any 3rd party software as we can program our own stuffs (for example http://www.econometric-wave.com/statistics/1/intraday.html?pd=1) because I'm fed up not to be able to fit all my needs without waiting for months if not years sometimes that the package software offers this or that.

  5. Hi harrytrader,

    Thanks for the explanation.

  6. With this decoration it avoids to look at lowest scale, of course it doesn't cost much to dive in lower scale except if you have to do so for hundred of days. What I mean is to be able to see at a glance the typical intraday behavior for many days at once.