can any one explain me wether it is possible to determine the target of a stock only by just using a candle stick chart
Candlesticks techniques must no be used in isolation, try to combine them with Western techniques. Let's say you bought a stock. If at the next resistance level shooting stars or bearish engulfing patterns start to appear, then maybe it's time to pocket some profits, if you also have a clear confirmation. Or even close the position and wait for another trading opportunity. Example for a shooting star: Example for a bearish engulfing pattern:
thanks xelite for your reply,it was satisfactory, but i wanted to know without any basic technical knowledge on charts.indicators,or any other fundamental research,only with the help of candle sticks is it all possible to find the target of a stock in a specific time period,i lave heard that without any basic knowledge in these stuff we can determine the price target that too with more than 90% success rate is it possible
To the best of my best knowledge, there is no candlestick formation that can predict a good target price with a 90% success rate. However, it is possible to use Fibonacci extensions or AB = CD waves to find the most likely target price. Support and resistance levels also work great.
In a word, no. However, if whatever you're trading is mean-reverting, you can determine highly-probable targets, though these will be determined by price, not by how it's illustrated (candles, bars, lines, ticks). If you don't know what mean-reversion is or how an auction market operates, learn that first. You will then be able to answer your own question.
%%%%%%%%%%% No not really,man55; not for long, even though 9 winners in a row, may possibly happen.Not a prediction; wisdom is profitable to direct. Because markets are not really about predictions. Cash markets are not the same as credit/leveraged markets, not by a long shot. If you think that is true [cash=credit]just to mention one example, try getting RE for a cash discount, when a bank loan is in contract/LOL Thanks for the question; good question.
The OP (thread starter) may be talking about candlestick charts and not talking about candlestick patterns. Simply, his question may be about using "chart analysis" (bar, candlestick, line or whatever) to help determine profit targets. I could be wrong.
Candlesticks and whatever compressed bars were invented in stone age when there was not computer yet and everything had to be drawn by hand. So it had to be simplified to simplify the paperwork by squeezing information.
I trade using candlestick chart but i don't for targets using the candles themselves rather i find snr levels that i think will hold or use fibo levels to find my tg1, tg2 and tg3.
can any one explain me wether it is possible to determine the target of a stock only by just using a candle stick chart this was my question on may 8 2014 some said yes and some say no if i would say yes and prove that we can predict the target of a stock just by using candle stick chart that too with 80% succeess rate what would say if any one of you want to view it u can mail me or call me i will prove it thank you my name:laxman rao email:laxmanshiva13@gmail.com mobile:91-7799266990