In my experience, a bar or candle turn does not guarantee direction. With that in mind why wait for them to initiate ? Do they improve the odds beyond the 50% coin toss? What is your experience ? Interested in discussing the above.
Those selling the snake oil will tell you they have meaning with context. In reality, they dont mean dick.
If they so good why Nison spends so much time selling his courses and with lectures and seminars? LOL You know what's the excuse of their poor performance, CONTEXT. You must apply CONTEXT! hehe Something extremely subjective and hard to quantify. Sample of such bullshit, http://www.hardrightedge.com/tactics/indicators/candlestick.htm
Bar patterns, candlestick patterns or any other type of chart pattern are not reliable all by themselves. Yet, they are useful if you use them within market context. Simply, you should already know the direction of the price action prior to the appearance of your trade signal. Therefore, just use them as entry signals into what you already know about the price action. If the price action is confusing, I doubt a bar pattern or candlestick pattern will be consistently helpful. In other words, there's more to profitable trading than just chart patterns or trade signals. Also, if you're looking for a guarantee in markets that changes several times every year...good luck with that. There's no guarantee. P.S. There's a difference between market context and price action context. Its common to get both mixed up.
You saying candlestick patterns are reliable on their own If not, we then agree. Regardless, I stand by my statement...they are not reliable all by themselves. A lot more important things on most trading days involving discipline, proper capitalization, money management, stress management, proper trading instrument, proper work environment and many other things that most traders greatly underestimate until its too late or they think they can become profitable first and then figure out that other stuff later. In contrast, discussing candlestick patterns is such an easy thing to do...lots of pretty pictures here at ET. Seriously, best spend the time getting everything else properly setup before diving into bar patterns, candlestick patterns or any other type of chart analysis. P.S. The only one talking about selling in this thread is you. By the way, your link is to an article that has NOTHING to do with market context. Just because the title contains that word "context" doesn't imply its about "market context". Therefore, yeah, its B.S. as you noted. Like I said before...its common to get them mixed up.
I don't think they guarantee direction. I am not aware of anything that guarantees direction in an uncertain environment like the markets. I think they do improve the odds when utilized in combination with other parameters like support, resistance, oversold/bought, time of day or any of your favorite indicators..