Waiting for a sensible answer to why a candle stick under 1 minute would have a less predictable outcome than a bigger time frame. Can you really tell this chart is way below the 30 second period? Can the order flow change the candlestick construction? Does the software know it's below one minute so it makes the candles less reliable. I could post an hourly chart and its construction would be just the same with exactly the same reliability.
I'm surprised to see this. I couldn't trade with candles to save my life years ago. Thought they were garbage. Now I'm not sure if I'd be profitable without them. Now that I trade like I do, I prefer the hatred for them personally.
Nison's early works provide a good base of knowledge. Since then he's turned into a referral whore and begs for traders to tell him how they are trading. His current job consists of: 1) Referring people to other 'great' trading gurus (I'm sure for a nice fee). 2) Send surveys out asking people how they use candlesticks in their trading (I'm sure b/c he has no idea how to trade and in order to design more junk to sell he needs new ideas). Get the first few books he wrote and that's all you need. During this time, he was actually trying to provide useful information without another agenda. Anything else from his is a waste of time and money. Get any or all of these 3 books and that's all you need from Steve: http://tinyurl.com/m7ctju http://tinyurl.com/l38dll http://tinyurl.com/yg5wevg
Hi brownsfan019, I think the thread starter was asking about others in comparison to Steve Nison. In my opinion, the others are like Steve Nison and if the OP is looking for more information, better information... Best to stick to the education information about Japanese Candlestick pastterns stated by traders at discussion forum like Elitetrader.com, Forexfactory.com, Traderslaboratory.com, babypips.com et cetera along with digging deep in Google search. Mark
And let's not forget guys, all forms of indicators need to be used in conjunction with each other. I personally use candlesticks with Bollinger Bands, pattern recognition, Volume, and Relative Strength. To say candlesticks don't work would only mean someone is using them exclusively. For instance, if you just buy every time you see a hammer pattern, you'll get slaughtered. If you wait until you see a hammer on high volume in an oversold condition near a key support level and the RSI is not confirming the new low, your odd greatly increase that that hammer will be successful.
lol i think you're out of the loop here. You need to read through a thread before posting in it. I konw I know.....it requires a lot more work than it used to You know that A.D.D. joke...everyone's talking about a certain topic and then you have that 1 guy who yells out "hey look! A bicycle!" Yeah....you're the bicycle guy.
Candlesticks give you a more visually appealing view with a body. Other than that, its foolish to read too much into it.
My motto is: Have Candlesticks, I'll Trade. One of the most important things you should be looking for in a candlestick chart: How the "body" interacts with the tail or the wick of its neighbor candles. Well, I'll leave the rest for you to discover.
You asked for information in this thread and in another thread. I'll post that link one more time to the "Trading Hammers (revisited)" thread. http://www.elitetrader.com/vb/showthread.php?s=&threadid=52880 Simply, you don't need indicators nor volume to successfully trade hammer patterns. However, I do strongly agree (as stated at the link above dozens and dozens of times), don't use hammer patterns alone nor use any other candlestick pattern all by itself. There's plenty of examples of not using hammer patterns alone in that thread. However, if you prefer to use indicators and/or volume...that's a choice but not a requirement for others to succeed. Also, what's confusing by your statement is that you first stated in another thread you knew very little about Japanese Candlestick patterns and now you suddenly giving trading advice on how to successfully trade hammer patterns. Regardless to your confusing statement...like I said, the information is out there by others. It really depends on if you want to read it (so far it doesn't seem like it). For example, your statement implies that you don't know that hammer patterns are very dynamic...did you know that they can appear as trend reversal signals or trend continuation signal? Obviously when appearing as a trend continuation signal it's not in oversold market condition and that requirement you stated (oversold condition only) is a myth. Once again, read the thread...it's informative, removes a lot of myths and it's free. Mark
I didn't post the thread, it was a cohort. Anyway, yep, guilty of not reading the entire thread!! My basic point was simply that there's always more to a chart than just one indicator, or time frame for that matter. The scenario I spoke of wasn't a cut and dry method, just an example. Yes, I understand how to use hammers in conjunction with momentum analysis, as well as how a failed hammer can be an important continuation. And for the benefit of y'all, I'll say it. Hey Look, It's a bike!!!