Does anyone use only candlestick patterns + fibonacci to trade? I always wanted to trade this system but unfortunately was never good enough to identify candlestick patterns in realtime.
Hi Bufferman, There's a room on the IRC Othernet server called #FibMarkets... There are several traders in there that also uses Intraday Japanese Candlesticks... You could ask them. If you don't have a IRC communication software like mIRC... The direct link for logging into that room during trading hours is... http://chat.othernet.org/?channel=fibmarkets Also, although I'm not a fibo guy...I've been using intraday candlestick patterns over 10 years... There are patterns that are very reliable and there's several threads here at ET you can use the search menu here to find those discussions and specific patterns you may want to concentrate on while your trying to blend candlesticks with fibonacci. Remember this...daily candlesticks and intraday candlesticks behave differently. Something else...if your a discretionary trader...stay away from software that identifies candlestick patterns for you. I personally feel you'll perform better when you learn how to "visually" recognize particular candlestick patterns during certain price action. Good luck with the blending P.S. Intraday Japanese Candlesticks are also great for price action only traders (no indicators). NihabaAshi
As part of my overall toolbox, I use FIB and candles intraday. As another post mentions, there are some very reliable patterns in candlesticks on the intraday charts. My favorite (classic candle pattern): - Wide-Range Up bar - Three descending Narrow range bars w/in the Wide Bar - Almost always followed by a Wide Range UP bar of equal height to the 1st. When I see that on a FIB support line, it's a typically a safe entry at the support line / sell at the top of the wide-bar. But I don't really intra-day trade. Only when the market is dull and I want to practice my timing skills. Someone (everyone?) else is probably better at it than I am and has more success -- I'd love to hear their thoughts. Also, I usually look at 60-min and daily charts and practice my entries on the 2-min and 5-min charts using fibonacci / candles. When they align with a bigger pattern, it works out better / has a more reasonable risk/reward (for me...). Good luck!