Sorry I am just passionate or lack thereof about bar charts, they just don't speak to me like wicks do. I just focus on shooting star and dojis for now. To each his own, if bar charts work for you I am glad.
By the way, whom told you that Japanese Candlesticks will make you a great trader??? Was it your mentor you use to talk about when you first arrived at ET??? I haven't seen one post here at ET where someone talked about Japanese Candlesticks in making them a great trader or top trader. However, I've seen many posts here at ET where traders say they either use Japanese Candlesticks to get a better understanding of the price action or to confirm some other method they are using. Ok...so you failed at Japanese Candlestick analysis on intraday charts but are doing ok on daily charts. Did you meant to say you couldn't use Japanese Candlestick patterns successfully on intraday charts but do use candlestick charts itself (no pattern analysis) on daily charts??? As for me...I like candlestick charts instead of bar charts and candlestick analysis helps my trading. However, I was a little lucky because when I first started learning it...someone kepted hammering (pun intended) that it should only be used as a confirmation tool to what you think you already know. Simply, you will fail at Japanese Candlesticks if you attempt to use it to define the price action instead of learning how the price action defines the candlestick patterns. Note: All the above have been said many times before by other ET members besides just me...old news. Mark (a.k.a. NihabaAshi) Japanese Candlestick term
"By the way, whom told you that Japanese Candlesticks will make you a great trader???" The books which i read on candlesticks. "Was it your mentor you use to talk about when you first arrived at ET???" He actually used bar-charts, completely irrelevant... lol. "Ok...so you failed at Japanese Candlestick analysis on intraday charts but are doing ok on daily charts." Failed... WTF are you talking about??? lol I don't do candlestick patterns. You really need to calm down and stop attacking people because of something different. --- It doesn't really matter to me regardless, I could use a close chart for all I care. Candlesticks are not for me, that's fact. I trade price action, that is all I care about, and I scalp on the 1 minute timeframe. I don't even know why I'm discussing this, just threw in my 2 cents, Candles won't make you a great trader, end of story. Again, I don't like candlesticks, why are you so defensive of them, I tend to think for myself, not roll with the crowd. You seriously need to calm down though, had a bad day? I'll let this wonderful discussion on candles continue, ciao!
"Again, I don't like candlesticks, why are you so defensive of them, I tend to think for myself, not roll with the crowd. You seriously need to calm down though, had a bad day?" Ah, the voice of experience speaks again. LOL!
Thanks! I try, trading is the greatest job in the world, or at least my world. Only can become successful with experience, hard work, and dedication. I'd like to dedicate that one to Red Ink, Tachyon, and ElectricSavant that inspired me to keep going
WmWaster Steve Biggalow has a candlestick forum....not sure if that might be of interest http://www.candlestickforum.com
All I can say is, whether candles will make you a better trader or not, is not the point. Its a mental state of mind..hard to explain..like..meat, I dont eat meat unless It says "Organic" on the package. Whether its organic or not is not that big a deal, but I like having that assurance..that visual..it makes me happier. Same with candles. They may not make you better directly, but some traders feel better, more confident having them. I couldn't place a trade without first looking at a candle chart, or bars for that matter. I have to be able to see trends, s/r, highs, and lows. There is no right or wrong here. If you like candles...fine. If you dont...fine. - nathan
I have almost all the commonly known candlestick books and not one of them state they will make you a great trader... Not one. Thus, can you tell us which books specifically said such because these are books that new traders to candlestick analysis should not be reading. Also, I'm not attacking you...I just see some contradictions in what your talking about. You stated the following... See the word underlined as useless in your above quote??? That implies you used Japanese Candlestick and they didn't work for you. If they didn't work...that implies they either failed you or you failed in your interpretation of candlesticks to use it as a useful trading tool. If I'm wrong...please correct me. Once again...I am calm and I am not attacking you. I'm just seeking some clarification from you because so far your participating in a thread where the thread starter asked the following... The thread starter (WmWaster) has obviously found some useful information about basic candlestick analysis and now seeks more advanced understanding. However, your postings in this thread so far has not answered his question and makes me wonder why are you here. Instead, you show up and state candlesticks are useless, all that BS about candlesticks along with a few times stating the following... Candles won't make you a great trader. Not one single person in this thread stated that it will make you a great trader... Nor does that have anything to do with the thread starter questions. WmWaster asked a simple question about where to find practical advanced information about candlestick analysis. Unless you can help him and point him to the information he's looking for... I think your the one that needs to calm down and try to add some content to this thread. Once again...why are you responding in this thread about sources for advance candlestick use especially when you find candlestick analysis to be useless and stated candlesticks are not for me??? By the way, every single trader that used the words useless or BS in their description and then I took the time to get them to tell me exactly how they used Japanese Candlesticks... Every single one of those particular traders I discovered what they were doing wrong... They had failed at learning how to properly use Japanese Candlesticks. There was misinformation from their source (a generic source), pattern misinterpretations, incorrect applications et cetera. That's not the fault of the candlestick patterns... It's the fault of the trader...a trader that usually finds them useless after the dust has settled. If they didn't fail or if candlestick didn't fail them... It's not useless unless they implied it worked but they found something better. To get back on topic... WmWaster can read some advance info about Hammer patterns. http://www.elitetrader.com/vb/showthread.php?s=&threadid=52880 It's about the basic (generic) info found in today's books and the thread puts candlestick analysis in its proper use. I've already chatted with him in prior thread about Need some objective rules to stop-gain in which I discuss WRB Analysis as a price action only trader. Simply, ET itself has threads that deals with advanced candlestick discussions/analysis. http://www.elitetrader.com/vb/search.php?s= However, they may not be of practical use if they don't deal with his particular trading instruments or don't suit his trading personality. JMowery1987...please share your sources of advance candlestick information... If not...I recommend you ignore this thread. I myself will share any info about blogs I find (I'm currently still searching Google) for useful blogs that talks alot about Japanese Candlesticks that's beyond the generic info found in the typical candlestick book. Mark (a.k.a. NihabaAshi) Japanese Candlestick term
WmWaster, Here's are other blogs that has some Japanese Candlestick analysis beyond the generic level... http://thecashmaster.blogspot.com/ http://www.cisiova.com/blogs/candlestick_stock_picks/ http://www.dopeness.org/ I have no affiliations with the blog links I've posted in this thread. Simply, due diligence. Mark (a.k.a. NihabaAshi) Japanese Candlestick term
Candlesticks and Bars both give you the exact same info. You can still have a "shooting star" on a bar chart. As Mark says, it's about the underlying price action. For some traders, candles distract, for others, they clarify. It's just a personal preference. I use candles but if I see a wide spread closing on the high, I don't think of it as a "Marubozu", I think of it as a wide spread closing on the high. It's just a better visual for me on a candle chart. OTOH, in my mind and when I write out an analysis, I use the term "doji" all the time. What difference does it make what terms I use, as long as I'm interpreting the price action correctly? Candles were first used several hundred years ago. Much later, in the early 1900's, Richard Wyckoff used bar charts and was considered a pioneer in price interpretation. But if you read interpretations of price behavior of both Wyckoff and Candles, they're really one and the same. (The only real diff is Wyckoff used volume a lot more, but price action was still paramount.) I don't get distracted by "bodies" and "wicks", rather I see a clearer representation of OHLC. Again, just a personal preference, the info and analysis is exactly the same as for a bar chart. H