In my case it was Gregory Morris... I was still in college at the time... I won't ever forget that each "pattern" had a "winning rate" statistic... Each and every single pattern had a winning rate of about 50%confused:)... At least he was honest... I read the whole thing... The friend that lent me the book still keeps it over his desk... Ah, the beginning.. The dreams, the hopes... Funny times...
Worthless via backtest results ??? Worthless via just eyeballing it ??? Worthless because you just can't get it to make you any money ??? For what its worth, the title of your thread refer to the hang man & doi as a "candlestick pattern". They are not a pattern as pointed out by others earlier in this thread...they are just a single interval and with context can provide a wealth of info but you've yet to define what exactly is "context" to you. Different story had you just stated in your title that "This is such a BS candlestick interval" because price action analysis via single intervals just not wise. wrbtrader
I meant to add to my OP, "WRBtrader to the rescue in 3, 2...... 1..... BOOM!" How you doin' my man Correction well taken, they are not a pattern, was using the term loosely You trade wide range bars?
Yeah...the phrase "pattern" is used too loosely around here. Bar refers to "bar charts". I don't use them...I prefer candlestick charts. By the way, the forum owner setup "follow this forum" (bottom right side)...it sends out alerts of new threads in this forum if you subscribe to it. I subscribe to it. The email alert I got with the error in the thread title involving "candlestick pattern" while referencing single intervals caught my eye (curiosity). Thus, had you just said "single intervals"...I may have not replied. P.S. Four other traders replied before me in this thread. Thus, their "boom" was faster than mine. I guess they counted down faster than me...3, 2, 1. wrbtrader
Brosef, we WANT you to comment. You used (?) to be one of the most helpful commenters on ET and you are a candlestick expert. I know people weren't appreciative, but I think you've got a lot of wisdom
Just backtest those single intervals in comparison to the backtest results in whatever you define as "context". Even better...document & journal them but I doubt its possible for you considering you already have a bias about them. If you've already backtested them...I'm curious what your results were and what context did you used. Regardless, if it was me, I would just move on to something else instead of lingering with something you consider to be BS. wrbtrader
According to candlesticker.com it's got around a 55% profitability rate when traded, but only a 50% confirmation rate. That suggests it's a pivot point with a bigger downside potential but even odds on the pivot.
Dang beerntrading, that site is awesome lol. So, is all we need to do is this? 1. Go to that site. 2. Pick a pattern that based on the back testing works well in a certain market. 3. Trade that pattern in that market. 4. Profit like a mofo. You think its that easy?
No, I think those returns would be much easier over the long run with SPY. The off-the-shelf trades they do with those aren't particularly impressive when compared to buy and hold. The idea is to shape your trades around those probabilities to limit risk or take more profit. But it's still a cool site, nevertheless.