What's Your Favorite Candlestick Pattern?

Discussion in 'Technical Analysis' started by BobbyMurcerFan, Mar 15, 2003.

  1. I just got a copy of Nison's first Candlestick book. Very good. So far, hammer and hanging man signals seem to be pretty valuable. Do you have any favorite candlestick patterns? Thanks.
  2. All of them, if others use them on intraday charts.

    And also all of them for my own use on daily, weekly, monthly, quarterly, or yearly charts.
  3. Pabst


    Anyway of backtesting Candle's? Or have you? Or are the value of the signals strictly empirical or discretionary?
  4. dbphoenix


    See Gregory Morris's book.

  5. Depends on the timeframe. I find that a 5-minute hammer is more likely to signal a reversal than a 1-minute one. I also think daily patterns like evening stars, engulfing, etc are more significant than intraday patterns.

    I like hammers and shooting stars the best. The long upper or lower wicks relative to the close are pretty good indicators of who's in charge, buyers or sellers.

    Look at most of the S&P "CNBC bottoms" we've made over the past 3 years and many times a hammer is at the turning point.

    The gold Nison book just published is a good one.
  6. nkhoi

    nkhoi Moderator


    look for them at top/bottom of bband


    look for tweezer
  8. He's got two listed on Amazon.

    1) Candlepower: Advanced Candlestick Pattern Recognition and Filtering Techniques for Trading Stocks and Futures

    2) Candlestick Charting Explained: Timeless Techniques for Trading Stocks and Futures

    Which one are you referring to/like? Thanks.
  9. TG


    Might want to take a look at litwick.com. If not for end of day market choices, foreducational purposes. Only a few bucks a month.
  10. if you read... then periodically reread greg morris book...... CANDLESTICK CHARTING EXPLAINED...... you will get an evergrowing education and appreciation of candlesticks.( plus you will save yourself some money)
    #10     Mar 16, 2003