Hi everyone

Can someone please reccomend a good DVD or CD for beginners,

on candlestick charting.

Thanks.

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- | Commercial Member | Joined Feb 2005 | 2,875 Posts

Quoting corellDisliked

Hi everyone

Can someone please reccomend a good DVD or CD for beginners,

on candlestick charting.

Thanks.Ignored

- Joined Mar 2004 | Status: Senior Member | 1,595 Posts

Steve Nisson 's __Candlestick Course __ is my recommendation.

However it is not a disk.

It is an interactive paperback. Based on a very effective instructional model that will help you internalize the candlestick concepts.

One of its best features is that it uses 'the hard right edge' to make you use what has been taught. In other words it does not show you the entire chart but asks you to interpret the chart at a certain point and develop a trade plan. Then you can check out the rest of the chart to see what happened.

This may now even be at a public library.

Lou

However it is not a disk.

It is an interactive paperback. Based on a very effective instructional model that will help you internalize the candlestick concepts.

One of its best features is that it uses 'the hard right edge' to make you use what has been taught. In other words it does not show you the entire chart but asks you to interpret the chart at a certain point and develop a trade plan. Then you can check out the rest of the chart to see what happened.

This may now even be at a public library.

Lou

Hi mate,

Just seen your post on the above and seen one of the other guy mention Steve Nison. He has books DVDs and holds seminars on CS. He is ok at what he does but his DVDs are over priced and I reckon he thinks he is a legend.

Also watch out, if you do buy one of his books or DVDs, dont buy his follow up, as he repeats himself 90% of the time. ( He is a recycler )

If it was my money I would buy John J Murphys book on TA of the FM, there is a section in this book that covers CS formations.

Hope it helps.

Just seen your post on the above and seen one of the other guy mention Steve Nison. He has books DVDs and holds seminars on CS. He is ok at what he does but his DVDs are over priced and I reckon he thinks he is a legend.

Also watch out, if you do buy one of his books or DVDs, dont buy his follow up, as he repeats himself 90% of the time. ( He is a recycler )

If it was my money I would buy John J Murphys book on TA of the FM, there is a section in this book that covers CS formations.

Hope it helps.

You only have to get rich once.

- Joined Sep 2004 | Status: Member | 1,464 Posts

Quoting james16Dislikedthere are tons of good books at your local bookstore on the subject. my opinion is bar charts tell you the same things and are much easier especially for beginners. i think candlestick charting is a racket. just my opinion. jimIgnored

Dial

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Quoting diallistDislikedI have to agree with Jim. I started with candlesticks and tried trading with things like the doji, tombstone, harami and bullish/bearish engulfing patterns. But after Jim taught me the value of bars (no, not that kind ), I dropped candlestick patterns. However, I do still switch to candlesticks occasionally, simply because they are easier on my eyes. Bars do have another great advantage: because they are narrower, you can see more of them on the screen at one time.

DialIgnored

Steven

- | Commercial Member | Joined Feb 2005 | 2,875 Posts

Quoting corellDislikedThanks everyone

for your great support,

James you said you think bars are easier for beginners can you be a little,

more specific as to how, why as oppose to candlesticks.

ThanksIgnored

- Joined Sep 2004 | Status: Member | 1,464 Posts

Quoting corellDislikedThanks James for your reply.

I have another question.

I have looked at several links explaining moving averages.

I hope i dont sound too stupid here, were are they on a chart,

and exactly how are they calculated.

Can someone give me some examples if possible???

ThanksIgnored

You have to add a moving average to your chart using whatever method is provided for that purpose in the charting package you are using. It varies between packages. When you add it you choose how many periods (bars) you want averaged. Ususally, the close of the bar is the value used in calculating the average. Simple moving averages (sma) and Exponential moving averages (ema) are the most commonly used. The main difference is that in a sma all values are given equal weight, whereas in an ema the more recent values get more weight. I don't know how to calculate an ema so I'll show an example for a simple moving average. On the chart below, I've marked the close of 10 bars with a white dot. If you add all ten values together, then divide the sum by 10, you'll get the average value of those ten closes. This is shown as a blue dot above the tenth bar. To get the next point on the sma, you'd simple drop the oldest bar (bar number 1 on the chart) and add the next bar after bar number 10 on the chart. Then simply calculate the average same as before. You keep doing this over and over, dropping the oldest bar, and adding the newest bar, and recalculating the average. This gives you a series of points (like the blue dot) that will trace a curve on your chart. That curve is the simple moving average line. Using a different number of bars, or choosing a different point, like the open instead of the close, or choosing a different calculation like exponential, will yield a different curve on the chart. The best way to learn is to experiment on a charting package.

Dial

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- | Commercial Member | Joined Feb 2005 | 2,875 Posts

Quoting diallistDislikedYou are not permitted to ask stupid questions on this forum.....that's my job

You have to add a moving average to your chart using whatever method is provided for that purpose in the charting package you are using. It varies between packages. When you add it you choose how many periods (bars) you want averaged. Ususally, the close of the bar is the value used in calculating the average. Simple moving averages (sma) and Exponential moving averages (ema) are the most commonly used. The main difference is that in a sma all values are given equal weight, whereas in an ema the more recent values get more weight. I don't know how to calculate an ema so I'll show an example for a simple moving average. On the chart below, I've marked the close of 10 bars with a white dot. If you add all ten values together, then divide the sum by 10, you'll get the average value of those ten closes. This is shown as a blue dot above the tenth bar. To get the next point on the sma, you'd simple drop the oldest bar (bar number 1 on the chart) and add the next bar after bar number 10 on the chart. Then simply calculate the average same as before. You keep doing this over and over, dropping the oldest bar, and adding the newest bar, and recalculating the average. This gives you a series of points (like the blue dot) that will trace a curve on your chart. That curve is the simple moving average line. Using a different number of bars, or choosing a different point, like the open instead of the close, or choosing a different calculation like exponential, will yield a different curve on the chart. The best way to learn is to experiment on a charting package.

DialIgnored