We were fools to believe candlesticks can predict | Forex Factory

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We were fools to believe candlesticks can predict

  • #1
  • First Post: Oct 21, 2013 7:18am Oct 21, 2013 7:18am
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #2
  • Oct 21, 2013 8:03am Oct 21, 2013 8:03am
Quoting pemully
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
Some are already laughing.
  • #3
  • Oct 21, 2013 8:11am Oct 21, 2013 8:11am
Speak for yourself.
  • #4
  • Oct 21, 2013 8:17am Oct 21, 2013 8:17am
speak of the devil...
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #5
  • Oct 21, 2013 8:38am Oct 21, 2013 8:38am
Quoting pemully
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
What's wrong with the candle bars! I don't get the point here.
So sorry for always replying late! But I got 2 Jobs!!
  • #6
  • Oct 21, 2013 10:59am Oct 21, 2013 10:59am
It's all an illusion.
  • #7
  • Oct 21, 2013 11:37am Oct 21, 2013 11:37am
Some of us have been giggling for awhile now.

Rule No 1: You can never predict the future of market movements. NEVER!


The only thing that any trader can do is give a *educated guess* on the future of direction/price.
  • #8
  • Oct 21, 2013 12:01pm Oct 21, 2013 12:01pm
I think it's more like...

Rule #1: You must be able to forecast/predict market movements if you plan to make any money in trading. I think an *educated guess* is a prediction.
  • #9
  • Oct 21, 2013 12:36pm Oct 21, 2013 12:36pm
You have to be able to anticipate a change in supply or demand in the foreseeable future. Form your hypothesis and trade it until the market tells you you're either wrong or too early.
  • #10
  • Oct 21, 2013 12:54pm Oct 21, 2013 12:54pm
Quoting TranceTrader
You have to be able to anticipate a change in supply or demand in the foreseeable future. Form your hypothesis and trade it until the market tells you you're either wrong or too early.
Yes, but hypothesis, which is another similar term, sounds too scientific for me in trading at first. I like to say "It was an educated guess/hypothesis" when my predictions were wrong



PA is telling. Not the only thing to go by, but very useful. I use it to validate or signal to act on my "hypothesis". I use candles, I don't know about you guys.
  • #11
  • Oct 21, 2013 1:28pm Oct 21, 2013 1:28pm
Correct, guess and hypothesis are synonymous but this is serious business we are partaking in so lets go with the more formal sounding of the two
  • #12
  • Oct 21, 2013 1:30pm Oct 21, 2013 1:30pm
everything plays a part,, you need to be well-rounded.
  • #13
  • Oct 21, 2013 1:34pm Oct 21, 2013 1:34pm
if EA SPORTS made a game.. what would be your ratings?????

Aggressiveness.... 95
Short Accuracy 90
Medium Accuracy 85
Long Accuracy 60
Candlesticking.. 75
Price Action 80
Moving Averages 40
Money Management 86
Patience 70
Awareness... 78
Discipline 60
Consistency 76

things like that. lol
  • #14
  • Oct 21, 2013 1:48pm Oct 21, 2013 1:48pm
Quoting chucklots
I think it's more like... Rule #1: You must be able to forecast/predict market movements if you plan to make any money in trading. I think an *educated guess* is a prediction.

There's nothing wrong either with an educated guess. As long as you eventually end in profits.
So sorry for always replying late! But I got 2 Jobs!!
  • #15
  • Oct 21, 2013 1:58pm Oct 21, 2013 1:58pm
Quoting pemully
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
You are being laughed at now. Candlesticks have nothing to do whatsoever with the causes of currency fluctuations, any more than than the movement of a watches hands causes the sun to cross the sky or the structure of a calendar causes birds to migrate.
si hoc legere scis nimium eruditionis habes
  • #16
  • Oct 21, 2013 2:10pm Oct 21, 2013 2:10pm
Quoting numbnuts
{quote} You are being laughed at now. Candlesticks have nothing to do whatsoever with the causes of currency fluctuations, any more than than the movement of a watches hands causes the sun to cross the sky or the structure of a calendar causes birds to migrate.

Agreed....
------------------------------------------------

To the OP.

BTW there are also LINE and BAR charts! Did Satan send those to us too?

And who is laughing? Trading is a job/ career/ game/ etc.

You think some alien race is looking down on us and saying "damn why did that guy just flatten a position to pay his mortgage?"
LoL

Nice thread
Is there a point somewhere in here or are you just looking to be a troll after blowing up an MT4 account?
G/L
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #17
  • Oct 21, 2013 2:15pm Oct 21, 2013 2:15pm
there's virtually no science in it, for most retailers it's a qualitative affair

Quoting pemully
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
  • #18
  • Edited Oct 22, 2013 3:50am Oct 21, 2013 3:25pm | Edited Oct 22, 2013 3:50am
This is the first sensible thread I've seen for a while on this forum. Now for the bombshell that is, using technical analysis alone for entry is like driving a car using the rear-view mirror.
  • #19
  • Oct 21, 2013 3:47pm Oct 21, 2013 3:47pm
Quoting pemully
we practiced witchcraft,believing that candle bars would predict the future.We will be studied and laughed at,by future generations.We were traders.
How much?
Be water, my friend
  • #20
  • Oct 21, 2013 3:56pm Oct 21, 2013 3:56pm
Candlesticks or indeed any price -versus- time charting reflect the change in price over a given time and as such they reflect the net market action over that time. Their repeating 'patterns' can undoubtedly be used to obtain an edge in the market but do not involve prediction.

A Trading Edge is simply a repeating circumstance or set of circumstances that suggests there exists a greater probability of price moving one way over the other (for howsoever long,) based on the historical precedent of such to that point in time. Additionally and/or alternatively; if the edge does not suggest a greater probability of price moving one way over the other, then based on historical precedent to that point in time, it suggests that more pip gain is available when it succeeds than when it fails, sufficient to realise a net gain over any given sample.


These repeating 'patterns' be they individual candlesticks or combinations thereof are simply graphical representations of repeating market action/behaviour. The basis of successful technical trading (but by no means all of it) is in accepting that none of us can predict anything and in so doing accepting that the best we can get is an edge - as described above.

G/L
ex member
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