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Candlestick Patterns/Signals

  • #1
  • First Post: Oct 13, 2006 6:06am Oct 13, 2006 6:06am
Do you incorporate candlestick patterns/signals into your trading method? Or do you find them mostly irrelevant?
Binary Options Trader
  • #2
  • Oct 13, 2006 12:47pm Oct 13, 2006 12:47pm
The key word for me is incorporate. I use them to tell me "hey pay attention". When I see a doji or a hammar (for example) I don't immediately trade them I look to my other tools to confirm what the candlestick is telling me.
I like trading Head and Shoulders, 1-2-3, and triangle patterns but only if it coresponds with my other indicators.
  • #3
  • Oct 16, 2006 12:57pm Oct 16, 2006 12:57pm
candles are essential on my trading. whil i look at the trend and where it could go and wheres its been. i also look at what the candles are doing. in a strong up move that happens really quickly and all of a sudden a doji forms then i know a possible retracement may occur. so know the candles themselves and the patterns they form are key elements.
  • #4
  • Oct 17, 2006 12:44am Oct 17, 2006 12:44am
price action, it is KEY.

I have a book by Steve Nison, he is the guy that gave us in the west candle sticks.

The book is called " Japanese Candlestick Charting techiques" I highly recommend.
  • #5
  • Oct 17, 2006 12:48am Oct 17, 2006 12:48am
Read that book fantastic read. So people actually think the candles are relevant in forex trading as a main frame to a trading approach or just some enhancement to a trading style?
  • #6
  • Oct 17, 2006 12:55am Oct 17, 2006 12:55am
Hey 777,

For me - Candle sticks with confluence are powerful. Candles on there own - no, I could not trade.
  • #7
  • Jan 19, 2007 6:19pm Jan 19, 2007 6:19pm
Quoting TheRumpledOne
Don't let candlesticks or any other indicators fool you.

That is why I don't need indicators anymore.

I use fixed targets, they don't move. My trades can be planned in advance.

News or other events don't affect what I do but I benefit from the price action caused by them.

The more CONSTANTS you have on your side the better your chances to make a profit.
Sounds like a very interesting theory and I like it. Could you please give details of the methodology you use to setup a trade?

Thanks
  • #8
  • Jan 20, 2007 6:55pm Jan 20, 2007 6:55pm
Quoting adam141
Sounds like a very interesting theory and I like it. Could you please give details of the methodology you use to setup a trade?

Thanks
Hi Adam,
I think TRO was banned around the same time as this post. You might be waiting a little while for a reply.
Bundy's status today: "Waiting..."
  • #9
  • Last Post: Jan 20, 2007 7:41pm Jan 20, 2007 7:41pm
But TRO is still out there... Has his web site selling his system !!! If I had $500, I would buy it in a flash !!!
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