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  • #1,209,081
  • Jan 25, 2022 1:55pm Jan 25, 2022 1:55pm
Quoting Nordling
{quote} Hey Bones, i have a question. An honest one though it is not rhetorical. Do candlestick patterns really work? I saw a lot of people using them, and i saw one of my favourite economists using that too. Do they really help though? For timing the trade etc.
well we can see real time .did you notice the dow
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #1,209,082
  • Jan 25, 2022 1:58pm Jan 25, 2022 1:58pm
Quoting Nordling
{quote} Hey Bones, i have a question. An honest one though it is not rhetorical. Do candlestick patterns really work? I saw a lot of people using them, and i saw one of my favourite economists using that too. Do they really help though? For timing the trade etc.
I think they work as well as trend lines.

Hit or miss.
  • #1,209,083
  • Jan 25, 2022 2:03pm Jan 25, 2022 2:03pm
Quoting Nordling
...Do candlestick patterns really work? I saw a lot of people using them, and i saw one of my favourite economists using that too. Do they really help though? For timing the trade etc.
I will answer this. Yes, they do. The problem is people not knowing how to trade them. Just like there are people who don't know how to use trendlines. Learn how to identify fractals, specifically 3 bar fractals, and use candlestick patterns and trendlines in combination with these.
Learn from your mistakes and march on.
  • #1,209,084
  • Jan 25, 2022 2:06pm Jan 25, 2022 2:06pm
Quoting fxpipper
{quote} I think they work as well as trend lines. Hit or miss.
FYI, trendlines are not subjective when used in combination with fractals.
Learn from your mistakes and march on.
  • #1,209,085
  • Jan 25, 2022 2:06pm Jan 25, 2022 2:06pm
Quoting Bones
{quote} im long cabe mostly ,with an eu long
Agreed. I think it's safe to long GU but EU is, eh, giving mixed signals. In my data sheet Euro ranks 3rd and USD ranks 4th now, but FED is ahead of ECB so i wouldn't take that risk.
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  • #1,209,086
  • Jan 25, 2022 2:08pm Jan 25, 2022 2:08pm
Quoting Nordling
{quote} Hey Bones, i have a question. An honest one though it is not rhetorical. Do candlestick patterns really work? I saw a lot of people using them, and i saw one of my favourite economists using that too. Do they really help though? For timing the trade etc.
In my experience, they work, if the trade location is right....

....that is to say, they 'work' only if the market is due to pivot anyways....

Taken in isolation, they mean fk all.
  • #1,209,087
  • Jan 25, 2022 2:08pm Jan 25, 2022 2:08pm
Quoting Bones
{quote} well we can see real time .did you notice the dow
I did and i also did noticed that in AUDUSD daily chart. Also seeing the economists that i respect using it, which is making me question myself.
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  • #1,209,088
  • Jan 25, 2022 2:09pm Jan 25, 2022 2:09pm
And let's not forget support and resistance.
If a powerful pattern fails, it's because of buyers and sellers waiting at support and resistance.
Using TL's on their own without regard to support and resistance, is like changing lanes without regard to the cars being next to you.

Identify S&R first, then look for TL's.

In part, this is because you can find conflicting TL's in the same area.
By finding S&R first, you have a better idea which TL to watch for the break/trade signal.
Compulsions can be hard to resist
  • #1,209,089
  • Jan 25, 2022 2:12pm Jan 25, 2022 2:12pm
Quoting fxpipper
{quote} I think they work as well as trend lines. Hit or miss.
Well i agree and i think that way too, but seeing some successful economists using those patterns + my timing problem really makes me question my stand on this matter. Maybe they can be used with fundamentals? Idk we will wait and see
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  • #1,209,090
  • Jan 25, 2022 2:14pm Jan 25, 2022 2:14pm
Quoting here2there
{quote} I will answer this. Yes, they do. The problem is people not knowing how to trade them. Just like there are people who don't know how to use trendlines. Learn how to identify fractals, specifically 3 bar fractals, and use candlestick
patterns and trendlines in combination with these.
What are the most powerful ones in your opinion? So i can backtest it.
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  • #1,209,091
  • Jan 25, 2022 2:18pm Jan 25, 2022 2:18pm
Quoting MatDerKater
{quote} In my experience, they work, if the trade location is right.... ....that is to say, they 'work' only if the market is due to pivot anyways.... Taken in isolation, they mean fk all.
I guess i understood what you mean. They work, but they should not be used alone? That i can agree. I can not imagine forex without fundamentals. We can make the fundamental analysis first, then maybe use the patterns as confirmation?
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  • #1,209,092
  • Jan 25, 2022 2:21pm Jan 25, 2022 2:21pm
I think it is best to wait for the FOMC clown show results before trading anything.
Learn from your mistakes and march on.
  • #1,209,093
  • Jan 25, 2022 2:27pm Jan 25, 2022 2:27pm
Quoting Nordling
{quote} What are the most powerful ones in your opinion? So i can backtest it.
This is not something you backtest. In other words, backtesting is pretty much useless when it comes to candlestick patterns.

That being said, using the Daily chart, look for engulfing candles, outside bars (similar to engulfing but not necessarily the same), pin bars/long wicks at key areas of support and resistance. A great way to find support and resistance is to use the zig zag indicator, and set it at 2,2,1. Use the weekly chart to plot areas of support and resistance.
Learn from your mistakes and march on.
  • #1,209,094
  • Jan 25, 2022 2:29pm Jan 25, 2022 2:29pm
Quoting Nordling
{quote} Hey Bones, i have a question. An honest one though it is not rhetorical. Do candlestick patterns really work? I saw a lot of people using them, and i saw one of my favourite economists using that too. Do they really help though? For timing the trade etc.
Candlesticks are created by up and down movements in the price. While these price movements sometimes appear random, at other times they form patterns that traders use for analysis or trading purposes. No pattern works all the time, as candlestick patterns represent tendencies in price movement, not guarantees.

https://www.incrediblecharts.com/can...-strongest.php


I would say it's something like 50/50 and not that reliable. I think supply/demand analysis strictly looking at the charts has proven to work the best out of all technical strategies out there. Starting with macroeconomics analysis and supply/demand from my own experience has done very well for me, and made me a lot of money. But I am speaking from my own experience.
  • #1,209,095
  • Jan 25, 2022 2:32pm Jan 25, 2022 2:32pm
Quoting Techanalyst
...No pattern works all the time, as candlestick patterns represent tendencies in price movement, not guarantees...
The same can be said about supply and demand trading.
Learn from your mistakes and march on.
  • #1,209,096
  • Jan 25, 2022 2:35pm Jan 25, 2022 2:35pm
What im looking forward to short tomorrow for the next 4 weeks
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  • #1,209,097
  • Jan 25, 2022 2:36pm Jan 25, 2022 2:36pm
I obviously have a hater in here who keeps thumbing down my comments, even when I share valuable information. What a loser!
Learn from your mistakes and march on.
  • #1,209,098
  • Jan 25, 2022 2:41pm Jan 25, 2022 2:41pm
Quoting here2there
{quote} This is not something you backtest. In other words, backtesting is pretty much useless when it comes to candlestick patterns. That being said, using the Daily chart, look for engulfing candles, outside bars (similar to engulfing but not necessarily the same), pin bars/long wicks at key areas of support and resistance. A great way to find support and resistance is to use the zig zag indicator, and set it at 2,2,1. Use the weekly chart to plot areas of support and resistance.
Thanks for the useful info buddy! I will definitely give it a try
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  • #1,209,099
  • Jan 25, 2022 2:41pm Jan 25, 2022 2:41pm
bit early to call it , but I think it will print ,the dow has double 1000 p wick to downside ,lets see the close
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #1,209,100
  • Jan 25, 2022 2:50pm Jan 25, 2022 2:50pm
Quoting Techanalyst
{quote} Candlesticks are created by up and down movements in the price. While these price movements sometimes appear random, at other times they form patterns that traders use for analysis or trading purposes. No pattern works all the time, as candlestick patterns represent tendencies in price movement, not guarantees. https://www.incrediblecharts.com/can...-strongest.php I would say it's something like 50/50 and not that reliable. I think supply/demand analysis strictly looking at the charts has proven...
Even though i had a bad experience with supply and demand, compared to the other technicals it's accuracy was something that got my attention Of course it was not profitable without fundamentals, but it has it's advantage against other pure technical systems.

Alright, i guess they all worth giving it a try. I will combine supply and demand with fundamentals, on the other hand I will also combine candlestick patterns with fundamentals and decide which is better
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