Where are my Tweezers Candles???

Have a look at the 1999-2007 EUR/USD Chart.

http://finance.yahoo.com/charts#chart26:symbol=eurusd=x;range=20011130,20071109;indicator=sma+volume;charttype=candlestick;crosshair=on;logscale=off;source=undefined

I have only been able to spot one tweezer at the beginning of 2004. If you picked a chart with a shorter time span there would be more tweezer patterns. Why is this? I thought that these patterns worked for any span.

You will find that not many traders look for candlestick tweezer patterns in weekly charts to determine the direction of a movement. If you want to search for them, look at 15M - 4H charts. We called them railroad tracks years ago.

Surprisingly, not many people actually discuss candlestick patterns on this forum. It was the method I used to trade many moons ago. Due to the mega indicators and systems, I don't rely on candlesticks as I used to.

WHTenn,

Interesting...

Could you please elaborate on the "Due to the mega indicators and systems.." comment?

Do you think that candlesticks are still worth learning or are they obsolete?

Thank you for your time.

rudenstein

Candlesticks are certainly worth learning, even if only for confirmation. Individual candles and the patterns they make up can tell you much at a glance. I think most traders have used them at one time or another and are probably influenced by them without even realizing it. Even if you don't memorize all the names of the patterns, you shoud be able to recognize them visually and know what they imply.
Did you post some candlestick reference a short while ago, WHTenn?

That I did my friend... excellent memory. Let me see if I can pull them back up again.