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candle formations

  • #1
  • First Post: Jan 9, 2009 3:07pm Jan 9, 2009 3:07pm
What's your favorite resource for identifying candle formations (besides trying to memorize them all!)? A flip book near your computer?, some type of script or indi?, a desktop widget?, etc....???
" Average traders look to the left, great traders look to the right."
  • #2
  • Jan 9, 2009 3:19pm Jan 9, 2009 3:19pm
Quoting magicchance
What's your favorite resource for identifying candle formations (besides trying to memorize them all!)? A flip book near your computer?, some type of script or indi?, a desktop widget?, etc....???
Think of it like driving without understanding what all the road signs mean. Would you do it?

Learn it.
  • #3
  • Jan 9, 2009 3:54pm Jan 9, 2009 3:54pm
Thanks, that was very helpful. NOT.

If you has asked, then I could have told you that I spend more than 8 hours EVERY DAY studying forex. I'm already a naked trader and I'm still on demo. My mentor with 7 years experience and who clears 10K weekly thinks I'm actually quite brilliant at this stuff.

All I was asking, is if anyone has come across (or made for themselves even) some sort of desktop widget or cheaters flip-book, etc., for the best candle formations.

WHY? SO THAT IT'S EASIER TO LEARN ABOUT THEM!!!
" Average traders look to the left, great traders look to the right."
  • #4
  • Jan 10, 2009 8:34am Jan 10, 2009 8:34am
you can simply print the candle formations from a website and put them next to your keyboard.
  • #5
  • Jan 10, 2009 9:16am Jan 10, 2009 9:16am
Guide for candle formations
Attached File(s)
File Type: pdf AK CANDLESTICK PATTERNS.pdf   471 KB | 6,153 downloads
  • #6
  • Jan 10, 2009 9:48am Jan 10, 2009 9:48am
Quoting magicchance
Thanks, that was very helpful. NOT.

If you has asked, then I could have told you that I spend more than 8 hours EVERY DAY studying forex. I'm already a naked trader and I'm still on demo. My mentor with 7 years experience and who clears 10K weekly thinks I'm actually quite brilliant at this stuff.

All I was asking, is if anyone has come across (or made for themselves even) some sort of desktop widget or cheaters flip-book, etc., for the best candle formations.

WHY? SO THAT IT'S EASIER TO LEARN ABOUT THEM!!!
  • #7
  • Jan 10, 2009 9:50am Jan 10, 2009 9:50am
Thanks AK that's a very clean PDF. At least you've added something useful to the thread!

But I guess my real question just isn't sinking in....

I am NOT asking to be taught about candles! I know how to search this site, and how to google. I know all about babypips, etc. I'm already a NAKED TRADER for crying out loud, or maybe you guys missed that part in my earlier message?

All I'm asking here, is what cheater tools you have come across for this. Besides simply memorizing all the different formations, that is, which is a given. I was particularly hoping to find a dsktop widget for this.

For example, it's very easy to find session time widgets. But we all know what sessions we prefer to trade, right? There's only 4 main session times in any case! FOUR! And yet there are several widgets for this!

I'm pretty sure there are more than just 4 candle patterns. So why can't there also be a widget for this too? So I come here asking for this, and get nothing but a bunch of insulting replies. Go learn! Google! Search function! Less than 100 posts, go away! Jeesh! And I bet you're all naked traders making millions that never ever had a simple question in your life, right?
" Average traders look to the left, great traders look to the right."
  • #8
  • Jan 10, 2009 10:20am Jan 10, 2009 10:20am
there are several formations that I look for - engulfing, where previous candle is engulfed by next candle in opposite direction, long wicks - at the end of a run - tweezers - two equal wicks seperated by a couple of candles - evening and morning stars - a small candle at the end of a run between two bigger candles - an inside candle and an outside candle. That is pretty much all that I look for.

Keep in mind that the higher the time frame the more valid the candle formation will be to price movement in the future.
I make money anywhere in the world by taking orders
  • #9
  • Jan 10, 2009 11:12am Jan 10, 2009 11:12am
Quoting magicchance
What's your favorite resource for identifying candle formations (besides trying to memorize them all!)? A flip book near your computer?, some type of script or indi?, a desktop widget?, etc....???
This might be what you are looking for.

Bullish
http://www.candlestickchart.com/indicators/bullish.html

Bearish
http://www.candlestickchart.com/indicators/bearish.html
I trade what I see on my charts. Do Not listen to the Muppets.
  • #10
  • Jan 10, 2009 11:20am Jan 10, 2009 11:20am
Quoting magicchance
I'm already a NAKED TRADER for crying out loud, or maybe you guys missed that part in my earlier message?
a) Naked trading means to be aware and to know the price action.
b) Candlestick formations are NOTHING MORE than price action patterns.

Ergo:
The better you become a naked trader means the better you'll understand the "WHY" of those patterns.
A doji means nothing. To actually understand what that doji meant in terms of supply and demand when you see it, that's the value.

You wanna cheat? Sure, take this indicator.
You wanna be a better naked trader? There is no shortcut.
It will do you no good trading without understanding WHY price action behaves the way it does.
Reading a chart with candlestick formations is like reading music. A lot of people can mumble Happy Birthday as they see the notes like in Karaoke. But the true musician can take a music sheet and understand what it says.
Which do you want to be?
Just trying to help.
Memorize them. Once you do you'll begin to understand what they really say and why, and THEN you won't have to memorize them because you'll understand them
Attached File(s)
File Type: ex4 Candlesticks.ex4   24 KB | 574 downloads
  • #11
  • Jan 10, 2009 11:33am Jan 10, 2009 11:33am
Quoting Quantum4x
a) Naked trading means to be aware and to know the price action.
b) Candlestick formations are NOTHING MORE than price action patterns.

Ergo:
The better you become a naked trader means the better you'll understand the "WHY" of those patterns.
A doji means nothing. To actually understand what that doji meant in terms of supply and demand when you see it, that's the value.

You wanna cheat? Sure, take this indicator.
You wanna be a better naked trader? There is no shortcut.
It will do you no good trading without...

Very well said.
  • #12
  • Jan 10, 2009 11:57am Jan 10, 2009 11:57am
I work quite a bit with EAs within MT4 and I have developed my own scanner to find a variety of patterns across all currency pairs. I have made it available to the FF community and you can find it at: http://www.forexfactory.com/showthread.php?t=124995
  • #13
  • Jan 10, 2009 2:42pm Jan 10, 2009 2:42pm
[quote=LongToBeFree;2460912]I work quite a bit with EAs within MT4 and I have developed my own scanner to find a variety of patterns across all currency pairs. I have made it available to the FF community and you can find it at: http://www.forexfactory.com/showthre...995[/quote]

Thank you for sharing the scanner LongToBeFree, a great idea, I will give it a try if I can get it to work (I'm a bit technically challenged).

I think this is the sort of answer Magicchance was looking for as apposed the advice most people thought he was looking for.
  • #14
  • Last Post: Jan 10, 2009 3:01pm Jan 10, 2009 3:01pm
read the book if you havent already, japanese candle stick charting by steve nison, he really introduced candlesticks into western culture, great book to get an understanding of why candlesticks mean what they do
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