Japanese Candlestick Charting Techniques - Steve Nison | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Suggestion for a charting sofware not charting service 3 replies

Steve Nison's Candlestick book 11 replies

Nison's Candlestick book 11 replies

Need advice from those who've read Nison 10 replies

Statistics for charting/TA techniques ? 0 replies

Japanese Candlestick Charting Techniques - Steve Nison

  • #1
  • First Post: Jun 29, 2006 11:36pm Jun 29, 2006 11:36pm
First of all, I find myself strongly favoring price action, fibs, patterns etc over some more common indicators such as RSI, MACD etc.

Anyhow, I have only been studying forex for about a year now, have lots to learn still, but I am amazed at how much this book reveals about candles that I normally would have had no clue about, and I am only about 1/3 done so far, but it's amazing the insight I have already gained. Definately a very valuable book to read for anyone wanting to expand their knowledge of forex.
  • #2
  • Jun 30, 2006 3:29am Jun 30, 2006 3:29am
Quoting ScottH
First of all, I find myself strongly favoring price action, fibs, patterns etc over some more common indicators such as RSI, MACD etc.

Anyhow, I have only been studying forex for about a year now, have lots to learn still, but I am amazed at how much this book reveals about candles that I normally would have had no clue about, and I am only about 1/3 done so far, but it's amazing the insight I have already gained. Definately a very valuable book to read for anyone wanting to expand their knowledge of forex.
I agree.

I bought the same book a month ago, I read it in a matter of a couple days. Very interesting stuff indeed, clear and bried explanations with lots of charts and examples.

The concepts treated in the book are pretty heavy to digest for those who have zero knowledge about candlestick patterns and formations.

I had already studied candlesticks on different books prior to buying Nison's so my reading was pretty straightforward and smooth.

I am going to read it a second time this weekend. And then a third, fourth, fifth...it's amazing how many new things you can get out of books when you read them different times...

Nison's book is definetely one of the 3 top books about trading. What I truly appreciated of Nison is that he doesn't promise holy grail nor does he suggest to use candlestick patterns alone. He says candlesticks are only one of the weapon a trader should have in his arsenal. Couldnt agree more with him.
  • #3
  • Jun 30, 2006 8:28am Jun 30, 2006 8:28am
If you want another Nison book, a better one I believe because it teaches you how to use candlesticks... Try his Candlestick Course. This is very hands on. For instance, showing a chart with candle patterns on it....with the right edge cut off and asking you... ok with what you know about Candlesticks... what would you predict about price action?

Gets Candlesticks into your subconscious because you must apply the principles.

Lou
  • #4
  • Jun 30, 2006 8:41am Jun 30, 2006 8:41am
I haven't finished reading Nison's book, but every time I think about candlestick or bar charts I keep wondering if anyone has looked at how good statistically these things are at indicating market directions. I know Nison (and pretty much everyone writing on this topic) keeps saying to use other indications to back up what the charts are saying. Then I read another book that says the indicators are statistically not that good (that came from the New Market Wizards). So I get my mind all in a twist and wonder what really works.

Now my head hurts. Sigh.

Squid
  • #5
  • Jun 30, 2006 12:59pm Jun 30, 2006 12:59pm
Squidward,

Look for confluence of Different indicators which are pointing to the same thing. Think of them as your advisors. You dont just listen to one but you get the infor from several before making your decisions.

If candlesticks are the indicator for price action then you may want to compare that with a moving average of price and maybe a fibonacci retracement and or a sign of divergence from price using an indicator. And maybe... horrors ..... fundamental information about the currency pair !

Then you look for the confluence -- agreement of your advisors. Note that when using studies/signals/indicators find those are different from the rest in the way that their signal is calculated. No use in having advisor clones.

Sponge Bob.

Lou
  • #6
  • Jun 30, 2006 9:51pm Jun 30, 2006 9:51pm
Quoting Lou
Note that when using studies/signals/indicators find those are different from the rest in the way that their signal is calculated. No use in having advisor clones.
Thanks, Lou! Good advice.
  • #7
  • Aug 10, 2006 12:32pm Aug 10, 2006 12:32pm
it's interesting how it's all come one circle for me.

when i first started, I used candlesticks to display price coz that's what everyone was using. and them "everyone" were telling me all about the patterns and such. Such application without context was a great way to begin losing money! Then started using pricebars cos I didn't want to get distracted by all those candlestick patterns. Interestingly enough I then started noticing some patterns and so it was back to candlesticks again coz it's a lot easier with the jargon all sorted out already.
  • #8
  • Aug 10, 2006 2:17pm Aug 10, 2006 2:17pm
I also like the book. It's clear and easy to read. Candlestick patterns are really useful in recognizing market behaviour especilly when other indicators and patterns are handicapped.
  • #9
  • Aug 13, 2006 3:56pm Aug 13, 2006 3:56pm
I'm looking for nieson's candlestick course.............anyone have it ? Is it worth getting? Thanks

RSQ955
  • #10
  • Aug 13, 2006 9:25pm Aug 13, 2006 9:25pm
I recently answered this question... try searching. This is an interactive text. Well worth it. Own it. Will not part with it. Sorry.

Lou
  • #11
  • Aug 14, 2006 9:05am Aug 14, 2006 9:05am
Quoting Lou
I recently answered this question... try searching. This is an interactive text. Well worth it. Own it. Will not part with it. Sorry.

Lou
I had the pleasure of meeting Steve this past weekend at one of his one day candlestick charting seminars. Such powerful stuff!! When used along with whatever strategy you are mastering.....it makes complete sense!
  • #12
  • Aug 18, 2006 10:33pm Aug 18, 2006 10:33pm
Hi all,

I have all the 3 books by steve... anyone interested can PM me


Happy Trading
Trading Forever !!!
  • #13
  • Aug 18, 2006 11:12pm Aug 18, 2006 11:12pm
One of his other books; "Beyond Candlesticks" was one of the first books i purchased and keep it on my trade desk as a handy reference.

And i think Lou took the words out of my mouth when he posted; "Look for confluence of Different indicators which are pointing to the same thing. Think of them as your advisors. You dont just listen to one but you get the infor from several before making your decisions."

: ) Thom
  • #14
  • Dec 22, 2008 8:50pm Dec 22, 2008 8:50pm
hello guys,

My books are still available ! interested PM ME !
Trading Forever !!!
  • #15
  • Aug 18, 2014 6:16am Aug 18, 2014 6:16am
Quoting cscheat
hello guys, My books are still available ! interested PM ME !
Hi cscheat. Although its 6 years since yr post do you still have these books?? Ive been trying to study candles and searching through the thread found your post.
Jay
  • #16
  • Last Post: Aug 18, 2014 6:51am Aug 18, 2014 6:51am
Inserted Video


GBP/USD
0 traders viewing now