There's absolutley no predictive value in technical analysis or indicators with the *possible* exception of fibonacci and elliot wave. You can guess at it but that's about all it is - a guess.
Candle patterns and TA in general tell you how to react to future price movements based on past ones: if this happens, do that, otherwise do this. A breaking of previous support, trendlines, pivots, MA's etc. But to say because a morning star has formed that prices will go up is nonsense. Every time a pattern works this time, it will fail at some point in the future. I've read Nison's candlestick book and it's mind-boggling all the possible patterns. Then in live trading you'll see what you think is a tower top and the next day the price runs up higher.
I've also found that the smaller the timeframe the less value in TA to begin with. 1-minute bars will do anything they want; 5,10,30 have more pattern recognition to them.
As for indicators, I don't use them at all. Haven't found a single one that's worth my screen space.
Just my 2/100th's of a buck.
