Bar/Candlestick Turns - Do you trust them?
- Thread starter Scaleout.Scalper
- Start date
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Good question, Scale S; i study most of my trends with candlecharts, + some barcharts/mountain charts
Those charts pictured , bullish[uptrending] it calls candles bulish . That maybe helpful if those green candles are monthly candles or quarterly candles, thats the context.
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But if you try to use 5 minute candles, ignoring the main trend[context] you are asking for trouble/loss. In other words 200 day moving average,50 day moving average, like IBD taught us, + taught many ;;that 's more helpful that any 5 or 15minutes worth of candle noise
Yes you maybe can do better than 50%%;
but plenty of trend turtles made much money with less than 50%% hit rate
Candle sticks have been my primary method for many years. But like wrbtrader says, you cannot trade candle sticks, and their associated patterns a lone. The candle sticks become very valuable source of price action information, when you pair it with some other proven system.
Put it this way, the pretty patterns a lone mean nothing, you must understand, and be able to see the underlying price action (supply/demand) to have caused this pretty pattern to form. Once you get that, you will stop looking for the patterns (which BTW are pretty useless), and instead will focus on the underlying price action.
The downside is, that it takes a lot of screen time, even with proper guidance by a knowledgeable mentor. I was clueless with the candle sticks as a rookie, but luckily got turned around by reading and analyzing wrbtrader's thoughts, and posts.
You could still find plenty of free, but quality materials here on ET. I learned candle sticks from wrbtrader, and volume from dbphoenix; pair those with any other system, and you've got yourself a profitable system.
Schaefer
Put it this way, the pretty patterns a lone mean nothing, you must understand, and be able to see the underlying price action (supply/demand) to have caused this pretty pattern to form. Once you get that, you will stop looking for the patterns (which BTW are pretty useless), and instead will focus on the underlying price action.
The downside is, that it takes a lot of screen time, even with proper guidance by a knowledgeable mentor. I was clueless with the candle sticks as a rookie, but luckily got turned around by reading and analyzing wrbtrader's thoughts, and posts.
You could still find plenty of free, but quality materials here on ET. I learned candle sticks from wrbtrader, and volume from dbphoenix; pair those with any other system, and you've got yourself a profitable system.
Schaefer