Candlestick patterns - NOT effective intraday?

Quote from m618:



Nihaba,

First of all, thanks for taking the time to post. I found them very informative helpful.

In regards to data vendors: who has the cleanest data?

Thanks.

-- M
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Hi M618,

FutureSource, TradeStation and CME although they have cleaner data...they may have other problems.

I guess it depends on what your willing to tolerate because I don't think there's one data vendor out their thats perfect for every trader.

I use both FutureSource and QCharts (backup)...I'm also a former TradeStation user.

I've never tested CME data although I know traders that use it.

NihabaAshi
 
Quote from hapaboy:

Just wondering if any intraday traders out there are using 1, 3, 5, or 15-min candlestick patterns out there to make entries on a consistent and profitable basis. If so, what have you found to be the most reliable patterns for short-term trades? What other indicators do you find them to be most useful in conjunction with?

My sense going over various posts here on ET is that most traders believe candlestick patterns are better used for longer (i.e. swing) trades than short-term quick scalps or daytrades. Is this correct?
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One of the things you will hear Steve Nison say himself -- I just attended one of his seminars -- is that candlestick chart patterns are not necessarily signals, in and of themselves. Rather, they often indicate trend terminations, as opposed to outright reversals. Moreover, some of the candle patterns indicate support and resistance levels. Nison emphasizes also that the context in which one finds a candle pattern in just as or more important as the candle pattern itself. Seeing a doji after an uptrend can signal the end of the trend or signify a reversal. . . . . in a box range, by contrast, it means bupkus. . . . .

I have only started to look at candle charts, so I can't help too much. If there is anything that starts to stand out on shorter term charts, I will definitely shine some light on the subject.
 
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