candlesticks

[notafool]

i have been looking at candlesticks for a couple of weeks and i now want to read up on them. does any one know of good books? nison vs. biglow which author has better books? and do the books explain the different conditions for each pattern? do they also teach how to mix with other technicals? and do they explain once in the trade how i know when to exit?
thanks in advance

 

[Sekiyo]

I am not into Chopsticks
But from Amazon, this one looks cool.

Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications

By John J. Murphy

 

[wrbtrader]

i have been looking at candlesticks for a couple of weeks and i now want to read up on them. does any one know of good books? nison vs. biglow which author has better books? and do the books explain the different conditions for each pattern? do they also teach how to mix with other technicals? and do they explain once in the trade how i know when to exit?
thanks in advance

Just go to Amazon website...type in Japanese Candlesticks and then look at the reviews for each book.

Also, depending upon where you're located...many places have most of the books in the local library in the business / finance / investing section.

Another solution, go to your local used bookstore (if they're open now that the phase 1 reopening has begun) and you can then get many of them for cheap although some are now in ebook.

Start with the two authors you've mentioned (Nison and Biglow). Yet, a warning, Japanese Candlesticks were not designed to be used in isolation as if market context does not matter. Too many traders try to use Japanese Candlestick Analysis is isolation as if market context does not matter.

wrbtrader

 

[easymon1]

looking at candlesticks

you might be able to get the show on the road with a direct approach.

get good with the 4 hammers at support and resistance and work out from there.
you might find yourself making a good living on hammer expertise and nothing more.

https://elitetrader.com/et/threads/...st-right-here-baby.335635/page-5#post-4925440

https://elitetrader.com/et/threads/what-would-you-say-belongs-in-a-solid-trading-plan.340340/

https://elitetrader.com/et/threads/...st-right-here-baby.335635/page-8#post-4990168

https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575

 

[easymon1]

once in the trade how i know when to exit?

https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014580

 

[notafool]

Just go to Amazon website...type in Japanese Candlesticks and then look at the reviews for each book.

Also, depending upon where you're located...many places have most of the books in the local library in the business / finance / investing section.

Another solution, go to your local used bookstore (if they're open now that the phase 1 reopening has begun) and you can then get many of them for cheap although some are now in ebook.

Start with the two authors you've mentioned (Nison and Biglow). Yet, a warning, Japanese Candlesticks were not designed to be used in isolation as if market context does not matter. Too many traders try to use Japanese Candlestick Analysis is isolation as if market context does not matter.

wrbtrader

thanks for your reply. the way i am reading charts is looking at signals after very noticeable trends on the 1m intra day charts (i try for trend at least 10 bars). when you say that traders dont take into account the market context, do you mean even what i described i want to do?

 

[notafool]

you might be able to get the show on the road with a direct approach.

get good with the 4 hammers at support and resistance and work out from there.
you might find yourself making a good living on hammer expertise and nothing more.

https://elitetrader.com/et/threads/...st-right-here-baby.335635/page-5#post-4925440

https://elitetrader.com/et/threads/what-would-you-say-belongs-in-a-solid-trading-plan.340340/

https://elitetrader.com/et/threads/...st-right-here-baby.335635/page-8#post-4990168

https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575

thanks. do you trade based on candlesticks patterns at support/resistance or do you have other indicators to supplement?

 

[Scataphagos]

thanks. do you trade based on candlesticks patterns at support/resistance or do you have other indicators to supplement?

I read Nison's candlestick book years ago. Have concluded the only value is in the "range extreme reversal" patterns... stars, engulfing, maybe dark cloud. Nothing special about these even... you should be seeing the same from other sources.

As for "indicators to supplement?"... I presume you mean some sort of "confirmation"? Well, forget that. There is no such thing. The entire notion of "confirmation" (including volume) is bogus. The more variables you include to "confirm" a trade, the more profit opportunity that escapes you.

You want to be a good trader? .

1. Learn Price TA.

2. Be very attentive to price action.

3. Make aggressive plays around support and resistance... WITH STOPS.

That's IT!

(I understand. Easy to say, difficult to execute well.)

 

[easymon1]

other indicators

daily, weekly, monthly pivots&S1,2,3,R1,2,3. i like the way Bigalow uses 200, 50, 20ma, 8ema, so there's those, favs because i don't have to draw em. sometimes trendlines, sometimes crazy ass fibs, as seen in psychology, charts for no reason thread. sometimes i'll use wrsi to look for a failure swing pattern.

 

[notafool]

I read Nison's candlestick book years ago. Have concluded the only value is in the "range extreme reversal" patterns... stars, engulfing, maybe dark cloud. Nothing special about these even... you should be seeing the same from other sources.

As for "indicators to supplement?"... I presume you mean some sort of "confirmation"? Well, forget that. There is no such thing. The entire notion of "confirmation" (including volume) is bogus. The more variables you include to "confirm" a trade, the more profit opportunity that escapes you.

You want to be a good trader? .

1. Learn Price TA.

2. Be very attentive to price action.

3. Make aggressive plays around support and resistance... WITH STOPS.

That's IT!

(I understand. Easy to say, difficult to execute well.)

when people say be attentive to price action, do they mean pattern (double top, double bottom etc.)?