Doji, hammer or stars occur 70%+ on high/low of SP mini

[dbphoenix]

I have a difference of opinion with you here and will try to explain myself as English is not my first language.

The importance in candlesticks is the turn itself and not the type of formation.

Whether the turn comes as a hammer or a doji or harami or a tweezer or piercing or engulfing is of minor significance, but what does matter is that they all fall in the category of turns, and this is why changing timeframes or bar intervals changes the candlestick perspective or type visual.

We trading probability and what makes some turns more attractive than others is the potential opportunity to use very small stops. For instance, a small doji or small harami turning up/down is not the same as a long legged doji or hammer with nice looking wick turning, because your stop placement is quite different. It's attractive to use turns that require a small price action based stop vs a larger price action based stop.

Bottomline, a hammer or engulfing pattern or tweezer turn is no more likely to offer a swing turn that holds vs other less used candlestick patterns but a small stop placement offers indisputable attraction in the category of risk management.

Hope I was able to express my point across corretly.

Yes, you expressed your point well. However, what matters is the turn, not how it's illustrated. For that one doesn't need to use candlesticks of any type. Price doesn't care one way or the other. In fact the turn occurs whether or not one is using a chart at all. If tighter stops are the primary consideration, just use a smaller interval.

 

[maler]

99.99...% of the people that died last year have eaten carrots.

 

[wrbtrader]

...Correct me if I'm wrong...

1) He was not the first in the world to back test doji, hammers or any other candlestick pattern. Too many books already written and statistical articles online already in existence on "Japanese Candlestick patterns" prior to him doing his research.

2) Prior to the 44.00 time he clearly discusses many other things besides candlestick patterns. Simply, he's not using any particular candlestick pattern all by itself.