Effectiveness of Candlestick bars...

Quote from MrktObserver4u:

Ever meet a fat japanese rice trader that is in the top 100 of the Forbes most wealthiest list? :D
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Your response was too funny. In my early days of trading, I thought that I might have found the "Holy Grail" in candlesticks. You know, something about that Asian mystique. I bought Nison's book (Pring's, too) and started out on my quest only to discover that they had NO predictive value whatsoever...total nonsense! What was I thinking, that there should be such a trader's holy grail! The Nison book was 80 bucks thrown out the window.

Does anybody want to buy a couple of books on the subject, cheap? They're totally useless to me and will be to you too. :D Ah, so!
 
I personally like candlesticks for the visual representation. Much easier to read pertinent info than the a bar charts. I like the basic reversal patterns. I find them pretty accurate when used in conjunction with ability to read price action.
 
Exactly, dandxq, they have to be used in conjunction with other information, never by themselves. They present exactly the same information as bar charts but most find candlestick charts easier to read. And the patterns do have some usefulness, but only in conjunction with other observations!
 
dandxq and piezoe are stating the obvious.

"i find them pretty accurate when used in conjunction with ability to read price action."

KEYWORD = ABILITY

Many traders never get past this hurdle called ability (skill) in the first place. Thus, BAR , candlestick, etc charts are worthless until one can understand PRICE ACTION in the first place.

Price action is what counts NOT a certain type of chart.

Thks...........Know what you are trying to knit in the first place. A sweater with 3 arm slots is useless ..
 
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