ES Journal Archive (2006 - 2008)

[Spectre2007]

in a bullish market, markets don't do this, and the pattern should be reverse, where the market has a easier time touching upper compression levels then lower ones.

 

[Spectre2007]

the dow is basically dictating the equity fractal..pattern....or leading in terms of price action or demonstrating the future course for equities.

 

[Spectre2007]

usdjpy soon to test 105

 

[Spectre2007]

VIX pushing higher.

 

[El OchoCinco]

Quote from optioncoach:

It could still form the right side of the W here but I still have a short bias so I do not want to fight it.

If 1449 is the low here then a rally could take it back to 1464 but seems less and less likely as we run out of time today.

well it did get to 1461 or so as 1449 held but still too skerred to go in and see. we will see tomorrow..

 

[Spectre2007]

notes bonds, yields haven't found a floor yet.

 

[smilingsynic]

Quote from optioncoach:

I basically only follow hammers dojis and the combo called evening star or morning star. I think you can find out about those online for fre if you google candlesticks and look for those patterns instead of getting a whole book on the subject.

Suri's new book also has a lot of patterns based off of candlesticks as well as price action which you can use either candles or bar but he mianly uses candles.

But for good books, Nisson I guess is the main author of candlestick books but I know there are two recent titles that focus on trading candlestick patterns which are more specific. I think Bigelow is one but I may be forgetting.

I think 2 or 3 patterns are good to know because they represent price action well (hammer or evening star) but the rest like 3 wise clouds or Praying Mantis taking a shit or some of the other wierd names get a little too far out there.

For example that evening star happens rarely so you do not get a lot of fake signals or churning and it helps to really look at why it works with respect to the price action.

I have never seen any evidence that candlestick patterns work consistently well in intraday trading.

 

[brownsfan019]

Quote from smilingsynic:

I have never seen any evidence that candlestick patterns work consistently well in intraday trading.

Well then, they must not work!



Candlestick patterns can and do work intraday; however, it's not a one size fits all or what I call 'Hammer Hunting*'.

Just b/c someone has not produced enough evidence for your liking does not mean they do not work. And since Hammer Hunting* does not work either, many will say that candles do not work.

It's not quite THAT simple.

* Hammer Hunting is a term created and defined by brownsfan019 on a number of forums. I am the creative author of this term so if you like it, come up with your own.

 

[brownsfan019]

Quote from alero546:

Any good books on Candlestick patterns/charts?

alero,
Here are the Nison books I would recommend as I primarily trade candlestick patterns myself:

The Candlestick Course:
http://tinyurl.com/2dephd

Japanese Candlestick Charting Techniques, Second Edition:
http://tinyurl.com/25sfr7

Those links should hopefully take you directly to the Amazon page the books are on. Posting huge Amazon links doesn't always work, so I used tinyurl to make sure it clicks through.

 

[ammo]

u can go to stockcharts.com and at the top of page it says chart school,that should get ya started