Nison candlestick scanner

[wrbtrader]

Quote from mokwit:

Should have written: 50:50 directional indicators

They weren't designed to be used as directional indicators nor were they designed to be used without market context.

Yet, most folks using them incorrectly have found them to be problematic.

Regardless, you can still make money with something that's 50:50.

 

[xelite777]

The problem is you cannot backtest candlesticks with context so we're talking here about a useless method.

Sure you can backtest candlesticks with context, what are you talking about?

For example a "hammer" works well at the end of a trend. But what's the end of a trend? Well simply put a simple moving average on the chart and if the price stays above that moving average AND the hammer for, let's say, 2 consecutive bars then you could consider that as a confirmed buy signal.

You can mathematically define and backtest all kinds of candlestick formations this way, WITH their "context", this is much easier than you think.

 

[Redneck]

Quote from xelite777:

Sure you can backtest candlesticks with context, what are you talking about?

What cannot be back tested is how these candles / bars were made

The battles… the dominance… the lethargy

And that is the most important context

RN

 

[xelite777]

Quote from Redneck:

What cannot be back tested is how these candles / bars were made

The battles… the dominance… the lethargy

And that is the most important context

RN

This is an extremely vague answer.

Did you at least read Nison's books, or see his videos?

 

[Redneck]

Quote from xelite777:

This is an extremely vague answer.

Did you at least read Nison's books, or see his videos?

LOL

It is vague - if you’re unskilled at reading PA (actual PA)

Yeah I have – donated it to half price books (and I do mean donated)

RN

 

[xelite777]

Quote from Redneck:

LOL

It is vague - if you’re unskilled at reading PA (actual PA)

The only thing that matters is reading and interpreting the charts, the rest is just bar conversation.

Quote from Redneck:

Yeah I have – donated it to half price books (and I do mean donated)

Well too bad, used correctly the Japanese candlesticks do have a huge predictive power, especially if you mix them with western technical analysis.

 

[eurusdzn]

"Morning Printing Fed" is very good!
Or
"Bullish Flying Fuckit" when you cant take it anymore and just must get in the trend with
Everyone else already in.

 

[Redneck]

Quote from xelite777:

The only thing that matters is reading and interpreting the charts, the rest is just bar conversation.

Fully knowing there are more ways to make money from the mkt/ trading - than one can count – I’ll not respond to this

Quote from xelite777:

Well too bad, used correctly the Japanese candlesticks do have a huge predictive power, especially if you mix them with western technical analysis.

As to predicting the mkt / price – it’s pyrite – suitable for newbie’s..., idiots..., the egotistical..., and gurus

========================

btw, "used correctly" no vagueness there I suppose - too funny...

Yet I bet for a price you would teach how to use it "correctly"

We'll see if you turn out to be a guru..., or not

Oh and fair warning - if you are - you may want to seek another forum

Just sayin

RN

 

[xelite777]

Quote from Redneck:

There are more ways to make money from the market/ trading than one can count

Sure, let's not forget tea leaves reading, tarot and astrology, just to name a few.

Quote from Redneck:

As to predicting the market / price – it’s pyrite – suitable for newbie’s..., idiots..., the egotistical..., and gurus

Successful traders do NOT try to predict anything, they are just playing the odds, like a casino owner. Try to understand that simple concept first and then we will talk some more.

Or not.

 

[ronblack]

Quote from xelite777:

But what's the end of a trend? Well simply put a simple moving average on the chart and if the price stays above that moving average AND the hammer for, let's say, 2 consecutive bars then you could consider that as a confirmed buy signal.

Do you really think it's that easy? An sma(20) may confirm but an sma(30) may not confirm --> subjective backtesting --> curve-fitting --> waste of time.

Candlestick research shows they are useless timing indicators

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=980583

intraday:

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2125889