Poll: Ur Favourite Candlestick Pattern

[Ammeo 10]

I thought to make a poll regarding Candlesticks as we are all candlestick fans and use it in our daily trading to identify different patterns. Lets see which Candlestick gets the most votes- my personal favourite btw is the Hammer and the Inverted Hammer.

[wrbtrader 10]

Is there a reason why you've only listed about 10% of the most commonly used Japanese Candlestick patterns ?

[Ingot54 13]

Candlestick patterns are far less effective than they used to be, imho.

I find them less reliable as PA indicators, as so many of the moves in

price are now driven by economic and political imperatives, as opposed

to market pressures.

 

Now you could argue that the political and economic drivers have always

had an influence, but you would get strong disagreement on that point

from me.

 

Whenever you have politicians affecting markets for the purposes of

their agenda, you will get knee-jerk activity, and that can not be seen

"developing" in candlestick patterns.

 

Take for example the current determined weakening in currencies of

the major countries - particularly USA, Europe and Japan.

 

The zig-zagging going on every time Mario Draghi, Ben Bernanke

and his cohorts, and Shinzo Abe open their mouths.

 

This stuff is calculated to move the markets ... and it does ... often

unforeseen, and unheralded by any candlestick pattern that I know of.

 

One tool that I am resorting to, to combat this erratic volatility, is the

line chart.

 

You might just as well have asked: What is your favourite line chart :rofl: :rofl:

Draghi comments knock euro, yen resumes broad falls | Reuters

 

But seriously - the line chart based on the closing price - independent

of time frame largely, is an excellent tool from which to draw Fibonacci

levels, for example.

 

Today, I place higher importance on lines than I do on candlesticks ...

sadly another casualty in a world obsessed with disrupting the stability

of markets - regardless of how much the manipulators talk about

preserving the market.

 

Some strive to preserve it ... others scheme to use those efforts to

destructively exploit it.

 

Such is life - play out here with us at your peril!

[Bluebay 10]

Amazing - I am in total agreement with you. It's as if you took the words out of my mouth. Great stuff

[Ammeo 10]

Is there a reason why you've only listed about 10% of the most commonly used Japanese Candlestick patterns ?

 

No specific reason though, they are the most widely used so i put them in...Do u have some candlestick patterns to suggest? I'd like to know ur suggestions.

[numbertea 10]

Candlestick patterns are far less effective than they used to be, imho.

I find them less reliable as PA indicators, as so many of the moves in

price are now driven by economic and political imperatives, as opposed

to market pressures.

 

 

 

Completely confused, are you sure that you want to say that economic and political imperatives do not DRIVE market pressures, thereby moving price???

 

I can see market pressures in the candlestick patterns and I back up my findings with market flow calculations before I trade them.

 

Cheers