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Your favorite candle stick pattern
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Your favorite candle stick pattern

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Your favorite candle stick pattern

I was just curious what other people have to say about their favorite candle patterns and which works best for them. I personally trade the shooting star pattern (when the market is not trending) as I have had much luck with it compared to other setups. I Was curious If anyone uses any other types of patterns they'd like to share. Feed back always appreciated .


Last edited by Itchymoku; August 28th, 2012 at 02:24 AM.
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I am not a candlestick pattern guy. I prefer just simple PASR.

If you are a patterns guy, you can check out some of Suri Duddella's webinars on futures.io (formerly BMT) or buy his book which may be helpful, it is a reference of all popular patterns.

I would also recommend the book Evidence Based Technical Analysis by David Aronson to give you a different view.

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Big Mike View Post
I am not a candlestick pattern guy. I prefer just simple PASR.

If you are a patterns guy, you can check out some of Suri Duddella's webinars on futures.io (formerly BMT) or buy his book which may be helpful, it is a reference of all popular patterns.

I would also recommend the book Evidence Based Technical Analysis by David Aronson to give you a different view.

Mike

Which thread or journal in your opinion would best describe the methodologies for PASR trading? If that is too ambiguous, do you have a journal of your own where you demonstrate such trading? Thanks


Last edited by Itchymoku; August 28th, 2012 at 03:11 AM.
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To use candle stick patterns, you would need to know the probability that a specific pattern leads to a upward or downward price movement. It is also important to understand the context (trend, range) of each pattern to trade it.

There is a small study available by Thomas Bulkowski, who has evaluated 103 different pattenrs and published the results

Amazon.com: Encyclopedia of Candlestick Charts (Wiley Trading) (9780470182017): Thomas N. Bulkowski: Books

The problem with candlesticks is that some of the pattern are two well known, and that the behaviour of traders applying them can be exploited. Not sure that there is a real edge.

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I like to trade the pin bar candlestick reversal pattern as shown here at key areas and in the direction of the primary trend. It's a key pattern that clearly denotes trapped traders.

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trendisyourfriend View Post
I like to trade the pin bar candlestick reversal pattern as shown here at key areas and in the direction of the primary trend. It's a key pattern that clearly denotes trapped traders.

Pin bars or railways are a good idea, if you filter them with

- support and resistance
- overbought/oversold conditions (I use SD bands of VWAP)

and also watch out, if they are confirmed by a divergence.

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No intraday edge with candlesticks alone on the DJIA constituents:

The Intraday Performance of Market Timing Strategies and Trading Systems Based on Japanese Candlesticks by Matthieu Duvinage, Paolo Mazza, Mikael Petitjean :: SSRN

We'll have to dig a little deeper

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TheTrend View Post

The report only shows a few significant patterns, but the result is highly dependant on the trading costs that were assumed. Trading futures may involve lower costs, and some of the patterns might pass the cap.

In any case it is not easy to make money with candlestick patterns alone. Additional filters would be required.

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