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Candlesticks by themselves are not tradeable, but in conjunction with
widely used oscillators such as: stochastics, RSI, MACD, regression, and
standard technical trading skill (channel & trendline violations, support &
resistance levels) candlesticks is VERY tradeable and VERY accurate. And
as a bonus, provides clear STOP levels. NO other system beats candlesticks
for their ability to enter a trade at RAZOR sharp points and maximize
profits. I have been trading this system exclusively for the last 5 months
with very impressive results (80+% of trades being profitable and
fractional losses on the rest, given proper stop loss, diversification, and
profit targets are used). I'm sold on it over all other trading systems I
have researched & used.
But bottom line, you still need sharp technical trading ability to realize
the signs -- and its an art not a pure science.
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At 10:32 AM 7/28/98 -0400, Bob Fulks wrote:
>At 8:05 AM -0400 7/27/98, Steven Buss wrote:
>
>>- I'd like to confirm that those folks doing the exercise above come to
>>the same conclusions that I have. Specifically, after doing this exercise,
>>do you agree with both conclusions A and B above? If you don't, why not?
>>If you don't, what specific reversal date/time led you to your different
>>conclusion?
>
>
>A candlestick pattern is simply a representation of what various price
>patterns look like on a longer time scale, sort of a short hand way to
>represent a pattern.
>
>For example a V bottom price pattern spanning one day on 45 minute bars
>would become a "hammer" candlestick. Nothing magic. Just a result of the
>compression.
>
>Greg Morris did an extensive evaluation in his book, "CandlePower". He
>tried all kinds of combinations including various filters on the
>candlesticks. The conclusion, as I recall, was that they are not tradable.
>
>Bob Fulks
>
>
>
>
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