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I think the candlesticks show much more of the "emotion and psychology" of
the market than traditional bar charts. I use them exclusively, observing
common pattern/formations but not specifically trading off those
"documented" setups.
My thoughts,
Howard
>From: Alexander Levitin <alevitin@xxxxxxxx>
>To: Mervin Yeung <tinyeung@xxxxxxxx>, Real Traders
><realtraders@xxxxxxxxxxxx>
>Subject: Re: Candlestick
>Date: Thu, 11 Nov 1999 22:07:14 -0800
>
>The book "Candle Power" by Gregory L. Morris (Probus Publishing Company,
>1992) has statistics on Candlestick patterns.
>
>All my charts I am looking at now are either candlestick charts or close
>only charts. The candlesticks "speak to me" more then traditional bar
>charts. To trade based on candlestick charts alone? "Crazy" undertaking in
>my opinion. There are more in trading then charts pattern. But when you
>looking in those patterns candlesticks "stand out" more.
>
>Opinionated Alex.
>
>At 08:23 PM 11/11/99 -0800, Mervin Yeung wrote:
> >Hi RTs,
> >
> >I want to know if there is any RT who uses Japanese Candlestick patterns
> >for trading purpose and is successful. I remember I read 2 or 3 books
> >about candlestick (including Steve Nison's). However, I have not seen
> >any statistical study on how they perform. (such as Evening Star,
> >Hammer,... etc.)
> >
> >Japanese candlestick patterns often appear at turning points, especially
> >hammers & shooting stars. I wonder why the name of a great trader is
> >George Soros, not Yasuo Hamanaka.
> >
> >Mervin
>
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