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Thus, while t Very clear description of the basic candlestick patterns. This difference means that many candlestick patterns have only limited application to the forex markets.
STEVE NISON JAPANESE CANDLESTICKS CHARTING TECHNIQUES FREE
The Forex market, for all practical purposes, is free of such gaps. This type of trading applies to equities and to other markets that have pretty clear opening and closing times - like the Japanese Rice market where this charting technique originated. Many of the patterns rely on gaps between closing and opening prices. Very clear description of the basic candlestick patterns. That's actually a kind of cool way of looking at the type of bar, and using some ideas of smart money and liquidity helps give a possibly more concrete picture what is just a couple of lines on a screen. Which I think leads the important part of this book, it's understanding what is happening with the bars, the colorful names do help to give a clue, like a gravestone is pretty clearly not a happy bar and with a nice military analogy sums up the candle pattern as the place where lots of bulls came to die. At one point it would have been too early and I would have gotten nothing out of it, or when a lot of this is just fancy names for things I've been working on semi-obsessively for the past year or so. I guess what I'm trying to say is I'm not sure when this book would have been good for me to read.
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Days of pouring over charts and studying how price seems to move have kind of taught me to see a lot of these patterns, maybe not know the names of them, but at least be able to understand the psychology and action behind them. Now reading it about 18 months after the book was due and having finally returned to the city it's more like an interesting, oh that thing that I call number 2 is an inverted hammer or shooting star, neat. I think my blahness to this book is that if I'd read it when I actually took it out of the library back in the time before we wore masks I would have been enthralled by the idea of exotic sounding candle patterns and figured trading was just a matter of spotting them and I probably would have gone about trying to study the names and what they looked like. The author does show times when the signals fail and has a humorous introduction to the start of the chapter on Doji's where he talks about people attending his seminars as getting way too excited about Doji everywhere, and most likely using them as naked 'objective' signals.Īnyway the examples are so clean at times and lead to massive movements one might start to think 'I need to get into a trade that shows x pattern because it's going to gap up like crazy the next day', or maybe even think, why don't I just look for x pattern and then go for a low delta / out of the money Option and clean up? My guess is that will be a very disappointing endeavor.īut that's most trading books where the examples all look so good and clean in a way live charts rarely look as they are unfolding. The big problem I have with the book, which isn't the 'subjective' element that one reviewer complained about (which sort of misses the point I think of using any tool for trading) is that I think the examples are too clean. These days candlesticks are so commonplace that the idea of selling traders on their utility seems kind of unnecessary, but then again this book probably helped to their new massive acceptance. The most valuable thing about these colorful names is it kind of helps explain or give a metaphor to what could be happening on a particular candle/bar or group of candles/bars. I don't know what this book was like when it was first written, I can't imagine that it was really all that mind blowing, except that it maybe gave Western traders very colorful names for different types of price action. Nobody who really makes money in the market uses this stuff, and I know what I'm talking about." The most valuable thing about these colorful names is it kind of helps explain o My favorite review I saw of this book was nice and short, "A worthless piece of crap. Nobody who really makes money in the market uses this stuff, and I know what I'm talking about." I don't know what this book was like when it was first written, I can't imagine that it was really all that mind blowing, except that it maybe gave Western traders very colorful names for different types of price action. My favorite review I saw of this book was nice and short, "A worthless piece of crap.