Do Candle patterns really work?

India
March 4, 2013 12:10am CST
I have heard that candle patterns works very well for some traders and it doesn't for some traders. If it really works for you, kindly discuss here. which time frame do you prefer and what is your SL and TP after getting the candle pattern?
1 person likes this
2 responses
@gengeni (3308)
• Indonesia
16 Mar 13
Learning candlestick pattern is very useful for traders, An experienced trader saw just enough to make a candlestick open, closing, and took advantage, well .. that's a gift that we must learn from the success came not from birth but it is a thing to be achieved by every man and fought in their respective fields. To be not half-half in learning something, but become an expert on something especially useful for our lives
• India
16 Mar 13
In which time frame do you give more importance for candlestick patterns?
@JARRMAN (103)
• Germany
4 Mar 13
Hi there. I believe that it is important to have analyzed the candle patterns for entering trades. I think it is one part of the job :) Well, I do look for trades on the 30min, 1h, 4h and 1d charts with having the weekly and monthly charts in mind, too. It is always good to look at the big picture. When I want to enter a trade I mostly watch the 5min chart with a brief look at the 15min and 30min charts. I think it is recommended to have at least a brief look at every time frame of your chosen pair. The SL and TP always varies but I try to keep the SL as small as possible. The analysis of the candle patterns can get you a good outlook of where to put the SL and TP by using previous levels of the market's movements. Hope this helps a little bit. ;)
• India
4 Mar 13
Your response was much helpful for me. It seems you are keeping an eye of every time frame for the choose currency pair. Its great but actually I am not that much experienced to do so. If I watch all the time frames i will get different signals at different time frames and I will get confused. :)