Are All Candlesticks Created Equal?

Beginner Questions
1

Both the babypips.com and straightforex.com have more or less the same educational material on reading price action (aka candlesticks). What both fail to do is give any indication as to which candlesticks are typically stronger indicators of reversals than others. Is there any resource out there that discusses what makes one candlestick a stronger signal than another?

They do point out there needs to be a certain trend or pattern developed, or developing before and or after the candelstick, let’s call that the “context” of the candlestick. Is that the key to determining how stong the indicator is?

Are certain candlesticks generally stonger (more reliable) indicators in certain types of markets (ranging versus trending for example)

I’m quite surprised both texts simply say this candlestick or that candlestick ‘usually’ indicates a change. And there are at least 8 discussed: spinning tops, Marubozu, Doji, Hammer, Hanging Man, Inverted Hammer and Rising Star.

Is it pure random as to which candlestick is potentially a stronger indicator than another. This would explain the lack of commentary on their comparative strength. Otherwise I’m surprised I haven’t yet found a more in depth discussion on the strength of each type of candelstick.

2

Well I guess I need to search a little harder. Googling ‘doji versus hammer’ I ran across:

bullish gravestone doji candlestick

with statements like

“Although this formation is weak in signal strength”

"The Gravestone Doji is a more reliable than Inverted Hammer. "

Now the question becomes are these assessments of relative strength widely agreed upon?

3

A candlestick pattern appearing on a chart as an isolated
incident is not in itself a confirmation of anything, there
are other considerations.

ie in no particular order, trend, divergence, support & resistance levels,
time of day.

If you can couple candlestick patterns with one or more of
the above indicators then you are at the beginnings of a good
system.

The babypips school make new traders aware of the various indicators,
oscillators, candle patterns etc; but it is up to the individual to
expand their own knowledge.