the shorter the time period you use, the more number of preceding candles you have to read. This is what my logic says after observing for a bit. I usually hover on 3 minutes or 1 minute, so to get a good summary of what has happened, I would have to read like 9 or 10 candles before the current one. Any comments on this?
If you’re going to trade so closely off candlestick formations and patterns, I have to recommend you watch Al Brooks’ trading videos and read whatever you can find of his books. He is a master at candle-by-candle price action analysis.
Hmmm. This is an interesting question I haven’t really thought much about before! I’m not very particular about the candles but I do take note once I notice signs indicating that there may be a trend reversal (lower highs, higher lows, etc.). Trying it out now as I monitor my charts, I find myself looking at until 5-6 candles because at least for my USDJPY 1min chart, it already gives me an idea about price direction.
As traders the majority (well I assume) use candlestick s as a reference.Reading charts, candlestick formations can be subjective . Knowing all the formations though is useful to know, I don’t believe is one of the main reason for success or failure.Your best throwing yourself into a demo platform, whilst picking up different sources of knowledge,experience is more useful than theory alone .
I am pretty much where you are with candlestick charts.
However, it was eye-opening to see Al Brooks on some Youtube clips “reading” the charts candle by candle, and calling trades on the next candle. His focus is incredible. Its not what I could do but I recommend seeing him do it. Its actually a pleasure to watch, in the way that its a pleasure to watch a great pianist translate a row of black and white keys into music, music which I could never play or write or read.
I have a look when I got time due to circumstances only online via phone at the moment .
thanks, I’ll check it out
I am assuming you have read The Candlestick Trading Bible???
can you link some good youtube videos. there are >1 hour talks and interviews, im not sure what video you were referring to.
Whats that? I read one called ‘Monster guide to …’ it was pretty basic, but helpful enough
Take a look at the wealth of clips here -
Depends how you trade to be honest. Regardless of time frame I look at structure rather than “patterns” so I go back as far as I need to.
You apparently have access to the internet. The fact that you are asking this question here and the very topic of this thread leaves me believing that you are lazy and wanting to be spoon fed. I am going to post below a few paragraphs of a 3 page thing I got recently. Read it and change your ways if you want to avoid being a statistic.
THE WILL TO ACT
I am often – very often – summoned by people here in Telegram asking me to “guide them” and
“train them”, who seemingly believes that I should give my time away freely – above and beyond
what I am already doing.
I am very quick to nip conversations like that in the bud, by saying “sure, I will train you, but I will
charge you my standard $5,000 an hour fee”. Without fail, the conversation always ends there
(except for one time when I had the conversation with a Hollywood film executive who genuinely
wanted to pay $5,000 an hour for my time).
The truth is you can be taught, but knowledge is not power. Change has to come from within. I am
reminded of the wisdom of a market wizard who once said “A losing trader can do little to transform
himself into a winning trader. A losing trader is not going to want to transform himself. That’s the
kind of thing winning traders do.”
I often think of the conversation that Christian Bale has with Liam Neeson in Batman Begins.
“Your parents’ death was not your fault. It was your father’s. Anger does not change the fact that
your father failed to act.”
what the h are you writing on this thread. I asked you something in the vein of carrying on a conversation. don’t come around here with your toxic-ness dude. I already downloaded the pdf way before you judged me.
Take it easy. I’m sure you’re frustrated but when you’re on your own journey, detours off the road to argue with local folk who think you’re going the wrong way are not going to get you any closer to your destination.
So if you did download that pdf as you claim what was the purpose of asking that question? You are rushing to get a live account but you dont seem anywhere ready for one. And that remark about toxic is garbage. What you must tell me is that I am not telling the truth.
No no, its just that I wanted more contribution from nice people, but if someone starts a conflict for no reason, then people don’t want to come here and give their opinion. I’m not frustrated, but I’m not too happy that someone is overshadowing other people’s answer by writing a long answer that claims I’m not taking anyone’s help (which I am, I have been watching Al Brooks for the last hour)
I’m just not gonna reply to this guy. On other ppl’s post I don’t care, but at least not impede the process of sharing ideas with like-minded people by writing such comments.
This is my last post in this thread.
Because someone does not support your position it does not mean they are not nice. That is cry baby stuff. I thought some people on here were nice too until after I got to know more about them but you will come to see that in time. I never claimed you were not taking people’s help, dishonest reasoning right there to put it mildly. You dont even understand that by pointing you to the candlestick bible you are being helped. Spend some time and inform yourself because I suspect a lot of what you will be asking is already in threads on here.
Good luck with your forex journey.
Sure, apology accepted.
Stick it out ,if you want to succeed you will regardless