I know that they will not just drop down like a cards from a loaded deck and I know that they are not a fool proof way of predicting. I was just looking over my candles and I only spotted one or two over a whole day that went on to do what they were “meant” to. Is this normal or am I looking at the stats in the wrong time frame? I guess it is all about combining many different things.
I am just starting out (you might have noticed) and want to be sure I am looking at things right.
I have been following the school program on the site :35:
To answer your question clearly, you’ll actually learn to see many candle patterns as you look at more charts in general. It’s all about experience. I actually see TONS of them on any timeframe. Look at swing highs/lows and try to identify reversal patterns, or perhaps engulfing patterns in consolidation areas (bear/bull flags, triangles, pennants, etc.)
Another thing, and some may or may not agree with, is that candle sticks aren’t everything. Try to looking for a confluence of S&R to confirm the pattern. So if you see a doji bar with the wick below the support level, but the body opened and closed about it, you’ll realize WHY the pattern was created. Look at the valid patterns you had identified and see if they line up with any strong levels of S&R and you’ll be surprised.
Best of luck in your trading, and don’t give up. The school is just a general overview and you’ll see there’s more to it in trading.
Thanks for the info. I am still working through the school on the website so a lot of this stuff isn’t soaking in totally. I guess I will have to keep my eyes open and keep studying the patterns. What do you use to look at the candles? I use Oanda at the moment but it is not the easiest thing to study patterns with, do you use something else when analysing?
No problem pipletter. I’d advise you go through the school a few times first before you go ahead with more advanced trading concepts. I trade using the MetaTrader 4 platform. It’s just a personal preference though. To me, I can change the colors, run EAs, upload custom indicators so it really helps me. Hope that helps!