Importance of candlestick patterns?

Beginner Questions
1

Hello all,

I’m currently reading The School of Pipsology and am on the lesson about Candle Patterns (both Dual and Single)

I’m moving along, but I’m debating whether to make flashcards - or in other words, take the memorizing of this lesson really serious, or just move on with a general understanding.

So, basically, I’m wondering are candlestick patterns EXTREMELY important to your trading style? And how important do you view single/dual candlestick patterns?

Thanks

2

it honestly depends on the trader. Some traders on here don’t even use candlesticks, they use the bars or lines which I dont understand at all, but they make it work for them. For me, candlestick patterns, and the candlesticks by themselves are extremely important for my trading style. They all tell a story to me and helps me determine where I think price will move after reaching certain zones

3 Likes
3

The lesson also references the book: Japanese Candlestick Charting: A Contemporary Guide to the Ancient Techniques of the Far East. Will this be worth it? If Japanese Candlestick patterns are useful?

Link to the book:
https://www.amazon.com/Japanese-Candlestick-Charting-Contemporary-Techniques-ebook/dp/B00CS74GBM/ref=as_li_ss_tl?s=digital-text&ie=UTF8&qid=1463990859&sr=1-1&keywords=japanese+candlesticks&linkCode=sl1&tag=babypipscom-20&linkId=5441b6543ee4a065225a77d946826587

4

heard this was a good one too. Haven’t checked it out yet, but I def will

5

I believe the patterns are useful and also understanding a few candle sticks.
But only a few, not need for all the clutter.
Pattern, three bare reversal.
Candles, Pinbar(s) and there location, gravestone and hangman. all of which are over a 75% win ratio.

2 Likes