The use of candles, trendline and fibonacci is popular in the FX world. As with any other system money management and trading psychology will determine individuals outcome.
I find that candlesticks work well with support/resistance lines, trend lines and a moving average, but it really depends on your strategy. I personally would never enter a trade simply on the basis of a candlestick pattern, but plenty of other people do. It’s a very personal thing!
I was mostly using candlesticks, when was starting my trading practice… but at the moment I already have lost about 500-600$ making decisions just based on candlestick patterns…
I see that a very few sticks are useful. A hammer for example. Particularly on big timeframes. Not for itself, but as a good confirmation for a reversal in that case. But that whole concept is in my eyes packed with almost useless formations like three soldiers or something like that. In the markets today where you have retracements very often, those three soldiers for example are rather an indication of a following retracement or reversal than a beginning trend. Just what I think about.
What time frame that you use ?
I read nickb ebook that candlestick loose it’s effective on lower time frame.
Use support, resistance and channel (Support + Resistance) with candlestick patterns.