How do you remember all the name's off the candle stick pattern's?

ken979 · Feb 10, 2011

I have Steve Nison's Essentials & Beyond 1 & 2.

My question is how do you remember all the names.

When I do remember the names, I sometimes mix up the pattern up e.g mistake reversal hammer for shooting star. Mistake hammer for a hang man. Mistake bullish engulfing pattern with bearish engulfing pattern.

How do you guy's or ladies remember the pattern's???

Jack o'Clubs · Feb 10, 2011

Whoa Ken! You can't see the forest for the trees. Forget the names and the patterns and try to understand what they're actually telling you about price action in the market. Don't think of it as an abstract pattern, think of it as the combined actions of a bunch of buyers and sellers in the market over the time frame the candle is set for. It doesn't matter what it's called if you understand what it's trying to tell you.

Pazienza · Feb 10, 2011

Jack o'Clubs said:
Whoa Ken! You can't see the forest for the trees. Forget the names and the patterns and try to understand what they're actually telling you about price action in the market. Don't think of it as an abstract pattern, think of it as the combined actions of a bunch of buyers and sellers in the market over the time frame the candle is set for. It doesn't matter what it's called if you understand what it's trying to tell you.

Call them what you want, doesn't matter.

That said, if you're struggling just pick two or three and master those first, add more as you get more comfortable.

DashRiprock · Feb 10, 2011

like Jack of clubs said its not important to remember the names. if trading was "name this pattern for a winning trade" then remembering the names would be good ut it isnt so its not.

a trick i do when looking at multiple candlesticks is go down to a smaller timeframe and I write in which order each OHLC (like was it high or low first?) came in and then make a little drawing just in lines from left to right, so you can see what happened "inside" them

ken979 · Feb 11, 2011

Thankyou everyone.

I kind of remember the pattern's but not the names :cheesy:

I guess it's in my subcious some where.

I just have to understand what the patterns are trying to tell me or what is happening in the market.

nunrgguy · Feb 14, 2011

ken979 said:
Thankyou everyone.

I kind of remember the pattern's but not the names :cheesy:

I guess it's in my subcious some where.

I just have to understand what the patterns are trying to tell me or what is happening in the market.

Yeah, to reiterate, forget names and patterns. Questions you need to be asking are:
Who is holding profit?
Where is momentum?
Where are stops likely to be?
If I'm short, who's long (and vice versa)
If I'm looking to go short here, what would someone looking to go long be looking for? (and vice versa)

futuresforex · Feb 23, 2011

There are just so many patterns out there, there is no point in trying to remember them all.

Just stick with the top 3-10 patterns and find a way to incorporate it into your trading strategy and find some confirming indicators to help you.

But do not clutter your charts too much, that can be counter productive.

TheBramble · Feb 23, 2011

Agreed. I have the less easy to remember ones tattoed on my hands and arms.

coopster · Feb 24, 2011

my favourite is the bearish engulfing harami shooting doji hammer.

Never fails :cheesy:

How do you remember all the name's off the candle stick pattern's?

ken979

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Jack o'Clubs

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