All roads lead to Rome

Well, I've tried just about every indicator there is in the Achelis A-Z Book and had some fair success in picking buy/sell candidates.

However, I've also tried using the candlestick functions to identify candle patterns and this seems to be one of the better methods...
used with visual checks (eg. trendlines, bollinger bands etc.) the candles seem to highlight possible trades a few days earlier than momentum and ma cross overs. OK, you have to be patient (select prey, watch and then pounce) but choosing the entry point and getting a good price is another skill all together.

Are there any other candlestick fans out there?

Darth.
 

Uncle

Established member
671 2
Yup.........count me a devotee, darth.......they give a clear picture of the share movement and when you decide on which candles to follow when looking for reversal patterns, it becomes another string to your bow.

Best wishes

John
 

sukhibraich

Member
74 0
I have just bought Steve Nisson's book about candles. I just finished 2 chapters and it is mind blowing.

He has some chapters about western indicators but I haven't got that far yet.

Which indicators do you use with candles ?

Thanks

Sukhi
 
as nison says, you can use most of the common ones but watch for linear dependencies ie) two momentum indicators don't give you twice as much information!

good examples are of indicators are
one of: rsi, roc, sto
plus one of: vroc, vol oscillator, mfi etc.

I found Nison's book is very good - it is the most readable book on Technical Analysis that I have found.

Darth.
 

sukhibraich

Member
74 0
Darth

Thanks. I am testing RSI/MACD with OBV/MFI.

I think that there was a post on our site here ( Dr Iraj)regarding using one price based indicator and one volume based indicator to confirm. I am trying not to get into too many indicators. So keeping it simple to RSI or MACD with OBV or MFI. What is VROC

I agree with you on Nison's book. It is very enjoyable too.The examples in the book are exellent.


For very short term trader (day trader??), I think candles are excellent tool.

Regards
Sukhi
 

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