Candlestick patterns with forex

[ed45626]

What is the concensus on candlestick patterns with forex -- I see a number of the patterns rely on gaps between close and subsequent opens, which rarely happens in forex (except for periods of very light activity or very heavy activity, not the best trading times).

Thanks!

Ed

 

[rexyu]

Flags, triangles, channels of consolidation are all you need. Together, of course, with MAs, pivot points and Fibonacci

 

[alan5616]

Hi Ed,

There are plenty of good candlestick patterns that don't have to have a definite gap to make them valid. The overall appearance of the pattern is good enough in most cases.

The longer the time frame, the more reliable they are. It is no good using them on a 1 min chart but, anything around the 10-15 min level seems to be OK. I use candlestick patterns as an integral part of my trading strategy but, I, also, use some form of filter be it stochastic, cci etc. From my personal point of view, I find them more useful in signalling reversals rather than trend continuation.

Hope this helps.

 

[Ambassador]

My teacher very originally uses a pattern, on it it makes forecasts of movement of currency, metals, share ...
The Pattern - the Dragon. Forecasts work day - week. It has learned it also me.
If it is interesting I can show here the figures on the future on gold, EURUSD, GBPUSD........