[brownsfan019]

During my time in the TL chat room this past week, a few of us discussed some candlestick trading on an intraday basis. Since the attendance in the chat room is minimal currently, I thought we could open a thread to discuss specifically trading on an intraday basis with candlesticks.

Let me preface this discussion with this - I've proven many times over that the smaller the timeframe, the less reliable a candlestick pattern becomes by ITSELF in isolation. In other words, a hammer that appears on a 1 minute chart is not a valid signal in my opinion simply b/c there is a hammer in front of you. Now, a hammer on a 15 minute chart could be a possible trade by itself.

Basically this thread is to toss some ideas out there on possible intraday trading techniques utilizing candlesticks in some fashion. Intraday meaning 1 minute (or lower) up to 1 trade per day.

Personally I have found that any type of minute timeframe (1-60) is probably going to require some sort of additional confirmation outside of just the candle pattern. Now, what that confirmation is could be any number of things. I've seen candle traders use pivots, fibs, oscillators, support/resistance areas, WRB's, moving averages, trend lines, etc. etc. to aid in the decision making process of using candlesticks in their trading.

Our good friend Walter has gotten the candlestick bug, so we'll see if he takes a few different twists and turns with the candlesticks or not.

Good trading!

PS
Go Browns! BIG Game Sunday!!