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Re: Nuggets of Wisdom from Steve Nison's Books
Effective candle charting techniques require not only an understanding of the candle patterns, but a policy of using sound, coherent trading strategies and tactics. It is unfortunate that some traders who know about the candle patterns often ignore such tactics. 129
"The Side that Knows When to Fight and When Not to Will Take the Victory" 133
"wait for time to ripen, waiting for just the right moment is virtuous, a patient mind or spirit is essential. 133
There will be times when you should not release the trigger. For example, without an attractive risk/reward ratio at the time that a bullish or bearish candle signal emerges, the trade should be ignored 133
quickly and effectively adapting to a new market environment, is a vital element to successful trading. 142
If a candle pattern emerges, does that mean that a buy or sell signal is automatically given? of course not. As I previously discussed, you should not base a trade on a candle pattern in isolation. You must firsi determine the overall technical picture at the time the pattern forms. 147
How you trade with candlesticks will depend on your trading philosophy, your risk adversity, and temperament. These are very individual aspects. 149
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