[gianno]

Originally Posted by joshdance »

Are you serious......?

I am serious. Are you?

[BlowFish]

Originally Posted by gianno »

Any idea about the success rate of candlestick identification, in terms of win rate?

Without 'context' I'd bet it's about 50/50. Of course you could easily make that 30/70 or 70/30 by adjusting stops and targets (R:R).

There are many more variables than a simple entry pattern that determine 'win rate'.

[Ingot54]

Originally Posted by cashcube »

Is there any good candlestick identification tool available for metatrader?

Russ Horn is giving one away free to promote his latest Commercial System release (already sold out I believe).

I have it, but I am not interested in using it. Unsure how good it is for that reason.

If you Google: Russ Horn Candle recognition software you will find more than enough links to locate the indicator, the manual, and a youtube vid on how to use it.

He had "only 750 copies" @ $999 for sale, and suddenly found an extra 21 hidden somewhere, for "those who missed out!".

The maths: 750 x $999 = $749,250

OR ... you can make 2 x $650 payments instead.

Now I don't know about you, but I've got an idea ...

[equtrader]

Originally Posted by gianno »

Any idea about the success rate of candlestick identification, in terms of win rate?

Check these studies:

Performance of Candlestick Analysis on Intraday Futures Data: The Journal of Derivatives

Market Timing with Candlestick Technical Analysis by Ben Marshall, Martin Young, Lawrence (Larry) Rose :: SSRN

Together they indicate that this is not a technique to use by itself and on its own merit.

Besides, candlesticks are a special subset of price patterns. See the link I gave above for Price Action Lab. It can find many more possibilities than just candlesticks. Some of the patterns it can find are typical candle formations.

[stpips89]

Originally Posted by equtrader »

Check these studies:

Performance of Candlestick Analysis on Intraday Futures Data: The Journal of Derivatives

Market Timing with Candlestick Technical Analysis by Ben Marshall, Martin Young, Lawrence (Larry) Rose :: SSRN

Together they indicate that this is not a technique to use by itself and on its own merit.

Besides, candlesticks are a special subset of price patterns. See the link I gave above for Price Action Lab. It can find many more possibilities than just candlesticks. Some of the patterns it can find are typical candle formations.

I think you raise a good point, although indirectly. Candlestick formations are not really a "trading strategy", it takes knowing when and where to trade them and in what combination with other factors of confluence.

[Keroro]

How about Elliott wave theory.

[joshdance]

Originally Posted by stpips89 »

like Nial Fuller teaches.

stpips, are you here for anything except to promote Nial? You've had 40 posts on this forum and you mention his name or web site in at least 20 of those posts.

[wrbtrader]

Originally Posted by gianno »

Any idea about the success rate of candlestick identification, in terms of win rate?

There are other threads here at Traderslaboratory about this specific topic and the success rate is greatly different from one trading instrument to another and from one candlestick pattern to another.

It's just best you get access to historical data of whatever it is that you're trading and then do your own personal testing (manually if needed) via any particular candlestick pattern you like via your particular trade management of candlestick patterns.

My point with the above statement is that its a proven fact that the trade management after entry has a dramatic impact on the success rate of any particular candlestick pattern and such has been proven many times by backtesters that differ from each other via how they manage the trade after a candlestick pattern signal has been given.

As for auto trading via candlestick codes...highly not recommended as a price action method.