Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Reaver

What's the best resource for learning about candles?

Recommended Posts

I was wondering: What would you consider the best resource for learning more about candles?

 

I trade momentum and would like to learn more about candles to possibly incorporate them into my method.

 

There are a lot of books, sites etc about candles...but I am hoping someone can help separate the wheat from the chaff a little!

 

 

Thanks!

 

Nate

Share this post


Link to post
Share on other sites
Guest cooter

Is it me, or is it curious that you'd think that since the candlesticks were developed by rice traders in Japan several centuries ago before the West even knew what they were, that perhaps the experts in this matter might be Japanese?

 

It somewhat amuses, yet appalls me that Westerners should come around to another culture, usurp its technology, and then declare themselves as the experts in the "new" technology.

 

So, with candlesticks, is this the case? Love to hear an Eastern perspective - perhaps Soultrader, you might have some insight or opinion on all of this?

 

thxs

Share this post


Link to post
Share on other sites

I have wondered that myself- however I think it's a matter of culture barrier or whatever you want to call it. Maybe lack of accessibility is a better term....

 

I wouldn't argue that there are many Japanese traders that eat sleep and breathe candlesticks and could wipe the floor with many outsider analysts...however, the human mind is amazing in its capacity to learn, so if one were to put forth adequate time, effort and research, I don't think it would matter where you're from as far as how skilled you end up being.

 

Nison stated, if I remember correctly, that he had to spend a considerable amount of time learning more about Japanese culture and philosophy in order to grasp the subject matter.

Share this post


Link to post
Share on other sites
It somewhat amuses, yet appalls me that Westerners should come around to another culture, usurp its technology, and then declare themselves as the experts in the "new" technology.

 

I dont recall Nison claiming this as a "new" technology and claiming it as his own. He may very well be an expert on the subject, but I don't know that it matters whether the subject originated in Japan or Germany or Albania.

Share this post


Link to post
Share on other sites

Reaver - start with Nison. He's the godfather of candlesticks if you will.

 

Here's 2 reviews I did on TL for a couple books:

http://www.traderslaboratory.com/forums/f8/japanese-candlestick-charting-techniques-second-edition-1561.html

 

http://www.traderslaboratory.com/forums/f8/the-candlestick-course-by-steve-nison-1560.html

 

Steve's website is: http://www.candlecharts.com/

 

Keep in mind that 1 or 2 books is just the tip of the iceberg. I would strongly suggest taking a look at his DVD's as well and/or attend a live event, if you are/get serious about learning more.

Share this post


Link to post
Share on other sites
I dont recall Nison claiming this as a "new" technology and claiming it as his own. He may very well be an expert on the subject, but I don't know that it matters whether the subject originated in Japan or Germany or Albania.

 

Hey I've been to Albania!

 

I agree though- Nison definitely didn't say he invented candlesticks...In a stocktickr interview he said that someone from Japan who worked at the same firm as him way back in the day ordered candlestick chart books for their research and he became curious from there.

Share this post


Link to post
Share on other sites
Is it me, or is it curious that you'd think that since the candlesticks were developed by rice traders in Japan several centuries ago before the West even knew what they were, that perhaps the experts in this matter might be Japanese?

 

It somewhat amuses, yet appalls me that Westerners should come around to another culture, usurp its technology, and then declare themselves as the experts in the "new" technology.

 

So, with candlesticks, is this the case? Love to hear an Eastern perspective - perhaps Soultrader, you might have some insight or opinion on all of this?

 

thxs

 

cooter - just b/c something originates in a different country does not mean people in other countries cannot use it and/or perfect it. See the car industry for an example. Good ole Ford, Chrysler, etc is where it started and now the foreigners are over taking the 'experts'. How dare they! :confused:

Share this post


Link to post
Share on other sites

Steve's bio (in my words) is basically he came across the charts and decided to study them overseas for quite awhile. He then brought the knowledge and ideas back to the US and now we have candlestick charting.

Share this post


Link to post
Share on other sites

I also asked this question to myself – what is the best resource to learn candlestick patterns. From many authors I could recommend Nison, Bulkowski and Morris. Those guys are in my opinion the most influential regarding Japanese candles.

 

And here one thing is the theory and the other thing is the practical usage. If you are not a fully (or not at all) algorithmic trader I would definitely recommend a CandleScanner - technical analysis software which allows you to easily scan (without programming) candlestick charts and find all the patterns within seconds (plus a nice performance analysis). I have tested many others but this one seems to be cheap and powerful (apparently people implementing this have a deep knowledge regarding Japanese candlestick).

 

Be careful on many websites and free applications which very often are of bad quality. Simply a lot of people are just copying the others work without even basic understanding of the Japanese candlestick patterns.

Share this post


Link to post
Share on other sites
I was wondering: What would you consider the best resource for learning more about candles?

 

I trade momentum and would like to learn more about candles to possibly incorporate them into my method.

 

There are a lot of books, sites etc about candles...but I am hoping someone can help separate the wheat from the chaff a little!

 

 

Thanks!

 

Nate

 

You may check out the chart school of stockcharts.. Its much easier to learn as everything is explained in simple words..

StockCharts.com - ChartSchool

 

There's also a gr8 canclesticks teaching channel on youtube..

[ame=http://www.youtube.com/watch?v=mt2_bm2Xy-4&feature=fvwrel]Candlesticks - Vol 5 - Shooting Star - YouTube[/ame]

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Why are Market Wizard's insults and humiliations tolerated with impunity whereas our replies are sistematically banned? Just curious.
    • Bitcoin (BTC) Consolidates As Bears And Bulls Tussle Above $9,400 Support Key Resistance Zones: $10,000, $11,000, $12,000 Key Support Zones: $7, 000, $6, 000, $5,000 BTC/USD Long-term Trend: Ranging Bitcoin has failed to break above $10,400 overhead resistance. The bulls made two unsuccessful attempts at the resistance. In the recent one, the bears took the price to a low of $9,290 and then pulled back above $9,400. In the interim, the price is fluctuating above $9,400 and approaching the high of $9,800. As the bulls have failed to push above the overhead resistance, the pair may commence a range movement. Nonetheless, it is anticipated that if the bears break below the $9,400 support, selling pressure may resume. Meanwhile, BTC may continue the range-bound movement. BTC/USD – Daily Chart Daily Chart Indicators Reading: After the downward move of Bitcoin, the Relative Strength Index has also fallen to level 52. This simply means the coin is above the centerline 50. In other words, BTC is in an uptrend and it is likely to rise. Price broke the support line of the ascending channel. The uptrend will be in proper perspective only when the bulls break into the ascending channel. BTC/USD Medium-term Trend: Bearish On the 4- hour chart, Bitcoin now trades between $9,400 and $10,200 after the first breakdown at the $10,400 overhead resistance. The bulls tested the resistance at $10,200 twice , before the downward move. The large bearish candlesticks tested a low of $9,290. However, the small body candlesticks that follow are called indecisive candlesticks. BTC/USD – 4 Hour Chart 4-hour Chart Indicators Reading Presently, BTC is trading above a 25% range of the daily stochastic. That is the coin is in the bullish trend zone. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways trend. General Outlook for Bitcoin (BTC) From every indication, if the bulls fail to push above the overhead resistance, the price action in October and November will repeat itself. For the past three days, BTC is still fluctuating above $9,400. Instrument: BTC/USD Order: Sell Entry price: $9,700 Stop: $9,900 Target: $8,400 Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results Source: https://learn2.trade 
    • The Sharp Recovery In EURJPY Lose Momentum, Falters Beneath The Level At 121.00 EURJPY Price Analysis – February  21 The single European currency rose 88 basis points or 0.73% against the Japanese yen in the previous session. After two consecutive sessions showing strong growth, EURJPY is now losing some momentum amid JPY bulls. Key Levels Resistance Levels: 122.37, 122.87, 121.00 Support Levels: 119.99, 117.08, 115.83 EURJPY Long term Trend: Ranging The EURJPY rebound from the level of 118.46 continues to advance from the previous session, but today it has stalled. Super-speed acceleration claims that a decline from 122.87 level could have ended in three waves to 118.46 level. However, the support level formed by the intersection of the moving average of 5 and 13 at 119.90 level can support the exchange rate during the trading session on Friday, while greater advance can continue from the level of 115.83. EURJPY Short term Trend: Ranging From an analysis of the 4-hour time frame, the intraday bias is now on the rise for a resistance level of 121.15 at first. The breakthrough will be aimed at 122.87 high levels. On the other hand, a breakdown of the secondary support levels of 119.99 could change the bias towards lower testing to retest the low level of 118.46 instead. Instrument: EURJPY Order: Sell Entry price: 121.00 Stop: 119.66 Target: 121.47 Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results Source: https://learn2.trade 
    • What makes InstaForex a good choice is that it is a reliable binary options trading platform so the trader would not have to dread anything if he decides to choose this platform.  They offer a 24/7 consultancy support. The exclusive online support facilitates the trader to get all the help that he has been looking for so far. This means that if the trader has any questions he can put them up ready to reach a solution to his problems. InstaForex provides trading binary options on currency pairs, cryptocurrency pairs, metals, and CFDs on shares.   InstaForex Broker 2.000$ Forex / Binary Options No Deposit Bonus! Crypto Trading Available! https://binaryoptionsfree.eu/review/instaforex-broker-2-000-forex-binary-options-no-deposit-bonus/
    • CRYPTOBO Broker - Binary Options No Deposit Cryptocurrency Bonus Real 10,000 Satoshi For Free!Make Financial Bets using Bincoins and win Bitcoins!Receive 10,000 Satoshi for Free Without Deposit to bet and win!Read CRYPTOBO Review!
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.