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

    • great gesture of kindness, we need more of these tbh, hope everyone is safe and sound
    • HotForex donates to WHO Covid-19 Response Fund. Dear Client, In line with our commitment to social responsibility, we have made a generous donation to the World Health Organization to help in its fight against the Covid-19 pandemic. HotForex CEO George Koumantaris said: “HotForex has a deep-rooted sense of responsibility that it should help those less fortunate and actively lend assistance at every appropriate opportunity to do so. We are proud to be able to make a donation to the WHO at this time of crisis and do our part to help such a worthy organization.” As we informed you previously, we would like to assure all of you that we have successfully taken all of the necessary steps in order to ensure a 100% business continuity and no disruptions whatsoever to our services. Please continue to trade responsibly and stay safe. Kind regards, The HotForex Team
    • Date : 10th April 2020. EURUSD Turns Higher | April 10.EURUSD,H1The EURUSD closed at a six-day high (1.0928) and above the 20-day moving average for the first time in 9 days, yesterday ahead of the extended Easter holiday weekend. Action from the Fed, helped weaken the Dollar and action, from the EU supported the EUR. Today the pair continues to track higher in extremely thin markets and very low volume to 1.0945. Next resistance is the upper Bollinger band at 1.0955 and R1 at 1.0973 with the Daily pivot point sitting at 1.0906 above the psychological 1.0900. The Daily chart has resistance (50-day moving average and 38.2 Fibonacci level at 1.10970 and then the 200-day moving average and 50.0 Fib level at 1.1070, before the 61.8 Fib at 1.1180. Immediate support sits at 1.0900, the April low at 1.0775 with the March low sitting at 1.0635.The Fed announced new unprecedented facilities to deal with the coronavirus and the containment policies that have largely shut the US economy. Under these new measures, which include programmes to support state and local governments, as well as small and mid-sized companies, the Fed will provide up to $2.3 tln in additional aid. The Dollar got hit across the board as a result, leaving this a case of USD weakness as opposed to EUR strength. Brave new world.The EUR also received a lift as European Finance Ministers agree financing of joint virus response. The immediate support measures focus on three pillars.   First a EUR 100 bln (or around 0.7% of EU GDP) employment re-insurance – SURE – designed to support wage subsidies, for furloughed workers and self-employed. This measure will not just help those temporarily laid off, but also help companies to keep on trained staff through the lockdowns and thus lay the ground for a quick restart of production and work once lockdowns are being lifted. The European Investment Bank (EIB) will also provide EUR 200 bln liquidity to support small and medium sized companies, in countries where support is limited. These are loans and costs will only be realised if they are defaulted on. The last part of the package – focused on the Eurozone – are EUR 240 bln of credit lines to sovereigns that will be provided by the European Stability Mechanism (ESM). Unlike the original bailout funds, for which the ESM was set up, these will come with very few conditions attached. The only condition is that the funds must be used to cover direct and indirect health , cure and prevention related costs. The ESM is jointly backed by Eurozone governments and offer a sort of “Eurobond-light”. The ESM always offered the best way to jointly fund a direct response, as a new “Coronabond” or “Coronafund”, would have taken a long time to set up and faced additional legal hurdles at national level. The use of the ESM also paves the way for the ECB to use the OMT program – if necessary – to support the funding. All these measures cover the initial response to the challenges of locked down economies and the European Commission will be setting up investment programs financed through the multi annual budget to support the recovery once lockdowns have ended, in addition to measures already agreed.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Bitcoin Cash (BCH) Breaches More Resistance Zones, As Bulls Gain More Grounds Key Resistance Levels: $275, $300, $350 Key Support Levels: $200, $160, $120 BCH/USD Price Long-term Trend: Bullish Bitcoin Cash has maintained its bullish run as the resistance at $240 and $260 were broken. Unfortunately, BCH reached a high of $280 but was resisted. The bears pulled back to the low of $260. The market is holding above $260 support. On the upside, if the bulls sustain price above $260 and the $280 resistance is broken, BCH is likely to reach a high of $350. On the other hand, where the bulls fail to overcome the current resistance, price will fall to the low above $260. BCH/USD – Daily Chart Daily Chart Indicators Reading: Bitcoin cash is above 80% range of the daily stochastic. This means that BCH is in the overbought region of the market. It also means that sellers may emerge at the $280 overbought region. The downward move has already began. Although, the extend of the downward move is unclear. The 26-day EMA is acting as resistance to the coin BCH/USD Medium-term Trend: Bullish On the 4-Hour chart, BCH is in an uptrend. BCH is making a series of higher highs and higher lows. BCH has reached a high of $280. The price is retracing from a high of $280 to a low of $260. BCH/USD – 4 Hour Chart 4-hour Chart Indicators Reading BCH has risen to level 54 of the daily Relative Strength Index period 14. BCH is above the centerline 50 which means that it is in an uptrend zone. The moving averages are sloping upward indicating the uptrend. General Outlook for Bitcoin Cash (BCH) Bitcoin Cash has moved closer to the uptrend zone as the market reaches a high of $280.The bulls are yet to break above the current resistance after being resisted twice. The price is currently consolidating above $260 to resume an upward move. Source: https://learn2.trade   
×
×
  • Create New...

Important Information

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