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I am new to the forum and I too am trying to go through the 100+ pages

of VSA.

It'll be easier to participate when I get the hang of it.

I've been doing Glenn Neely's neowave for a year (a version of Elliott Wave)

and am looking for something easier.

 

tradeit007

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Hello Brownsfan019,

 

I don't have a warm, fuzzy feeling about candles, here is why.

Say I look at 15-min charts. If I could move the price action of the day

5 min earlier, all those pretty dojis, hammers etc... would disappear.

 

I find it hard to believe in a system that would rely on a single candle.

 

It is really about data reduction. I would expect to have to look at

at least 3 candles to compensate for the under-samling of the info.

 

Just my 2 cents,

Rene

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You have to understand how candlestick analysis really works before you say it doesn't work. Like Brownsfan said, it is one of the most simple things to trade, especially if you combine it with VBCs.

 

And you don't rely on a single candle in CA, you use the candles to determine the discrepancy between buyers and sellers. You read the candle in correlation to where the market has been moving. For example, a doji or "hammer" doesn't really mean anything in a sideways market, but a hammer after a downtrend could give you heads up. The candles tell a story.

 

I guess I don't really understand what you mean by "If I could move the price action of the day 5 min earlier, all those pretty dojis, hammers, etc... would disappear." Maybe you can clarify that?

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Hello Brownsfan019,

 

I don't have a warm, fuzzy feeling about candles, here is why.

Say I look at 15-min charts. If I could move the price action of the day

5 min earlier, all those pretty dojis, hammers etc... would disappear.

 

I find it hard to believe in a system that would rely on a single candle.

 

It is really about data reduction. I would expect to have to look at

at least 3 candles to compensate for the under-samling of the info.

 

Just my 2 cents,

Rene

 

Rene,

You are entitled to your opinion. As a trader of candlesticks for many years in a professional, full-time capacity, I (and my bank account) would respectfully disagree.

 

;)

 

Welcome aboard and good luck!

 

Note - candlestick analysis is not about looking at one random candle. If you want something that EASY, then don't waste your time with candlestick analysis. You asked for easy and I provided a somewhat easy option. If you want super, duper easy, can't help there.

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I started to study Nison last night... Awesome ¡¡ thanks Brown ¡¡

 

for my longer term trading that I plan to develop, no doubt candles will be my choice... simple and efective stuff ¡¡ cheers Walter.

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Not sure whether this a place to get into a long discussion on candles or not. Succinctly - my view is that the price action they represent is key. I think most candlestick proponents would agree. I have a hunch...whatever traders use MP&Market stats, Squiggly lines, Lines (S/R, Fibs channels etc.) etc. etc. The ones that do well have an intrinsic grasp of price action. Now whether candles bring that to life for you or not is a personal thing. My 2 cents :)

 

Cheers

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Not sure whether this a place to get into a long discussion on candles or not. Succinctly - my view is that the price action they represent is key. I think most candlestick proponents would agree. I have a hunch...whatever traders use MP&Market stats, Squiggly lines, Lines (S/R, Fibs channels etc.) etc. etc. The ones that do well have an intrinsic grasp of price action. Now whether candles bring that to life for you or not is a personal thing. My 2 cents :)

 

Cheers

 

I agree BF and probably should start another thread for comparisons, debates, etc.

 

The OP asked for an 'easy' way to trade and I provided the best 'easy' option that I know of. Since trading is so easy, I thought I'd provide some help!

 

:roll eyes:

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Hi,

I am not sure what the participants of this thread want to debate.

All i'm saying is that I am more confortable with VSA than candlesticks.

I don't know either. I might look into candles in a few months, for now

its VSA.

Cheers,

Rene

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Combine VSA with something that helps you analyze price and you're golden ;)

 

Whatever fits your personality then use that. If candlesticks don't fit your personality but bar charts do, then use candles. If you decided VSA doesn't work with your personality but market profile does, then use that. You will find that the real edge is your ability to be consistent by following your trading plan and embracing uncertainty while expecting to lose money. Preserve your capital and eliminate emotions and you will be successful. I wish you luck!

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What's the best book on understanding candlestick patterns? I imagine understanding candlesticks would complement Walter's S&R scalping method. Thanks.

 

NYC,

I would recommend the following books:

 

The Candlestick Course (Paperback) by Nison

 

Japanese Candlestick Charting Techniques, Second Edition (Hardcover) by Nison

 

Those links will take you directly to Amazon.com.

 

Good luck and welcome to candle trading! Feel free to stop by the Candlestick Corner here on TL.

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Thanks for your suggestions brownsfan,

 

what about beyond candlesticks? Not as useful as the other ones?

 

I would start with those two to be honest. There's only so much you can read about the candlesticks and then you just need to watch them in real-time and put it into action.

 

Now Nison will lead you to believe you need every little thing he sells, but in the beginning at least, those two books will suffice. If you want more after reading those, let me know and I will give further suggestions.

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Go with what brown says.

 

You will probably find that once you start understanding the market sentiment behind the patterns you will begin to see stuff for yourself (screen time, screen time and more screen time:))

 

Most of the 'advanced' stuff (probably all) that Steve teaches beyond the books is discoverable for ones self. At least that was what I found.

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Go with what brown says.

 

You will probably find that once you start understanding the market sentiment behind the patterns you will begin to see stuff for yourself (screen time, screen time and more screen time:))

 

Most of the 'advanced' stuff (probably all) that Steve teaches beyond the books is discoverable for ones self. At least that was what I found.

Exactly...start by focusing on understanding the story being told via basic candlestick (price action) reading and keep in mind that the immediate time frame above and below may or may not be helping your trade. In my opinion, everything else should be somewhat common sense and will be 'discovered' with screen time.

 

For example, if you want to know if entering before the bar close is ideal in the current situation, dropping down to a lower timeframe may give you more helpful information to make an informative decission. Also sentiment or the "bigger picture" can be discovered by reading the story on a higher timeframe.

 

In my opinion, the key is to understand not only the time frame you are trading, but to also be comfortable at reading the higher and lower for more precise entries and exits. However, some traders may get this information via other indicators instead of candles to reduce the amount of charts they are looking at.

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