Hi, I've been looking for some threads about using Candlesticks for intra-day trading on the FOREX market but couldn't find any so starting a new one. If there's an existing thread I'd be more than happy to be directed to it.
I was wondering if there's any scalpers using the candlestick patterns on 1min charts and how they find it.
I've been reading "Japanese Candlestick Charting Techniques" by Steve Nixon and just to test some of it's reversal patterns I was simulating the hammer/hanging man and engulfing patterns on the 1 min charts and my initial results were pretty bad! I would have lost quite a bit of money had I used those patterns. The examples/exhibits they use in the book seem to refer to monthly, weekly charts; are candlestick patterns are only useful for the long term trades and not intra-day trading?