Re: Candlesticks
Hi all
Could someone point me in the right direction. I would like to understand candlestick patterns in particular for a reversal for a Bullish trade.
Cheers
SG
Hello stargazer,
Actually, I keep commenting about how basic Bedford is, I have no idea why people keep recommending her...
For candlesticks try Steve Bigalow and Steve Nison. Both are significantly better starting points for candlestick interpretations.
But I'd caution you not to fully accept their position in isolation. While candlesticks can be very helpful at times, I see this as contextual.
If you really want to get into some interesting technical analysis concepts that focus on pure charting and understanding counter trends, have a look at Bill McLaren's works. Personally this radically changed my thinking in a major way quite a few years ago now, and in this context, the candlesticks make a lot more sense (McLaren also refers to some of Larry Williams' concepts that are compatible with reading bar charts).
Hence I have chosen a path where I reject the stochastics used by Bigalow for example alltogether.
However, technical analysis is a subjective art form, and I see the challenge is essentially finding what works for you.
If you read through a lot of the technical analysis threads on this site, there is an abundance of really good discussions from a range of perspectives.
My views are positioned from a very specific minority quadrant, but it took me many years to get to this position, which can make it look complicated and obscure. I just think it is a natural progression to either find effective and potent forms, or give up in the end...
So, you be the judge, and find what resonates for you. Have a read of your favourite posters, and see what they have to say across a range of topics using the search function (hint - look at a couple of my recent comments which lists a group of notable posters - some of whom I agree with, and some who have "different perspectives").
Good luck stargazer!
Kind Regards
Magdoran