Pages:
Author

Topic: Are candlestick patterns overrated? - page 2. (Read 490 times)

legendary
Activity: 2898
Merit: 1823
August 27, 2022, 06:22:59 AM
#31
OP, candle stick patterns, or any "predictive analysis" through drawing lines in a chart, also called "Technical Analysis", are not 100% to give you success in more active forms of trading, like swing trading/day trading. Technical Analysis is not a science, and most of it is merely a subjective analysis depending on the person. You can draw lines in the chart and you could be right, but another person can draw his/her lines too, which could also be right.
hero member
Activity: 2730
Merit: 632
August 26, 2022, 05:57:23 PM
#30
If you rely only on candlestick pattern ... one day you will feel that you are in a rigged game ... as everything seems against you which it's how you will realize that trading with very limited source as indicator are wrong , despite you might could take a strong pettern as an indicator sometimes ... beware just beware.

I would say it works but not everytime , just study it thoroughly.
No indicator works all the time and candlesticks patterns are not an exception to this, however in my opinion candlesticks are too complex, when it comes to almost any other indicator you can very easily grasp their function and strategies come to your mind about how to use it, however with candlesticks you need to recognize dozens of different patterns, know what they mean and take action based on your knowledge, and that level of execution is simply not realistic for a newbie to achieve.
Indicators doesnt really have that 100% precision when it comes to price movement prediction but it is really much better on having these kind of tools whenever you do tend to make out some move compared on
having some decisions without having any basis at all.Its not overrated but its totally relevant because this market cant really be having any news or events from time to time which for you to make
use of making some analysis but we know that it cant really be just available most of the time.It is really important to know on reading up candlesticks plus having those indicators which
would potentially able to read up possible trend change or something correlates to that we which we know that it would be that relevant.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
August 26, 2022, 05:39:58 PM
#29
If you rely only on candlestick pattern ... one day you will feel that you are in a rigged game ... as everything seems against you which it's how you will realize that trading with very limited source as indicator are wrong , despite you might could take a strong pettern as an indicator sometimes ... beware just beware.

I would say it works but not everytime , just study it thoroughly.
No indicator works all the time and candlesticks patterns are not an exception to this, however in my opinion candlesticks are too complex, when it comes to almost any other indicator you can very easily grasp their function and strategies come to your mind about how to use it, however with candlesticks you need to recognize dozens of different patterns, know what they mean and take action based on your knowledge, and that level of execution is simply not realistic for a newbie to achieve.
legendary
Activity: 2674
Merit: 1048
August 21, 2022, 07:10:03 PM
#28
If you rely only on candlestick pattern ... one day you will feel that you are in a rigged game ... as everything seems against you which it's how you will realize that trading with very limited source as indicator are wrong , despite you might could take a strong pettern as an indicator sometimes ... beware just beware.

I would say it works but not everytime , just study it thoroughly.
sr. member
Activity: 2422
Merit: 357
August 21, 2022, 05:09:30 PM
#27
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?

It is not, people like me who are not yet skilled to read the chart still needed candlestick, most of the people who are new to trading uses candlestick, it is still good to use if you don't have any strategy for now, it is a good start to know since it will really help you for the close and open as well as if the chart is going to be overbought or not.
Candlesticks are very important even pro trader should not forget to look at the candle because by that alone can tell a possible trend and you can just add an indicator to tell if its correct or not. Yes, candlesticks are a big help to every newbies, that may be a plain chart but still candlesticks can be consider as a signal. This is not overrated, maybe you just need to focus on learning how to trade properly than to think on those negative things, though trading is not just about candlesticks so you should still know how to trade along with the indicators.
sr. member
Activity: 2604
Merit: 338
Vave.com - Crypto Casino
August 21, 2022, 04:14:24 PM
#26
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?

It is not, people like me who are not yet skilled to read the chart still needed candlestick, most of the people who are new to trading uses candlestick, it is still good to use if you don't have any strategy for now, it is a good start to know since it will really help you for the close and open as well as if the chart is going to be overbought or not.
Even if you are already that professional or veteran on this market then you would really still need on using up candle stick since there's no other way or thing you would really be going but with reading up charts.

Just as been said that not most of the time we would really be seeing news and fundamentals around which you would be basing up your action with those calls but when market tends to be silent and having

no activity at all then you would really be surely ending up on looking with these candlestick patterns which i would say that it would really be that relevant
in doing so rather than on making pure guess when it comes to your trading position which wont really be that ideal on doing so.
sr. member
Activity: 1274
Merit: 457
Vave.com - Crypto Casino
August 21, 2022, 02:24:15 PM
#25
~snip~
No it's not overrated mate , you can't be a successful trader if you can't read and analysis   those candle stick. Specially when you will go for day trading or mid-term trading then it's very important . Because 100% prediction is never possible in trading, and what is possible is through market analysis. And these analyzes of the market are done by candlesticks. Without the candlesticks, no analysis is possible whether you say long-term or short-term, so in my opinion candlesticks cannot be called overrated , they are very important things for trading.
hero member
Activity: 1120
Merit: 554
🇵🇭
August 21, 2022, 01:57:07 PM
#24
You shouldn’t be overwhelmed by all those patterns or even indicators. Just use only patterns that is popular to everyone because technical analysis is a self fulfilling prophecy which means analysis will just come true if everyone sees and believes it. So if you are using a pattern or indicator that is hard to understand or see then it will likely not gonna happened because the majority didn’t see it too. Other technical analysts only use old charts to find this pattern just to show that this complex pattern works but remember that this only happening in rare scenario unlike those popular patterns.
hero member
Activity: 2660
Merit: 587
August 21, 2022, 11:08:02 AM
#23
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
The candlestick pattern is commonly used as the basis for trading analysis. It is somewhat telling us what is already happening in the market and that is only its purpose. But if we think that this could help us to predict what will happens next, yes it was, however, this couldn't give assurance that our analysis will be right. We still are aware of the situation that the candlestick represents the changes that happen in the past, not the future.
I am one of it. I look at the flow of the candle stick to know the next movement of the coin but like you said sometimes it work and sometimes not. We shouldn't forget that there are still other factors which can affect the price of the coins. There is also fundamental analysis other than technical analysis which we can use to improve our predictions.

Maybe the op is watching an actual trade and not a step by step guide about trading because some advanced traders will use other methods which they think more helpful. Don't worry @OP you are not missing anything. Just continue learning and practicing, you will soon get better in trading.
sr. member
Activity: 2366
Merit: 332
August 20, 2022, 09:23:22 AM
#22

As I was saying, it has to be used in conjunction with other indicators such as the relative strength/weakness of a coin vs BTC, their volume, or maybe moving averages to increase the probability of your directional bias.

Yes a conjunction of candlesticks with other indicators gives you a very good and confident experience. An experience trader never trade candlesticks alone.

So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?

So to add my response to your question. Candlesticks is never overrated. In fact it important like any other indicator you have in your trading techniques and like I said above, a combination of other working indicator is fine but not as much to confuse your trade but no doubt candlesticks are the beauty of trading. It is simple and easy to understand, they are different types of candlesticks, while I was trying to learn I mostly see it called as Japanese candlesticks, perhaps probably it has something with it history with Japan (maybe you can read on the history online). It has different types though, example hammer, inverted 🔨, doji, shooting star, hanging man and many more . If you type types of candlesticks on Google you will find them in abundance and also if you go babypips.com you can learn more of the types, functions, meaning and what market direction comes after you see any of it appearing on your trade

Note my experience so far with candlesticks are

1. You follow it after they have appeared.

2. You have to wait until a candle is formed/completed to understand the meaning or analyse your trade.

3. Every candle is important because it has what it is telling you in the market.

4. Every time frame is important , so you have to wait for the completion depending on if you are a swinger or scalper.

5. The higher the timeframe, the more potent it is

6. It can be used for trend detection, bear or bull, especially for higher time frame.

7. 🔨 or inverted 🔨 can be used to detect new trend, it is very good tool, you see spikes you respect that because it signifies change in trend.

8. This I have noticed that news may not obey the rules of candlesticks. It can change all you know about candlesticks, so is better you stay away from news until a certain time that it has settled. Read more from babypips.
member
Activity: 70
Merit: 12
August 20, 2022, 09:02:10 AM
#21
Ok i think many are taking it the wrong way, i didn't say they don't look at candle sticks, of course they look at candles(I think most of them are not blind) like if red candles are going down in a row etc but what I meant is like those patterns like rising soldiers and all that. Very few patterns which they do mention sometimes are doji and engulfing and that too very rare. As far as videos are concerned just find any trading strategy video in YouTube and you will find hardly anyone even mention candlestick patterns.
legendary
Activity: 2338
Merit: 1354
August 20, 2022, 08:14:10 AM
#20
(.....)
 So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
These basics foundation of trading are the ones I consider important too. And the things that other traders don't care about are the things that are important too for example is the candlesticks.
Using candlesticks and analyzing will help you to analyze the next move of the price or the market structure which you will also use if you are doing other analysis like support and resistance analysis, you will be able to use candlesticks there to help your analysis more precise or good.
hero member
Activity: 2730
Merit: 632
August 19, 2022, 06:58:11 PM
#19
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
Looking at the candles are very important, it tells its strength and weaknesses, a possible signal can also be seen but you should not focus on that alone because in trading one indicator is not enough and maybe that is why many traders are not too focused on that candle sticks, because they are using it to complement the other indicators. Candles alone can tell the possible trend if you are a good trading, again trading is too risky and we should not rely in one signal, we need to confirm it always.
Overall it would really give you the idea on whats the market is been doing or the status even lots been saying that it isnt really that precise but at least you do really have the idea on what you are doing.
Unlike when you are just making out trades without any basis or analysis which it would really be turning out to be pure gambling. Make use of these tools rather than on having pure guess or making
orders without doing anything because it would really be that regretful if you do behave on this way.Its not overrated but rather a useful tool which you could really make use at least
and have the chance on giving out those probabilities on making profits.
sr. member
Activity: 2044
Merit: 314
Vave.com - Crypto Casino
August 19, 2022, 06:46:54 PM
#18
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
Looking at the candles are very important, it tells its strength and weaknesses, a possible signal can also be seen but you should not focus on that alone because in trading one indicator is not enough and maybe that is why many traders are not too focused on that candle sticks, because they are using it to complement the other indicators. Candles alone can tell the possible trend if you are a good trading, again trading is too risky and we should not rely in one signal, we need to confirm it always.
legendary
Activity: 1708
Merit: 1280
Top Crypto Casino
August 19, 2022, 05:51:50 PM
#17
Candlesticks are the trader's accumulated buy and sell of the particular time frame and this, it depends on how you look at it, some candles have a good signal that can be used to make you aware that is a good entry to buy or sell. It is good too if you will know different candle sticks pattern became before having an ideal graph or price movement candles already give you a signal.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
August 19, 2022, 05:30:18 PM
#16
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
At least in my opinion candlestick patterns are simply too vague and there are too many different interpretations which can be drawn from them that I do not consider them suitable to create a successful trading strategy, it is better to use other indicators which are way more clear on their meaning and on what to do, so I am not surprised at all that you do not see too many traders using candlestick patterns, there was a time they were widely used but since then many traders have changed their strategies and they have stopped to use them.
sr. member
Activity: 2604
Merit: 338
Vave.com - Crypto Casino
August 19, 2022, 03:55:45 PM
#15
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
They arent overrated but rather they are useful yet there's soo much lots of patterns and signals which you could really get on just reading up a candle stick.It might be very confusing but this one is really just

useful although it might not really be that accurate or precise most of the time but it is really just better on having this rather than on having no analysis at all.You cant really just make out some trading steps

without having any consideration on using these technicals and come to think that not all the time you would really be that seeing sentiments or fundamentals here on the market
which means that you do really need to make use on other ways.
sr. member
Activity: 2520
Merit: 280
Hire Bitcointalk Camp. Manager @ r7promotions.com
August 19, 2022, 12:50:47 PM
#14
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
Candle sticks are like primary which can't be avoided in technical analysis so nobody is going to disagree with that but also it's not possible to trade only based on observing the trend movements for a while because trend can change at any time for different reasons so its not overrated its important just to make our own analysis.
hero member
Activity: 3038
Merit: 592
BTC to the MOON in 2019
August 19, 2022, 08:53:09 AM
#13
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
The candlestick pattern is commonly used as the basis for trading analysis. It is somewhat telling us what is already happening in the market and that is only its purpose. But if we think that this could help us to predict what will happens next, yes it was, however, this couldn't give assurance that our analysis will be right. We still are aware of the situation that the candlestick represents the changes that happen in the past, not the future.
hero member
Activity: 2520
Merit: 783
August 19, 2022, 07:14:35 AM
#12
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that's all. Specially those advance candlestick patterns like rising soldiers and all that, I don't even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?

It's not overrated maybe you are just expecting that you can get 100% result on what you are seeing. Candle stick is just a guide so maybe don't look at it as a money machine for you since even if you can see how the possible movement it will go base on the candle chart you see still there are chance that sudden price reversal will happen so be careful always on your trades and think always taking your profits and find another good position since this cycle is best to do on daily basis.
Pages:
Jump to: