I still think that it would depend on your approach and your style in trading because that’s how you will know what you would do depending on the current market situation. So I think it’s not overrated or something; it’s just that it is underused in trading.
I know some people who have used Heiken Ashi candles. They are Japanese candles representing the market trend whether up or down trend depending on whether it will change and direction, if I’m not mistaken.
It would depend on how you would use the candle, and as long as it works with the different indicators, you will use it.
Topic: Are candlestick patterns overrated? - page 3. (Read 490 times)
Don't believe in candlestick patterns or any model because it is a way whales set up traps for the crowd exclusively unprofessional and newbie investors, traders.
If you use indicators with candle sticks, trading would be fun if you also manage your risk and being okay with little profit made. Candle stick is very important for traders. If there are things you should pay your attention and time on, it should be on-chain statistics and analytics. Although, it takes more time, months to set up on-chain statistics but it needs more time than candlestick patterns. Therefore you can have a better view based on on-chain stats.
You sound most like an holder, or a swing trader which is based on weeks or even a month or two. These are the kind of people that can depend on what you are talking about. No, candlesticks aren't overrated but they aren't absolute.
Did you mean indicators aren't overrated but they aren't absolute? Because candle sticks are perfect in the information they are revealing, it is not supposed to be completely used for making analyses, it is just the basic step ahead.That is the reason traders should use low or no leverage, trade with the amount of money they can afford to lose, set stop loss and take profit, or being able to still lose little after unfavorable highly volatile market in a way their trading asset would not be liquidated so easily.
I think the key takeaway here is that relying on candlestick patterns alone isn't helpful in the long run. I mean, it's just part of the formula for you to be able to decide when to short/long or hold.
Or perhaps, even better, you really don't need to memorize thousands of pattern you see on the internet, you just need to understand the message behind a "wick". Is it a long wick at the bottom of the candle that could represent a reversal or is it just a short wick?
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.
Or perhaps, even better, you really don't need to memorize thousands of pattern you see on the internet, you just need to understand the message behind a "wick". Is it a long wick at the bottom of the candle that could represent a reversal or is it just a short wick?
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.
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.
I think there's quite a few problems with candlestick patterns that make them harder to trade - one of the main ones being what timeframe should you use? Rising soldiers on a 45m chart might be more likely to become rising soldiers on a 1h chart before the price moves in the other direction.
Most traders with successful strategies will take on information from charts and will rely on a lot of different indicators (and sometimes new ones) and candlesticks might be able to form an extra confirmation on their trade (I don't think candlesticks are profitible to trade alone because they seem to be smaller moves).
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?
No, candlesticks aren't overrated but they aren't absolute. I like to look at candle formation before taking trades. Over time I've come to realize that every minute matters in the life of any candle one is looking at based on its timeframe. Don't rush to trigger trades no matter how bullish or bearish you think an ongoing candle shows its sign. Wait for the close of that candle. Even a minute is enough to cause a change in formation. Perhaps, this is where some traders get it wrong. As for those who don't rely on candles, they of course will have an avalanche of indicators to work with which other traders may not even be using. It's different strokes for different folks. 
Don't believe in candlestick patterns or any model because it is a way whales set up traps for the crowd exclusively unprofessional and newbie investors, traders.
If there are things you should pay your attention and time on, it should be on-chain statistics and analytics. Although, it takes more time, months to set up on-chain statistics but it needs more time than candlestick patterns. Therefore you can have a better view based on on-chain stats.
Don't base on anything for your decisions, simply because of only one thing. Let's look at fundamentals and reasons why you invest in Bitcoin, and stay with that. Keep up your belief in Bitcoin and its fundamentals.
If there are things you should pay your attention and time on, it should be on-chain statistics and analytics. Although, it takes more time, months to set up on-chain statistics but it needs more time than candlestick patterns. Therefore you can have a better view based on on-chain stats.
Don't base on anything for your decisions, simply because of only one thing. Let's look at fundamentals and reasons why you invest in Bitcoin, and stay with that. Keep up your belief in Bitcoin and its fundamentals.
Can you let us see the YouTube video that a trader is teaching people about trading and do not mention how candle sticks are so important?
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.
If a trader look at the color of candle sticks, that means it is important, all scalpers and day traders depend on candle sticks, even some holders still depend on candle sticks to determine the price that would be the support and resistance.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 stick serves real purpose in trading, without it, many people wouldn't have been a crypto, stock or forex trader. Traders have to check the candle stick to make analyses. 
Candles are one of the necessary technical analysis patterns for everyone who wants to trade, especially short and medium-term trading (mainly in day trading,) but predicting the price of Bitcoin in the medium and short term is considered close to impossible, so you find many tend to the averages because they are considered a longer time range.
In general, even in long-term analysis, candles and their patterns are still an important measure, but as I mentioned to you, cryptocurrency trading is considered random compared to Forex (which patterns can be predicted).
In general, even in long-term analysis, candles and their patterns are still an important measure, but as I mentioned to you, cryptocurrency trading is considered random compared to Forex (which patterns can be predicted).
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?
I think that everything in TA is taken into account, including the candles. All the trends, bands, wedges and so on are, after all, based on the candles too.
The only thing is that TA itself is (in many/mosts cases) not good to be taken into account alone. There are many "external" factors to be taken into account when predicting what will the price do in the near future.
For example, on Twitter, many tell that the price will go up "any day now", with nice drawings and so on, but they seem to have forgotten we're still in a historic crypto winter, hence also the price going further down is a valid option. Which has actually just happened.
Candle sticks aren't overrated. There are two types of traders based on analysis the fundamental and Technical traders. Although some combine both. But a technical trader can't do an analysis without candle stick, it is so important that it is indispensable. If you claim the YouTube videos you have watched or the other online articles and videos you have seen on trading hardly talked about candle sticks then what could they be using. Candle sticks is a tool that help interpret past events (price action over time) it makes prediction of future price movement with regards to past events. This candle stick formation tells stories of prices. Just like the three black soldiers, the hanging man and lots of others each gives important signal to traders especially when they form at strategic point in the market
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?
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