More on candlesticks

Attached are some of the stuff, I collected on candlesticks.

Rock n Roll,
Strat

Attached Files

	5 Tips on Trading Hammers to Improve Your Odds.doc (53.0 KB, 124 views)
	CANDLESTICK SIGNALS.doc (33.0 KB, 122 views)
	Swing Trap.doc

 

I know there are other threads describing perfect shapes, locations etc., for price reversal bars, especially the hammer and shooting star but if you continue to look for perfection, you will never find it.

In your quest for perfection you will overlook what are reliable price reversal bars. Don't believe me? Look back in your Daily and Weekly charts at the end of trends and you will see them in all shapes and sizes.

So, lets not over analyse what isn't there. If it is a price reversal bar, it will stand out without you even looking for it. Yes it has to be at the end of the trend AND bouncing off support/resistance with maybe confluence of something else thrown in BUT when it looks right, you will find more often than not, that it is right and all these things are there already.

As I quickly glanced at my charts this morning, I saw lots of things including a price reversal bar on USDCAD - I didn't LOOK for it - I just saw it.

I still have not got over the fact that my quick 30 second glance at a chart is more accurate than when I do a full blown analysis.

Never, ever forget that we are dealing in Probabilities. Just because we have identified it as a price reversal bar does not mean it WILL be a price reversal bar - the market is controlled by the emotions of human beings (remember Dr. Joe?) and they sometimes do non logical things.

All we can do is protect ourselves by correct placement of trade entry and SL