I had a look at it a while ago but it's expensive, although you can get a pdf version for about a fiver.
tbh i'm not sure how much use it would be. imho studying patterns could drive you insane!
Trading books
This book is excellent and in my opinion well worth the considerable purchase price. Steve Nison is, I believe, widley recognised as the number one authourity on candlestick charting in the west.Has anyone had any experience of this book:
Japanese Candlestick Charting Techniques: a Contemporary Guide to the Ancient Investment Techniques of the Far East
http://www.amazon.co.uk/Japanese-Candle ... =8-3-fkmr0
andyfuller
Archangel Professional
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Its been a while since i read it but I remember being very impressed with it. In fact I might just give it another read over the next week or so.
Indeed, but you should also keep an open mind to school of thought that says candlestick analysis is bs...andyfuller wrote: I would say there is a school of thought on just about everything that says such and such is bs. Best just to find what works for the individual I guess and keep an open mind as otherwise you risk missing out on things.
When I look at what I've learned since I started taking an interest in trading a couple of years ago, I haven't so much learned stuff as unlearned a whole load of nonsense! Remember that markets are just randomness simmering on a flame of human emotion. Throughout history, humans have seen meaningless patterns and ascribed deeper meaning to them, in order to make sense of the world. A lot of technical analysis falls into that category IMHO.
John W Henry made enough money to buy Liverpool without touching technical analysis. And David Harding, who's currently possibly the highest paid hedge fund manager in the UK, doesn't use it either, preferring to just use standard trend following. If they don't need technical analysis, I'm not sure you and I do...
And if you're going to trade the financials, IMHO it makes sense for you to look into ladder trading. Why learn a whole new type of trading, with all the investment of time in money that entails, when you've already got an approach that works consistently for you?
I've dipped into it. It's interesting, but I question whether it tells you much that's of any use in the real world...andyfuller wrote:Have you read the book at all Jeff?
And if you read the book and think 'This makes sense', you need to ask yourself whether there is any empirical evidence spanning thousands of trades that proves that it's cash rather than stash...
Jeff
PS As you're interested in candlesticks, you might like this free system - http://www.marketsmastered.com/free-system/manual.pdf
Jeff
Jeff
Jeff you dismissing it out of hand, then admitting I've only dipped into it, what does that mean?, I've flicked through a copy whilst stood in Waterstones?
For every John W Henry that doesnt use TA there are undoubtedly countless more who will say they dont trade without it.
Surely Andys approach of Keeping an open mind as what works for one may not for another is the way to go.
For every John W Henry that doesnt use TA there are undoubtedly countless more who will say they dont trade without it.
Surely Andys approach of Keeping an open mind as what works for one may not for another is the way to go.
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superfrank
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I agree, even if you're not a slave to TA most traders (even fundamental ones) will looks at charts to try to time entry points.
Jeff, trend followers buy the dips in a trend so you're a subscriber yourself!
Jeff, trend followers buy the dips in a trend so you're a subscriber yourself!
Walshy
Anything is possible. As Tony Blair once said, 'I don't have a monopoly on wisdom'!
But before I put money on the line, I want compelling evidence that a method works. Otherwise, I'm gambling, and will probably lose money over time...
A plausible set of arguments as to why something will work is no substitute for rigorous analysis using real-world data...
Perhaps someone can point me to some stats that show that, if I go long when the high point of a doji is taken out (or whatever) and exit when there's (say) a bullish harami, I'll make money. But until they do, I'll remain sceptical... From what I can see, candlestick analysis does not constitute a trading approach that's scientifically proven and can be systematically applied, with little or no judgement being required (which is what I look for).
Jeff
Anything is possible. As Tony Blair once said, 'I don't have a monopoly on wisdom'!
But before I put money on the line, I want compelling evidence that a method works. Otherwise, I'm gambling, and will probably lose money over time...
A plausible set of arguments as to why something will work is no substitute for rigorous analysis using real-world data...
Perhaps someone can point me to some stats that show that, if I go long when the high point of a doji is taken out (or whatever) and exit when there's (say) a bullish harami, I'll make money. But until they do, I'll remain sceptical... From what I can see, candlestick analysis does not constitute a trading approach that's scientifically proven and can be systematically applied, with little or no judgement being required (which is what I look for).
Jeff
Not as a deliberate strategy, they don't...superfrank wrote: Jeff, trend followers buy the dips in a trend so you're a subscriber yourself!
For a start, a trend follower would say 'define what you mean by dip'. Unless you can define what you're talking about in precise mathematical terms, trend followers aren't interested...
Jeff
Depends on what strategy they're using!
They could buy on a moving average crossover, when the market has reached the high point of the last x ticks, when the market has gone x% past the point at which there was a moving average crossover.
Take your pick!
Jeff
They could buy on a moving average crossover, when the market has reached the high point of the last x ticks, when the market has gone x% past the point at which there was a moving average crossover.
Take your pick!
Jeff
superfrank wrote:when do they buy then?!
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superfrank
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which is technical analysis i've had said before.
'not gonna have this conversation again. over and out!
'not gonna have this conversation again. over and out!
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andyfuller
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Have you ever found a method that gives compelling evidence that it works? How long has the search been?Ferru123 wrote:But before I put money on the line, I want compelling evidence that a method works. Otherwise, I'm gambling, and will probably lose money over time...
Yes - See http://www.amazon.co.uk/Trend-Following ... 826&sr=8-1
Jeff
Jeff
andyfuller wrote: Have you ever found a method that gives compelling evidence that it works?
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andyfuller
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Do you make much from following the method?Ferru123 wrote:Yes - See http://www.amazon.co.uk/Trend-Following ... 826&sr=8-1