coinmanhere (OP)
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August 20, 2022, 01:02:10 PM |
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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.
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palle11
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August 20, 2022, 01:23:22 PM |
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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.
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lixer
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August 21, 2022, 03:08:02 PM |
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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.
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AbuBhakar
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August 21, 2022, 05:57:07 PM |
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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.
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|MINER|
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August 21, 2022, 06:24:15 PM |
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~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.
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Hamphser
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August 21, 2022, 08:14:24 PM |
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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.
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goaldigger
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August 21, 2022, 09:09:30 PM |
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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.
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EdenHazard
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August 21, 2022, 11:10:03 PM |
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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.
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South Park
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August 26, 2022, 09:39:58 PM |
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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.
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Mahanton
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August 26, 2022, 09:57:23 PM |
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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.
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Wind_FURY
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August 27, 2022, 10:22:59 AM |
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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.
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XZERO1
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August 27, 2022, 11:43:50 AM |
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Basically any technical indicator is overrated
Even RSI which is in my opinion one of the more reliable indicators flop at times, and that's even when you go into higher time frames like 1D/Weekly
The only thing these indicators can do whether it's the shape of the candle(Candlestick Pattern), RSI or trend line is that they can give you better entry for your buy or better exit for your sell and that's about it, and expecting them to give you some highly accurate insight would be unreasonable and usually ends up in disappointment and possible loss if you count n these indicators too much.
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Wind_FURY
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August 27, 2022, 12:09:01 PM |
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Basically any technical indicator is overrated
Even RSI which is in my opinion one of the more reliable indicators flop at times, and that's even when you go into higher time frames like 1D/Weekly
The only thing these indicators can do whether it's the shape of the candle(Candlestick Pattern), RSI or trend line is that they can give you better entry for your buy or better exit for your sell and that's about it, and expecting them to give you some highly accurate insight would be unreasonable and usually ends up in disappointment and possible loss if you count n these indicators too much.
It's not, and I think the word "overrated" is the wrong word to use. Because like ANY skill, to make Technical Analysis very effective for the user, it will take thousands of hours of practice, and "the gift". Simply, there are some people who are going to be more skillful than others in Technical Analysis. The earlier you know if you don't have "the gift", better for you to start using another strategy, BUY the DIP and HODL.
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XZERO1
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August 27, 2022, 01:57:42 PM |
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Basically any technical indicator is overrated ~snip~
It's not, and I think the word "overrated" is the wrong word to use. Because like ANY skill, to make Technical Analysis very effective for the user, it will take thousands of hours of practice, and "the gift". Simply, there are some people who are going to be more skillful than others in Technical Analysis. The earlier you know if you don't have "the gift", better for you to start using another strategy, BUY the DIP and HODL. Got to disagree with that, and overrated is exactly the right word to use here, furthermore technical analysis in my opinion is not just any other skill and won't necessarily make you a better trader or even make you better at using those technical indicators to get better outcome, they're just merely a tool for you to use to get better at predicting probability of what happens next with the chart you're using, and by better I mean maybe 10-20% more than a person without any knowledge about charting and how technical analysis works. Now if someone really put some real time into some other skill like fixing car engines instead for instance they probably could increase their chance of fixing cars to over 90%, can you get even get close to 90% success rate in trading with TA? Don't bother with those YouTubers/Influencers that tell you: you can make x amount of money with learning this or that new indicator or learn how to read charts, there's no 100% chance of making money on trading unless it's in bull market and that requires no skill nor TA knowledge, most of them are full of shit and only share their wins and just randomly share some loss here and there to make it look more natural and their source of making money is usually being that Influencer/Youtuber and not being a good trader/chartist/TA guy.
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dimonstration
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August 27, 2022, 02:05:06 PM |
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Basically any technical indicator is overrated ~snip~
It's not, and I think the word "overrated" is the wrong word to use. Because like ANY skill, to make Technical Analysis very effective for the user, it will take thousands of hours of practice, and "the gift". Simply, there are some people who are going to be more skillful than others in Technical Analysis. The earlier you know if you don't have "the gift", better for you to start using another strategy, BUY the DIP and HODL. Got to disagree with that, and overrated is exactly the right word to use here, furthermore technical analysis in my opinion is not just any other skill and won't necessarily make you a better trader or even make you better at using those technical indicators to get better outcome, they're just merely a tool for you to use to get better at predicting probability of what happens next with the chart you're using, and by better I mean maybe 10-20% more than a person without any knowledge about charting and how technical analysis works. Now if someone really put some real time into some other skill like fixing car engines instead for instance they probably could increase their chance of fixing cars to over 90%, can you get even get close to 90% success rate in trading with TA? Don't bother with those YouTubers/Influencers that tell you: you can make x amount of money with learning this or that new indicator or learn how to read charts, there's no 100% chance of making money on trading unless it's in bull market and that requires no skill nor TA knowledge, most of them are full of shit and only share their wins and just randomly share some loss here and there to make it look more natural and their source of making money is usually being that Influencer/Youtuber and not being a good trader/chartist/TA guy. It’s overrated if you don’t fully understand how it really works and you fully rely on it. I get how you come up to this because many influencers is using it as if they are really sure that there prediction is accurate but the reality was TA is just an educated guessing base on previous data and indicators is just a tools that helps TA analyst to save time on math. Indicators is very helpful if you just know it's limitation. The only thing that makes it overrated is because of random pro traders wannabe on social media point of view but it's a legit tool for a pro trades.
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Xampeuu
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August 27, 2022, 02:12:10 PM |
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Many people use candlestick patterns to analyze a market, but what we must know is that not every signal about the formation of a candlestick will always be correct, so experience is needed to learn its behavior. and the main thing is that we also have to take into account the risk, where not every time we trade will end in profit. therefore this becomes an obstacle for every trader to accept errors in analysis, and of course looking for the next opportunity can be a target
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spectre71
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August 27, 2022, 09:07:28 PM |
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IMHO BTC tracks the tech stocks almost verbatim. FAANG Facebook, Apple, Amazon and Google. It really doesn't act on its own. In essence it's a me too tech stock. Analyze those.
I watch Youtube for entertainment of knuckleheads reporting from mom's basement with candlesticks.
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Hamphser
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August 27, 2022, 09:36:46 PM |
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How can it be overrated ? Everything in trading depends on candlesticks. By looking at the candlestick charts, you can determine when it is good to invest or when it is bad. How would we get the signals if there was no candlestick? I think this question has no logic because trading analysis fully depending on candle stick . So I can't agree with that it's overrated.
You would definitely needing it because the main thing that you would really need to look into whenever you do trade is into those candlesticks which we can say that it would really be just in default where you can see these things and it would really be just relevant if you do really know on how to read up with those indicators on adding it up and since it is provided then you are the ones who should really place up and make out some analysis through it and make out some immediate actions in correlation to it.I dont know about being overrated yet considering that this is just a typical stuff that you do need up to read for you to know on what would be your next steps.
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Scripture
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August 27, 2022, 11:47:14 PM |
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How can it be overrated ? Everything in trading depends on candlesticks. By looking at the candlestick charts, you can determine when it is good to invest or when it is bad. How would we get the signals if there was no candlestick? I think this question has no logic because trading analysis fully depending on candle stick . So I can't agree with that it's overrated.
Candlesticks are very important, this is our basis for our indicators and with this, you can also know when to buy and sell. This is not overrated and actually the purpose of the candlesticks missed by most of the trader because they are too focus with the other indicators, and they forgot the fundamental of other indicators. Candlesticks works perfectly on it’s purpose, better to focus on this as well.
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tippytoes
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August 27, 2022, 11:51:53 PM |
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How can it be overrated ? Everything in trading depends on candlesticks. By looking at the candlestick charts, you can determine when it is good to invest or when it is bad. How would we get the signals if there was no candlestick? I think this question has no logic because trading analysis fully depending on candle stick . So I can't agree with that it's overrated.
For people who understand the importance of candlesticks in their trading, it is not overrated but an important tool for them to earn profits. Because if you don't know how to utilize these candlesticks, you will indeed see it as overrated or not useful. But for most traders, it is their secret tool to understand the market of the specific coin along with their knowledge of what's going on with the project.
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