hey everyone,
can we use standard candlesticks patterns such as three white soldiers,three black crows, hammer,etc.
or else we should use standard one.
thanks a lot.
You realize either of them don’t work consistently?
i am using HA since couple of months with indicators but i started studying candle stick pattern this week and i want to trade using these patterns. and every where examples are given using standard candle stick and not using HA. so my doubt is that if these patterns can be applied on HA or i need to have standard candle stick.
HA- HEIKEN-ASHI
Heiken-Ashi is not even a real candle, its an average candle meant to look nice. The data you are getting is already inaccurate, HA will add to more confusion that’s all. What are you trying to achieve anyway?
i am trying to trade based on candle stick pattern and not on indicators.
In my experience candle stick patterns don’t work.
on HA right ?
Even the normal candlesticks patterns don’t work. They used to work in the early 90s but if you back test it- the hammer, white soldiers, cup and handle, flag- they all work when once in a while but not always. Furthermore, I also advice you not get sucked into indicators as well. In India, people are still getting into trading therefore its important you understand this - the data provided by brokers is not 100% accurate, they miss hundreds of ticks every second and the platforms are so unreliable that you can’t apply any pattern or indicator rules on the chart in order to reliably trade.
according to you what should be my approach ?
If you are starting out, try marking long wicks in large time frame candles (30,45,60 mins) and use that as the support and resistance. More advanced methods require more time to explain, they are not simple ideas.
thanks a lot for your time…will try to implement those.