By Steve Palmquist
Candlesticks are the most known technical instruments in buying and selling. Designed to supply particular, at-a-glance details, those charts are built-in into nearly each site and charting software program resolution. yet, regardless of their acceptance, the definitions of those candlestick styles are frequently imprecise and misleading.
Now, for the 1st time ever, Steve Palmquist palms you the secrets and techniques for successfully utilizing candlestick styles in all industry stipulations. facts that will take years to assemble and years to interpret is now at your fingertips.
Based on in depth again trying out and study, Money-Making Candlestick Patterns exhibits the best way to accurately use the preferred candlestick styles in bull, undergo, and sideways trends.
Built from confirmed evidence, now not thought, you will learn:
- Clear definitions of every chosen trend to take away guesswork and enhance performance
- Exactly what you want to learn about again trying out to extend your wins and reduce your losses
- The effect of varied industry stipulations at the strongest styles to take away surprises and elevate profits
- Keys to disposing of universal checking out blunders that may hinder you from making money
- The candlestick trend that has proven triple ROI in again testing
This booklet conscientiously assessments the assumptions inherent in usual candlestick development definitions. each one bankruptcy breaks down the development to ascertain how parameters resembling present quantity, typical quantity, and value point will influence results.
The definitions that almost all frequently produce ecocnomic trades are pointed out and defined with entire utilization directions for expanding your profitable exchange percentage.
In this booklet, technician Steve Palmquist fingers you his years of analysis. the data on again checking out and the perception into your favourite styles provides you with a professional virtue in a fragment of the time. Thorough and successfully geared up, this publication will let you use candlestick styles to use each stream the industry makes.
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Extra info for Money-Making Candlestick Patterns: Backtested for Proven Results
Sample text
In the coin flip example, few people would want to bet their entire account on each trade because to come out ahead, they would need to win every coin flip. The more times the coin is flipped, the more likely it becomes they would lose their entire account. The same is true for trading. If a trading pattern has a 50% chance of producing a winning trade, then the likelihood of eight losing trades in a row is one in 256. These seem like good odds against losing eight times in a row, unless you also consider how many trades the trader 53 makes in a year.
When looking at a chart, the prices are declining as you move from the left to the right side of the chart. Using the AIQ Systems’ Expert Design Studio (EDS), we can easily find a list of downtrending stocks with one simple EDS statement: 63 LOWERCLOSES IF HIVAL([CLOSE],5) LOVAL([CLOSE],20,15) < LowerCloses is the name given to the list of downtrending stocks the computer will find for us. The EDS statement above instructs the computer to generate a list of all stocks that have the highest value in the last five trading sessions {HiVal([close],5)} less than the lowest value over a four-week period starting three weeks ago.
Does the size of the body on either the first or second day of the pattern affect results? • How long do I hold the position after entering? • Does it matter if the volume on the second day of the pattern is higher or lower than the first day’s volume? • Does it matter if the volume is above or below average? • Does the price of the stock affect the trading results? • Does the average volume of the stock affect trading results? In order to answer these questions, we would need to examine and record thousands of patterns in thousands of stocks, which could result in years of rather boring and methodical work.