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rick64

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01/03/19

09:48

Post #: 37615592
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Originally posted by 48&34: ↑

Hi Rick,
My opinion on candlestick patterns for what it is worth. You really don't need to study 32 different ones and try to remember. Probably if you get familiar with 10 of the most important ones, it would serve you well.
I am a strong believer in Moving Averages pairs and when they cross over. You can create the period that works for you, and you should see the appearance on a daily chart and also a weekly chart, unless you are intending to "Day Trade", then you need intraday candles.
Many charting tools provide a default of SMA 20, SMA 50, SMA 100, however I quite like the SMA 5 and SMA 20 combo.
I have also been using a momentum indicator, such as Williams %R. Look up Investopedia online to get more information that you need.

Remember though that chart patterns are representations as to what has already happened, so only a weak to medium predictor of future price action. Don't bet the lot on a great candlestick pattern.

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@48&34 Hi mate, have been working just saw your post. Could you elaborate on the 5 and 20 day averages? I was thinking of incorperating them into my Incredible Charts feed. Cheers

XAO Value at posting: 6,252.7
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