Candlesticks in and of itself is already very powerful. But when you combine them with support and resistance, chart patterns and indicators, they are incredibly powerful. Some traders could make a lot of money by combining these elements to craft up a beautiful trading strategy that works time and time again to generate profits in their account.
I call the combination of these elements EAST MEETS WEST.
Japanese candlesticks come from the East and technical indicators and chart patterns are widely used by traders in the West. When you combine these two powerful technical elements, it really can give a trader a superb edge over others.
I have actually written an article about the Best Candlestick Patterns That Every Trader Should Know. You can check it out if you have time. The above diagram is a sample of the best candlestick pattern that you should know.
By combining these patterns with
you can really come up with a powerful trading strategy that stands the test of time.
Lets take some example from the charts below and see how powerful EAST meets WEST can be to trading.
I think the charts are pretty self explanatory. Go through them again carefully and note how the candlesticks combine very well with western indicators and technical analysis. Perhaps it will be a good exercise to examine 5-10 charts a day and learn to annotate what you observe. Trust me, you will learn a ton of things that you would not have learned.
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This week let us take a look at the SPX and TSLA. See what we can learn from their charts.
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In this week we will have a look at Bitcoin, ETN and MAT, SPX and QQQ and see what we can learn from its chart.
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