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Interesting Candlestick Patterns - EOD - for swing traders. |
Padkondu
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Joined: 23 Jan 2008
Posts: 120
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Post: #1  Posted: Wed Jan 12, 2011 9:20 am Post subject: Interesting Candlestick Patterns - EOD - for swing traders. |
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Hi friends.
will it be of any use for the swing traders to have some candlestick patterns posted here, on eod basis, so that it could finetune their decision making, explore new opportunities for swing trading?. my intention in posting this thread is only for educational purpose. charts here are not recommondations, since i am not an expert. by posting these charts i invite the attention of experts and take their comments on my openions. this shall be a good education for all.
i shall begin with a hammer patten forming at strong support during a ranged action.
REQUEST EXPERTS TO MAKE SUGGESTIONS AND CORRECT MISTAKES IF ANY.
Here i post some charts
1. BLUESTARCO. increased volumes, rising rsi5, more importantly at support. long above the top of the hammer (410/-) could lead up to top of the range 435.
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Padkondu
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Joined: 23 Jan 2008
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| Post: #2 Posted: Wed Jan 12, 2011 9:25 am Post subject: Interesting Candlestick Patterns - EOD - for swing traders. |
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Hi folks!
look at the following chart, what has happened at the top. the three candles put together, formed a doji and breach of this gave good returns. but the current hammer at bottom is to be proved as there were not any hammers seen for this stock previously.
regards
padkondu
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Padkondu
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Joined: 23 Jan 2008
Posts: 120
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| Post: #3 Posted: Wed Jan 12, 2011 9:43 am Post subject: carolinfo |
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carol info: is it a qualified hammer?
regards
padkondu[/quote]
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sherbaaz
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Joined: 27 May 2009
Posts: 543
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| Post: #4 Posted: Wed Jan 12, 2011 10:54 am Post subject: Re: carolinfo |
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| Padkondu wrote: | carol info: is it a qualified hammer?
regards
padkondu |
[/quote]
Hi,
Good effort by you on candlesticks. put weekly,monthly pivot on your chart u can get a new hindsight.
What scanner are u using for identifying the candlesticks???
Regards,
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rajshreed
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Joined: 25 Dec 2010
Posts: 8
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| Post: #5 Posted: Wed Jan 12, 2011 5:46 pm Post subject: |
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hi
This is my very first post on this very very informative forum...
I am still an amateur in this dynamic field and wanted to know how to identify the hammer patter and what were its mechanisms..
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sherbaaz
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Joined: 27 May 2009
Posts: 543
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| Post: #6 Posted: Wed Jan 12, 2011 6:45 pm Post subject: |
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| rajshreed wrote: | hi
This is my very first post on this very very informative forum...
I am still an amateur in this dynamic field and wanted to know how to identify the hammer patter and what were its mechanisms.. |
Hi Rajshree,
If you are interested in learning candlesticks read steve nison books he is one of the most prominent personalities in the field of candlesticks and very good author too.
Regards,
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Padkondu
White Belt
Joined: 23 Jan 2008
Posts: 120
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| Post: #7 Posted: Wed Jan 12, 2011 8:00 pm Post subject: |
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| rajshreed wrote: | hi
This is my very first post on this very very informative forum...
I am still an amateur in this dynamic field and wanted to know how to identify the hammer patter and what were its mechanisms.. |
Hi rajshreed!
the very reason for starting this thread is to bringout the important candlestick patterns, means and methods for trading candlesticks for short term/swing trading. i would like to provide some information in this regard, but gradually, since the time is the only constraint. further all my knowledge is limited to reading books and gathering information from net.
just like any trading method, candlesticks is not a holygrail. one has to adopt some filters and get the broad picture before taking decisions. how ever, every weekend i would like to post some information with each pattern, mean while i will be posting some charts and the expectations of such patterns. with my limited experience. however we have enough experienced friends in our community to come to our help.
regards
padkondu
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shubham15
White Belt
Joined: 16 Dec 2010
Posts: 4
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| Post: #8 Posted: Wed Jan 12, 2011 8:05 pm Post subject: |
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Hi,
There are many types of candlestick patterns to be identified. They show the coming up trend or down trend. I am also an amateur in this, but you can study them online too. According to my knowledge, today in nifty's chart a MORNING STAR candlestick pattern is formed which shows the up trend will resume. I think tomorrow market will be up. 
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casper
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Joined: 02 Oct 2010
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Padkondu
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Joined: 23 Jan 2008
Posts: 120
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| Post: #10 Posted: Wed Jan 12, 2011 8:46 pm Post subject: |
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| casper wrote: | hiii brotherssssssssssss!!!!!!!!!!!!!!!!!!
whenever any body talks about candle stick, i just cant resist myself from uploading this ebook
its not mine, once i downloaded it from forum.
this is the 3 rd time i am uploading it
see if it helps any of u
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Hi casper!
thanks for your interest in passing the knowledge. here on, i would like to discuss only very few (below 10), highly reliable patterns along with some means and methods to filter wrong ones and trade right patterns - and go into depth with only those patterns. it will be of great help if people like you interact. have u gone through the system i suggested on the other thread? pl go through and reply
regards
padkondu
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casper
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Joined: 02 Oct 2010
Posts: 1315
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| Post: #11 Posted: Wed Jan 12, 2011 9:02 pm Post subject: |
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yes brother i am still working on it, u see we got a panic sell off, so though i am back-testing, still i am keeping the data generated during this phase in a separate folder
because, if we take this phase in to our consideration, then our regular result and conclusion may get affected as we will seldom have this kinds of situation
so i am preparing it as another set of data, which will be useful only in panic sell off phase
and when market gets back in normal track, i think i will need around 5-7 trading session to live test the result of back testing
plz wait up to that brother, i will post as soon as possible
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sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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| Post: #12 Posted: Wed Jan 12, 2011 9:20 pm Post subject: |
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| casper wrote: | hiii brotherssssssssssss!!!!!!!!!!!!!!!!!!
whenever any body talks about candle stick, i just cant resist myself from uploading this ebook
its not mine, once i downloaded it from forum.
this is the 3 rd time i am uploading it
see if it helps any of u
|
Hi,
this book would not help u much it may be use at most for quick ref nothing more in it. to understand candlesticks, understand the psyche behind the candles that will give u an insight into the mkt.
a hammer at every place for eg would not be off any use its position viz a vie over all chart is the thing u need to see. same goes with other patterns. there are many different ways u can use candlesticks in your existing systems and set up one for eg is divergence include candlesticks analysis in it and u will find a new dimension to your analysis and trade.
another eg i can quote and whih i use frequently if a hammer, hanging man or any other candle pattern rejection from a ema let say 34,20 any moving avg
add volume to candlesticks and you are GAME for sure.
for me if you know how to use candlesticks u need not to know any other thing.
regards,
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sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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| Post: #13 Posted: Wed Jan 12, 2011 9:25 pm Post subject: |
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| shubham15 wrote: | Hi,
There are many types of candlestick patterns to be identified. They show the coming up trend or down trend. I am also an amateur in this, but you can study them online too. According to my knowledge, today in nifty's chart a MORNING STAR candlestick pattern is formed which shows the up trend will resume. I think tomorrow market will be up. |
hi,
u r very right its a morning star, which some may debate but i agree with u now there is a problem which we need to tackle ie SL. if u keep it below the low of candle ie more than 150 points approx. which even for positional swing would be too deep to take.
this is the problem with most of 3 candles pattern.
regards,
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #14 Posted: Wed Jan 12, 2011 9:38 pm Post subject: |
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| sherbaaz wrote: | | casper wrote: | hiii brotherssssssssssss!!!!!!!!!!!!!!!!!!
whenever any body talks about candle stick, i just cant resist myself from uploading this ebook
its not mine, once i downloaded it from forum.
this is the 3 rd time i am uploading it
see if it helps any of u
|
Hi,
this book would not help u much it may be use at most for quick ref nothing more in it. to understand candlesticks, understand the psyche behind the candles that will give u an insight into the mkt.
a hammer at every place for eg would not be off any use its position viz a vie over all chart is the thing u need to see. same goes with other patterns. there are many different ways u can use candlesticks in your existing systems and set up one for eg is divergence include candlesticks analysis in it and u will find a new dimension to your analysis and trade.
another eg i can quote and whih i use frequently if a hammer, hanging man or any other candle pattern rejection from a ema let say 34,20 any moving avg
add volume to candlesticks and you are GAME for sure.
for me if you know how to use candlesticks u need not to know any other thing.
regards, |
thanks for ur input sherbaz bhai
what i have, i uploaded, it helped me so i think it will help others thats the reason to upload it
and what u say about volume and candle is true, as long as any set up is profitable, is good
the basic purpose is to make money, every one is trying that only, as u r confident about ur set up, i am aslo more or less confident about mine,,,,,
u know set up varies with the individual due their unique psychological built up. what can i tell u more, becoz u r senior than me and u r obviously a better trader than me
i dont claim that this e book has covered all aspect of candle stick patterns , just it helped me so in my little knowledge i thought it will help others as well
so tried to share it. thats all
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rajshreed
White Belt
Joined: 25 Dec 2010
Posts: 8
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| Post: #15 Posted: Wed Jan 12, 2011 9:43 pm Post subject: Thanku |
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| casper wrote: | hiii brotherssssssssssss!!!!!!!!!!!!!!!!!!
whenever any body talks about candle stick, i just cant resist myself from uploading this ebook
its not mine, once i downloaded it from forum.
this is the 3 rd time i am uploading it
see if it helps any of u
|
Thanks a Lot casper!!
the book writes in a very nice organized fashion...
Regards
rajshree
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