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Most good traders I have known like Ray Barros
(http://www.tradingsucess.com/ there are also some free trading articles by
him at adest.com.au) and Bryce Gilmore (www.bryce-gilmore.com or
www.wavetrader.com) use CandleSticks or similar patterns when the Price is
getting into an area of Time and/or Price that may provide support or
resistance.
The CandleStick patterns show up whether the market is accepting or
rejecting price in the short term only. As such they have no long run
predictive power. They are only triggers not the major driver for a trade.
Ray Barros tests everything he can and that accords with your daughter's
findings. Do not know anyone successful who solely uses CandleSticks to
trade. From my experience in bank dealing rooms the big Japanese traders
from banks and institutions are actually very poor traders.
>My daughter did a thesis on JapSticks for her degree and came out with
very<br>
inconclusive results using both daily and weekly charts.<br> In fact her
conclusion was that they are good to look at but the ptterns<br> re not
really repetitive and meaningful.<br>
Sorry about that but I have also spent time on them and thought they
would<br> ave been more helpful.<br>
Bill(UK)<br>
Regards
David Hunt
http://www.adest.com.au/
Australians phone: 02 9527 4690
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