So you entered based on the shape of the candlestick (I assume the chart is 4h), but that shape just happened to appear to you because you are in UK. If you were let's say in Spain there would be 1h offset, therefore the 4h candlestick would look different (not sure how much different, but is possible to check). So you would still make that decision? If would be different I don't think you would do the same. I'm not saying you are wrong, I'm just asking you the question. What do you think?
I don't really have proof that candlestick patterns are worthless, but I would like to see what are the win/loss ratios of people using them. Notice that money management and time plays a big role (ex.: your entry might be really bad but after a while turns your way and you win money). Either way I would like to know if you are happy to present some stats of your trades (win/loss ratio, average profit per trade, trades per day, average trade time and similar). Also let us know if you just do TA on candlestick or you take in account something else.
Thanks
I am not based in England but I do not understand what you saying in regard. For what I know candle stick difference are based on the broker and the way you set them. Mine are set on daily start/end time 17:00 New York which is also the set up for MT4.
I am not a Steve Nison (corrected, thanks Tim) fan but I dived my candles in three parts: bear candles, bull candles and doji candles or range bar candles: if my sentiment is long and market pulls back at what I consider an important technicality I will not enter above a doji bar. (In a range I sell high and buy low, clearer on a smaller time frame).
I need to see my timing is right, my job is too anticipate the move and I need a confirmation the moved is on his way (In a trend I buy high, break out).
Otherwise how do I know where and when to enter? At a specific level with limit orders? But a bull flag can turn into nothingness.... and where do I place my protective stop? At the previous swing low? And what about RR?
With a trend bull candle in a bull flag I buy above the trend bull bar and my protective stop is placed below that swing low. (most of the time is the low of that bar)
When I take a trade I presume my setup have a 60% (if it gets to 80% the better) probability to succeed, If I am reading right I am taking the trade in the direction of the least direction and if I sit tight in the proper market condition I can make my bread.
I am pure technical trader but I keep my ears on sentiment (I only trade forex).
Said that technicality is an art form, it is just a tool to interpret the market and participate in it in a timing matter.
Finding a way that reflects our personality could be the solution, for what I am concerned there are not any secrets in trading but only skills and TA is a vast subject of interpretation, there are not absolute truth in trading unless someone is trying to sell you something.