four
5,087 posts
msg #91579
- Ignore four
modified |
4/23/2010 10:56:34 PM
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"In my book, Encyclopedia of Candlestick Charts, pictured on the right, I explore the entire range of candlestick patterns from abandoned babies to windows (not exactly A to Z, but you get the idea), in both bull and bear markets, using almost 5 million candle lines in the tests.
The book takes an in-depth look at 103 candlestick patterns and reports on behavior and rank (3 types: reversal rate, frequency, and overall performance), identification guidelines, performance statistics (tables of general statistics, height, and volume), trading tactics (tables of statistics on reversal rates and performance indicators), and wraps each chapter with a sample trade. I share a sliver of that information below. If you like what you read here, then you will love the book. Help support this website and buy a copy by clicking on the above link.
The white spinning top acts randomly. Thus, you cannot tell ahead of time which way price will breakout. Its frequency ranks second only to the black spinning top and that means it is as prolific as bugs in your garden. Overall performance ranks a distant 69, where 1 is best out of 103 candlestick patterns. Once price breaks out (a close above the top or below the bottom of the spinning top) it does not trend far before reversing. I really do not see any benefit to this candle."
Bold = my emphasis
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