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Japanese Candlestick Charting Technique (Steve Nison) 2001

Japanese Candlestick Charting Technique (Steve Nison) 2001 (Second Ed)

LNV: Typically essential tool for technical analysts on the stock market, useful & vividly visual tools to gauge the market movement, psychology, and somewhat give indication of the market strengths.

Personally, for value investors like me, it’s too technical this & maybe too tired and it sounds like you’re using a chart technique to predict the movement of stock without even knowing about the company → it may work for some, but not fun for me.

I will only use this as a final confirmation for my decision at an appropriate time, no more – no less, the main source is still on value investigating, business appraisal, and analysis of core business values.

—- Here are some good quotes inside the book —

It’s especially important that one wait for bearish confirmation with the hanging man 

Candles, while unexcelled at sending out early reversal signals, do not provide price targets.

  1. All long-term trends begin as short-term moves
  2. There is no room for hope in the market. The market goes its own way without regard to you or your position
  3. The market does not care whether you own it or not.
  4. The one thing worse than being wrong is staying wrong.
  5. Lose your opinion, not your money
  6. Be proud of the ability to catch mistakes early…good traders will not hold views too firmly.

A doji (✝) represents indecision…means the trend may be in the process of changing.

Volume should increase in the direction of the trend to improve the likelihood that the current trend should continue.

Be flexible about chart reading

Also consider the risk/reward aspect of a potential trade. Just because there is a candle signal does not mean one should trade on it.

Fate aids the courageous.

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