Encyclopedia of Candlestick Charts
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Review
"This book is a handy reference for beginners to advanced Technical Analysts. It contains statistical data for the performance of over 100 Candlestick patterns in both bull and bear markets, offers identification guidelines, and explores the performance of tall versus short candles and shadows. Of particular interest are the chapters which delve into important discoveries and those which explain each Table entry in detail and discuss the methodologies behind them. A useful addition it the visual index. Overall the easy to read makes this book a welcome addition to most Technical Analysis bookcases."
—IFTA Journal
“…a valuable addition to the limited literature available…essential reading for any trader who uses candles on a regular basis.”The Technical Analyst June 2008
—IFTA Journal
“…a valuable addition to the limited literature available…essential reading for any trader who uses candles on a regular basis.”The Technical Analyst June 2008
Product Description
Following in the footsteps of author Thomas Bulkowski’s bestselling Encyclopedia of Chart Patterns—and structured in the same way—this easy–to–read and –use resource takes an in–depth look at 103 candlestick formations, from identification guidelines and statistical analysis of their behavior to detailed trading tactics. Encyclopedia of Candlestick Charts also includes chapters that contain important discoveries and statistical summaries, as well as a glossary of relevant terms and a visual index to make candlestick identification easy.
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Hardcover
The author has a detailed analysis of candlesticks pattern by pattern. I never see anything like this. Definetely, I sold all my other books and this is the best for charting in my view.
Worth every single penny.
Worth every single penny.
2 of 2 people found the following review helpful
Format:Hardcover
I found this book very well thought of, as well as "The encyclopedia of chart patterns" by the same author, that I also own.
Even if I trade mainly stock index futures and forex (so that some patterns do not apply, for ex: gaps), I found the reading very valuable indeed, especially the findings on some patterns that statistically behave differently to what one might expect.
Even if I trade mainly stock index futures and forex (so that some patterns do not apply, for ex: gaps), I found the reading very valuable indeed, especially the findings on some patterns that statistically behave differently to what one might expect.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
11 reviews
34 of 37 people found the following review helpful
A Good Book, BUT...
11 May 2008
Format:Hardcover
A good book for anyone having a desire to learn about candlestick patterns, but I feel the author misses the point. Too many wordy statistics and not enough visuals. Candlestick patterns visually show investor sentiment. This sentiment is especially important when prices approach critical points of support and resistance. Showing more charts on how these patterns react at these critical junctures under various conditions would have been more helpful.
Candlestick patterns IMPLY a change of trend, they DO NOT guarantee it. They are just another indicator reflecting the bullish or bearish implications they represent. A trader must take into account where within the OVERALL TECHNICAL PICTURE the pattern appears and the health of the market. By blending candlestick patterns with Western technical analysis you are getting the best of both worlds.
Strong trends do not turn on a dime. They may require several candlestick signals before changing trend direction. By combining the current investor sentiment and potential behavior candlesticks imply you will, in most cases, be given an early VISUAL warning that all may or may not be right with the current trend.
Candlesticks should not be viewed in isolation. For example, a shooting star, a bearish pattern, appearing at the top of a long uptrend, and at a prior resistance area, strongly implies that a change of trend may be at hand. That same bearish pattern forming as a stock gaps out of a basing or consolidation area on high volume now implys a potentially bullish situation.
I believe those wanting to take full advantage of candlestick patterns would be better served by reading the books of Steve Nison or Stephen W. Bigelow. Both authors offer PRACTICAL TRADING ADVICE illustrated with many charts showing the strengths and pitfalls of these patterns.
Candlestick patterns IMPLY a change of trend, they DO NOT guarantee it. They are just another indicator reflecting the bullish or bearish implications they represent. A trader must take into account where within the OVERALL TECHNICAL PICTURE the pattern appears and the health of the market. By blending candlestick patterns with Western technical analysis you are getting the best of both worlds.
Strong trends do not turn on a dime. They may require several candlestick signals before changing trend direction. By combining the current investor sentiment and potential behavior candlesticks imply you will, in most cases, be given an early VISUAL warning that all may or may not be right with the current trend.
Candlesticks should not be viewed in isolation. For example, a shooting star, a bearish pattern, appearing at the top of a long uptrend, and at a prior resistance area, strongly implies that a change of trend may be at hand. That same bearish pattern forming as a stock gaps out of a basing or consolidation area on high volume now implys a potentially bullish situation.
I believe those wanting to take full advantage of candlestick patterns would be better served by reading the books of Steve Nison or Stephen W. Bigelow. Both authors offer PRACTICAL TRADING ADVICE illustrated with many charts showing the strengths and pitfalls of these patterns.
11 of 13 people found the following review helpful
Statistics can tell you something but...
16 Nov 2008
Format:Hardcover|Amazon Verified Purchase
Don't buy this book to learn about candlesticks. To learn buy Japanese Candlestick Charting Techniques, Second Edition.
I bought this book because I wanted to know some more about how successful the candlesticks patterns really are. Bulkowski has processed lots of data and he presents lots of (almost raw) data. Actually he presents too much and hardly any recommendations of how to use candles. But also too little data, for instance he doesn't use standard deviation at all. This would have been very useful to understand statistically significant patterns. The way he presents the statistics is also very convoluted, but at least a lot of data is there for you to do your own study of his data. For USD 100 I would have expected the author to provide a bit more commentary and advice. Instead he seems to collect candlepatterns like some people collect books (over 100 patterns); more is better. It would have been better to cut the pages with 50% and provided the additional data on his webpage.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
I bought this book because I wanted to know some more about how successful the candlesticks patterns really are. Bulkowski has processed lots of data and he presents lots of (almost raw) data. Actually he presents too much and hardly any recommendations of how to use candles. But also too little data, for instance he doesn't use standard deviation at all. This would have been very useful to understand statistically significant patterns. The way he presents the statistics is also very convoluted, but at least a lot of data is there for you to do your own study of his data. For USD 100 I would have expected the author to provide a bit more commentary and advice. Instead he seems to collect candlepatterns like some people collect books (over 100 patterns); more is better. It would have been better to cut the pages with 50% and provided the additional data on his webpage.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
11 of 14 people found the following review helpful
An excellent guide
14 April 2008
Format:Hardcover
A statistically thorough analysis of candlestick charts. Who would have thought that a good number of formations described in Japanese literature as reversal patterns actually have the opposite effect, while many others have outcomes which are close to random? There are also a few formations with success rates of over 80%. Thomas does an excellent job here of sorting the chaff from the wheat. Excellent research with some surprising findings.
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