candlestick chart pattern and conformation candles

hi
I use candlestick chart pattern for trading analysis purpose and i want to how many of you wait for conformation when you see a candle stick pattern like hammer harami doji star etc.

warm regards
Ali

i am a technical trading, i wanna know if candle stick charting is really useful for DAY TRADING, i've tried it but wasnt successful. if it works what timeframe should be used in day trading

3,5,10,15,20,30,60 min

I wait for the conformation when I see the candle stick like hammer, harami etc. I would wait for one more candle to form and give a confirmation signal to reverse or to enter or to exit.

Regards,
rajendrani

Is there any sites from where we can get 3,5,15 ,30,60 mins candlestick chart free and live.Did Religare provide 3,5,15 ,30,60 mins candlestick chart in their racepro software.
Subrata

hi
rajendrani, i think its the correct way of using the candle stick fist see the signal and wait for confermation.
But my concern with this type usage is entry will be delayed and some profitsa also left foir the market and the big thing about it is the stop loss point which is low of the signal candle and entry point are farr from each other which means rick is more then 2/3 % whcih dosent suite educated management type.

how exactly you use it and what is your stopp loss technicque ?

warm regards
Ali

Hi
is there any one in this group who can type few lines from his experiance.

warm regards
Ali

try combination of bollinger bands with candles.See thread of Columbus to understand BB.

IMO, whether to wait for confirmation or not is purely individuals choice. It certainly helps and improves the odds of trade working in our favour.
There are certain Candlestick patterns (falling under category of - single bar patterns) like hammer, hanging man, doji etc that needs the confirmation. Even the 2 bar patterns like engulfing pattern, harami also needs the confirmation candle.
But other multi bar patterns like shooting stars are quite obvious and does not need confirmation.

With observation and experience, you can identify the strength in the pattern (say hammer where price is in top 15% of the bar is much stronger then another hammer where it is in top 40%). and accordingly take a call to wait for confirmation of not.

Happy Trading

hello all traderji fans I'm new member, thanx for everything, yeah Religare providing candlestick charting from 24 april
2009, if U have religare acount, U can download latest version of odin diet from religare home page, Then Go To START> RUN AND TYPE
"REGSVR32 C:\ODIN\DIET\ODINCHART.OCX". I have religare account and I'm using candlestick chart now They providing live chart u can use any time frame1,2,3,5,15,30 mins etc. etc. ....... hope this will help u..good luck