Why I Seriously hate Candlestick
Candlestick Patterns represents emotion of marketplace and it has nothing to do with real execution of trading. Candlesticks confirmation signal arises from 1 or 2 bar combination such as Hammer, Piercing, or engulfing bars.
But I seriously hate these candlesticks and I feel it’s for them who don’t want to do the work, or who want to be lazy traders. Look at the chart below carefully and see Bullish Engulfing worked very well in one case but failed to do so in second case.
In my view any PROCESS & SYSTEM must be logical, verifiable, and testable and most importantly it should be repeatable. If some technique works one day and fails on second day, then that cannot be part of any process and system for successful trading.
Any trend by its definition takes time to change and cannot be changed in a day or week so making trading decision based on one- or two-day candlesticks are not a wise decision and this is the reason why I seriously hate candlesticks.