Candlestick Charts

[skip]

Hello,

Kindly advise where to find reasonably priced VHS/Cd's for candlestick charting techniques.

Thanks,

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[suzanne]

Hi, As an academic in my previous life, I can accurately evaluate learning tools. In my search to learn the candles, these are programs I purchased. Hopefully you can benefit from my experience. Not so useful - Steve Nison's vhs course-too much disorganized info, Martin Pring's cd-way too little info. The only one I really learned from was Brad Matheny's Pattern Forecaster Plus. It's the cheapest of the bunch, but has the most to offer, a rarity in the marketplace, these days! It's an interactive teaching tool that identifies and analyzes the patterns. Automatic pattern identification keeps me from misjudging the pattern. The program also gives buy/sell signals for aggressive and conservative trading, as well as suggested stops. Check it out at: www.ment.com. Suzanne

[skip]

Hi Suzanne,

Thanks for sharing your experience. I checked out the site www.ment.com. To give you little background of my trading experience I started demo trading forex jan 03, march 03 opened live account and after two weeks I lost my initial deposit. Now I'm still demo trading and my result is mixed and I'm not yet convinced that I'm ready for live trading. I'm using www.cms-forex.com. I use Pivot Points, Candlestick signals & MACD.

There are many versions of the pfp software kindly let me know which one do you think will fit with the above and help me improve my trading?

Thanks & Regards,


Skip

[suzanne]

Hi Skip, You are right to return to papertrading until you understand the market better. If I were you, I'd buy the $49 Pattern Forecaster Plus software and run it on one of the free stock datafeeds. Because of the interactive nature of the teaching style, you will become knowledgable in the subtleties of the candle patterns in a relatively short time. This package focuses on the candles. Later, you might want to get one of the other programs. You can run it on FX data. The other programs also have a breakout system(G. Strubbe) designed for the FX. E-Signal data can be imported into the program, but it's expensive for this purpose. It's also possible to export Excel data into the program, if you want to do that. Nalgrim(Andrew) on this forum, has a program for this. In a week or two, Primate(on the PFP website) assured me they will make FOREX data available. Years ago, I met a partner in a Hong Kong FOREX brokerage, who only uses the MACD and candles. Even though I've gone full circle in my own system design and have ended up using the very same indicators, I feel I needed to make the journey of trying out a variety of indicators in order to really understand how they relate to price changes. I'd also recommend you research the characteristics of the MACD on the charts and in books, like The Visual Investor by John Murphy. Let me know if you have any more questions, Suzanne

[skip]

Hi Suzanne, thanks for taking time and posting such valuable information. Now I'm trying to use a trading system which I purchase from www.tradingSmarts.com by combining it with candles. If you are interested I can attach and send you "Before you press enter" written by Peter R. Bain to your email address.

Thanks again,

Skip

[nalgrim]

I'm also interested in any definitive online works on candlesticks.

I offer a free candlestick data feed (it recognizes all major candlestick patterns for forex data) on my website, so maybe we can exchange resources.

Andrew
www.fabrefactum.com

[CTGJr]

thanks for all your helpful advice

would you please identify some free data-feed sources that can be used to interact with PFP

TIA

[suzanne]

Hi CTGJr, On the PFP Website, there are a couple of free datfeeds for stocks. PFP's author, Brad Matheny, left a message on the Dukascopy thread, here on MoneyTec, the other day. He's adjusting the program to accept the free Dukascopy datafeed for the Forex. I'll be testing it for him next week. So, the free datafeed you're asking about will be available soon. Either Brad or myself will let everbody know when it's ready. Suzanne