Customer Reviews

Beyond Candlesticks: New Japanese Charting Techniques Revealed (Wiley Finance)

5 star:		(10)
4 star:		(4)
3 star:		(0)
2 star:		(1)
1 star:		(1)

 

 

If you already own "Japanese Candlestick Charting Techniques" by the same author, then this is going to be alot of review for you. Most of the book is just much of the same information contained in aforementioned. Unless you are seeking a heavy dose of more of the same, no need to purchase this one, stick to the first book, which should serve you well as a reference.

The first part of this book covers some main parts his best selling classic book on candlestick back in the early 1990s with some new insights. The second part of the book explains some new charting techniques only then known in Japan. These techinques I found are quite adequate if used with candlesticks but nothing revolutionary as I have expected. Candlestick charting is still the fundamental tool used for trading.

Steve Nison goes through all of the major Candlestick patterns here. And, he shows you close calls as well. This is great, because the real world does not always have what is in the pretty picture in your book. Nison adds to the value by showing you how to use Candlesticks in conjunction with classic Western Technical analysis. If only he'd added a chapter on Elliott Wave Theory and Candlesticks (lots of reversal Candles at the end of waves). Buy this one instead of his first book if you are only buying one.

I can't put this one down. It is a great book that goes into great detail to explain candlesticks and how they represent market forces and trends. If you are doing any day trading at all, to ignore candlesticks is to leave money on the table. I highly recommend this book to all day traders. The charts are fantastic and there are a million illustrations that help you understand how the candlesticks work. Just a great book.

Beyond CandleSticks is one of the more helpful books in truly explaining the underlying meaning of multiple days of trading accompanied by volume. This book can significantly help you lock in profits when used correctly by indicating when a stock has topped or bottomed out. Make sure you select a good charting system that assists with the user interface, like Telescan, which actually lists the acronym of the trading pattern above the element displayed. This function helps save time when analyzing many stocks at any time. I highly recommend this for options or short-term traders. Candlestick charting is not just a charting system it's a hobby. I have truly enjoyed buying and selling stocks more since reading and learning more about this Technique. Good luck to all you traders out there.

Nison's "Beyond Candlesticks" one of my top 3 favorite trading books and provides dozens of advanced, practical trading strategies as he reveals the strongest candle patterns.

Probably the most useful part of it, is understanding how much clearer trading signals become, once you see the reasons why specific patterns reveal long/short pressure on stocks as they're moving.

Highly recommend this along with his videos -- I've become a better trader due to learning from Nison's techniques and recommend this as a personal favorite book. I also refer my traders at Daytrading University to it, as a "must read" to help build trading skills.

Nison has been hired by top Wall Street institutions to train Their market makers and specialists, and getting this rare knowledge in his books and videos is priceless. Get this one.

Here's how much I like it: I recently moved out of state, and this is one of the few books that "made the cut", that I'll always be keeping with me. Superb precision trading skills revealed in this one. It's a keeper.

This is a good addition to Nison's first book, and does contain some new candlestick information. There are a few new patterns Nison mentions which are variations of patterns in his first book. He discusses actual trading techniques, ie when to buy, sell, where to put stops, which I found lacking in the first book. I found this information to be worthwhile, which is contained in the first half of the book.

The second half of the book deals mostly in Kagi, Renko, and Three-Line Charts. I'm not sure what to think about these. I don't know if I'll ever use the information I learned to draw charts by hand, but it is definitely a new way to analyze and chart data. These charts essentially track solely the movement of stocks without regard to time. The 3 Line break chart requires a strong trend to be well reversed before a new line will show on the chart, hence a new low will have to break 3 new highs' beginning low in order to appear on the chart. The Renko chart is similar but a new line is drawn after a specified increase/decrease in the price has been met (either nominal or percentage).

There is a section on moving averages that is relatively uninformative. Nison gives the Japanese terms for when a short MA crosses a longer-term MA. He notes the MAs that Japanese traders like to use: 3, 9, 13, 26.

I consider the first half very valuable, and the second half worth the read, but I'm not sure how valuable the information will be to a personal investor like myself. All in all, a good book and good read. Nison delivers again.

This 2nd edition on Japanese Candlestick Charting Techniques by Steve Nison, revises the main points from the first edition,Japanese Candlestick Charting Techniques, Second Edition
. If you have purchased the first edition, it should be enough unless you are interested in what the 2nd book has to offer, or maybe even to add on this classic to your trading book collection, however, the price can be a bit pricey. The 2nd book has some other juicy bits which includes "merging" candlesticks to create an average market view for that period, introduction of japanese charts such as 3 Line Break, Renko and Kagi charts, the way to use candlesticks charting techniques and also an insight, on how japanese use western indicators such as the moving averages to assist them in making trading decisions. This book can be a gem for those who have no idea of what this over 400 year old leading indicator does, or as an "add on" to your knowledge for those who already have been exposed to japanese candlestick charting techniques. The key to making higher probability wins in the market requires consistent learning, learn how this tool can work for your trade, you be surprised and amazed by its predicting capabilities of market sentiment.

Candlesticks are the strongest picture of the internal mass psychology driving the market. Once you have learned how to identify basic candlestick patterns from Steve Nison's first book(Japanese Candlestick Charting Techniques)you must learn how to place them in the context of everyday charts. "Beyond Candlesticks" teaches you how to identify the nuances that can make the difference between a profit and a loss. If you have wondered how to get an edge on the market, this is it. The information on how to combine candlesticks with traditional western technical anlayis, gives you the ability to create a complete trading system.

The book is written in a clear, easy to follow style. The concepts, although not complex, have their nuances and these are dealt with in a way that doesn't confuse or overwhelm the reader. The exercises provided help to consolidate the knowledge gained by the reader. All in all, a very good and useful book.