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Showing 1-10 of 10 reviews(3 star). Show all reviews
on October 8, 2012
This was one of the first books I read on technical analysis, and I am certainly glad that I discovered it, since I think that it gave me a perspective on the markets that I would otherwise not have. I would say that this is the definitive source on candles, and belongs in every traders library.

The author, Steve Nison, starts off by introducing where and when candles developed by going through some interesting Japanese history. From there, he carefully goes through how candles are constructed, so that you have a firm foundation before moving on to the actual patterns.

When it comes to explaining patterns, this is where Mr. Nison's book really shines. Not only does he explain every major pattern known, but he gives numerous real life examples to drive the point home. At 320 pages, he gives the reader plenty of material, and leaves no stone unturned. Furthermore, he explains the reasoning or rationale behind the formations, and why they are bullish or bearish.

It is clear that Mr. Nison spent a tremendous amount of time researching his information from actual Japanese sources before writing his book. In this book, Steve Nison took knowledge that was once only available to those who could read Japanese, and made it available to you and me.

On the other hand, seven years after first reading this book, I now feel that there are some drawbacks to this book. Firstly, the book is very counter-trend in nature. What this means is that if a stock is rising in price, the author will look for candles to explain why it is topping and likely to head down; when a stock is falling in price, he will look for formations indicating that it will make a turn (just for you) and go the other way around. While this certainly appeals to novice traders who crave the satisfaction of being right, the reality is that professional traders go with the direction of the trend.

Furthermore, I feel that this book suffers heavily from hindsight bias. With the benefit of hindsight, anyone can isolate picture perfect examples of trend reversals. In reality, however, trends in motion tend to stay in motion, regardless of most candle formations. The fact is, while I have been able to identify scores of traders with excellent track records who follow trends, I have never been able to identify any trader with a solid track record who uses these techniques in a systematic way. This, in turn, is why I believe that Mr. NIsson does not trade himself, nor has any sort of track record of successful trading.

->Danny Merkel
->Charting Trends Blog
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on January 10, 2005
Very good introduction to the candlestick charting technique commonly used in Asian. The concepts are digested information from the author allowing Western readers to be able to understand the basics in a Westerner point of view.

The book start with the difference between candlestick charting and the classic bar charting. Then proceed to explain various candlestick patterns in detail. One unique feature of this book comes in the second half of the book when technical indicators and other technical analysis techniques are blended together with candlestick analysis. That gives a framwork for beginners to understand the importance of multiple confirmation in technical signals.

The only drawback of this book is that the explanation of the candlesticks are really distilled information based on the author's personal usage experience. Thus if you find this book expanded your mind in technical analysis using candlesticks, then you should look for books written by various Japanese technical analyst on the subject as they can provide more insightful usage of candlesticks.

In short, this book is the only introductory text covering candlestick chart at the time it was written and it does a good job at guiding its readers to learn the basics of this charting style.
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on September 17, 2014
First the good. This has AWESOME information and was very informative. Now for the bad. This lacks a serious editor, particularly for kindle readers. The numbers on the graphs, are indistinguishable and the charts are NEVER corresponding to the page you are reading. What does that mean for you? That means you have to read the literature, go up a page or two to the graph, come back to the literature and maybe back to the graph, so it sinks in. HIGHLY ANNOYING. This makes a 300 page book feel like 1200 pages, but it makes even more difficult than that, since its more annoying that 1200 pages. I would love to tag a picture of one of the pages, to show my point. IF i figure out how to, i will do so. This may be the most annoying book, I have read, in regards to kindle editorial thought, but the information is gold. Really a 6/5 cut down to a 3/5, due to lack of editorial consideration grrrr
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on December 3, 2008
Content is great with Japanese proverbs providing
mind pictures and detailed explanations for various
patterns. However the layout is terrible. You constantly
have to flip pages to see his reference exhibits. Also he does
little to show setups: entry and exit points in real trades. I
reccommend the book but be prepared to be frustrated!
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on August 30, 2010
I am literate in the world of technical analysis, and I have had some experience with candlesticks in the past. This book was a comprehensive introduction to candlestick techniques. The author is a bit full of himself, and there's a lot of filler, but overall it was worth the [...] bucks because he knows what he's talking about.
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on November 19, 2015
I used it consistently while attempting to make a bit of money on foreign exchange. Lost all the money I invested, and no one else seems interested in it as a used book.
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on June 16, 2009
The author has a simple writing style with occasional apt words
like 'corroborate' and 'ambivalent'. Touches of humor are
present here and there. This book reveals Japanese
charting method. It is best used with Western methods which
is briefly mentioned in the section 'Convergence'.

Be watchful about the accuracy of the signals. Perhaps some
day, somebody will backtest the accuracy.

I wonder why the book is abnormally large in dimensions.
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on January 28, 2014
You can get the same information on line dont wast your money this book is too expensive.what were they thinking there are no
vital information in this thing.
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on February 3, 2013
Sortly after purchasing this boot, I gave up trading foreign currency, so I never really got into it. If I had stayed as a trader, I believe it would have been useful.
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on February 18, 2008
A very good book covers lots of details of candlestick chart, I would say.
However, all this book full of Japanese sayings,Japanese proverbs like"one seeing is better than a hundred hearings","the journey of a thousand miles begins with the first step.",etc. As a Chinese,I have to say all of these sayings original came from China thousands of years ago. Japanese don't even have their language in written way, before Chinese Tang dynasty. Japan and Korea were adherent countries of China at Tang dynasty, thousands of years ago. They learned from China since that time, and they are still using Chinese characters in their written language somehow. All your showing-off of your Japanese idioms only show the author's ignorance of oritental culture, hey, Nison, don't even say you lived in Japan before any more.
Today, the whole oriental countries share China's history and culture, you may need to correct them as oriental people's proverbs rather than Japanese sayings, BECAUSE it's not true and it's showing the author's ignorance.
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