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Encyclopedia of Candlestick Charts 1st Edition

4.3 out of 5 stars 23 customer reviews
ISBN-13: 978-0470182017
ISBN-10: 0470182016
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Editorial Reviews

Review

"This book is a handy reference for beginners to advanced Technical Analysts. It contains statistical data for the performance of over 100 Candlestick patterns in both bull and bear markets, offers identification guidelines, and explores the performance of tall versus short candles and shadows. Of particular interest are the chapters which delve into important discoveries and those which explain each Table entry in detail and discuss the methodologies behind them. A useful addition it the visual index. Overall the easy to read makes this book a welcome addition to most Technical Analysis bookcases."
—IFTA Journal

From the Inside Flap

Candlesticks can help you become a better trader, but only if you learn how they work, know what to look for, and understand the trading setups that can bring out their best. Encyclopedia of Candlestick Charts can help you do all this and much more.

Following in the footsteps of author Thomas Bulkowski's bestselling Encyclopedia of Chart Patterns--and structured in the same way--this easy-to-read and -use reference book takes an in-depth look at 103 candlestick formations, from identification guidelines and statistical analysis of their behavior to detailed trading tactics.

In each chapter of Encyclopedia of Candlestick Charts, you'll find:

Behavior and Rank, which show how each candle is theoretically supposed to work and how it actually does in both bull and bear markets, including rankings against other candlesticks plus the psychology behind the pattern

Identification Guidelines that describe what to look for

Statistics, which include the following tables: general statistics, height statistics, andvolume stats

Trading Tactics that discuss strategies to increase profits and minimize risk, plus tables of reversal rates and indicators to improve performance

Sample Trades, which walk you through a hypothetical or actual trade using real data

For Best Performance, a quick-reference tableof selection tips to boost performance

Encyclopedia of Candlestick Charts also includes chapters that contain important discoveries, statistical summaries, a discussion of distinct methodologies that explain each table entry in detail, a glossary of relevant terms, and a visual index to make candlestick identification easy.

Whether you're a novice trader or an experienced hedge fund manager, the Encyclopedia of Candlestick Charts has something for you. No other book combines a comprehensive list of candlesticks with a statistical review of their performance--in both bull and bear markets--in one easily accessible package. The information you find here will quickly enhance your understanding of this field and allow you to trade in a more effective way.

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Product Details

  • Hardcover: 960 pages
  • Publisher: Wiley; 1 edition (March 7, 2008)
  • Language: English
  • ISBN-10: 0470182016
  • ISBN-13: 978-0470182017
  • Product Dimensions: 7.3 x 1.6 x 10.2 inches
  • Shipping Weight: 4.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (23 customer reviews)
  • Amazon Best Sellers Rank: #140,233 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
A good book for anyone having a desire to learn about candlestick patterns, but I feel the author misses the point. Too many wordy statistics and not enough visuals. Candlestick patterns visually show investor sentiment. This sentiment is especially important when prices approach critical points of support and resistance. Showing more charts on how these patterns react at these critical junctures under various conditions would have been more helpful.

Candlestick patterns IMPLY a change of trend, they DO NOT guarantee it. They are just another indicator reflecting the bullish or bearish implications they represent. A trader must take into account where within the OVERALL TECHNICAL PICTURE the pattern appears and the health of the market. By blending candlestick patterns with Western technical analysis you are getting the best of both worlds.

Strong trends do not turn on a dime. They may require several candlestick signals before changing trend direction. By combining the current investor sentiment and potential behavior candlesticks imply you will, in most cases, be given an early VISUAL warning that all may or may not be right with the current trend.

Candlesticks should not be viewed in isolation. For example, a shooting star, a bearish pattern, appearing at the top of a long uptrend, and at a prior resistance area, strongly implies that a change of trend may be at hand. That same bearish pattern forming as a stock gaps out of a basing or consolidation area on high volume now implys a potentially bullish situation.

I believe those wanting to take full advantage of candlestick patterns would be better served by reading the books of Steve Nison or Stephen W. Bigelow. Both authors offer PRACTICAL TRADING ADVICE illustrated with many charts showing the strengths and pitfalls of these patterns.
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Format: Hardcover
A statistically thorough analysis of candlestick charts. Who would have thought that a good number of formations described in Japanese literature as reversal patterns actually have the opposite effect, while many others have outcomes which are close to random? There are also a few formations with success rates of over 80%. Thomas does an excellent job here of sorting the chaff from the wheat. Excellent research with some surprising findings.
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Format: Hardcover
Mr.Bulkowski dedicates a chapter to each one of 103 individual candlestick patterns, most of which are reversal patterns. The chapters are ususally 8-9 pages long and have the format: behavior & rank: identification guidelines:- statistics: trading tactics: a sample trade and advice on optimizing the use of that pattern.
For me, the author's most interesting finding was that more than one quarter of the patterns do not act as would be expected, e.g.in a bull market, the common Harami Bear and Hanging Man result in a bullish continuation most of the time. This is a good reference work. A mass of data is presented and a glossary/methodology provided.
The product would have been greatly improved by illustrating the terms used in the glossary (some of which are quite complex) with actual numerical examples. Finally, there is no discussion of using technical indicators, such as stochastics, with candlestick patterns.
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Format: Hardcover Verified Purchase
This is the most comprehensive book on candlestick charts that I've seen. In it, Mr. Bulkowski gives some very informative statistics. For me, one of the most valuable pieces of information the book provides shows that some candlesticks don't always perform as expected as some books describe them. As an example, some books describe some candles as reversal candles, but this book provides statistics that show otherwise.

It is a heavy book, and for me, it is not one to be read from cover-to-cover in a few days. Instead, what I did was to read the first part of each chapter, the trading tactics section, and the sample trade section. That gave me an overview. Now, I keep the book by my desk for a reference manual.

If one wants to use candelstick charts in their trading, I recommend this book plus the books written by Steve Nison which can be purchased on Amazon. There may be other good books on the subject, but I've not read them. For me, Nison's books plus this one is all that I need. For trading, I rely upon candlesticks, price action, and trend lines. I don't use any indicators such as moving averages, MACD, etc. I find they just clutter the screen.
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Format: Hardcover Verified Purchase
Don't buy this book to learn about candlesticks. To learn buy Japanese Candlestick Charting Techniques, Second Edition.

I bought this book because I wanted to know some more about how successful the candlesticks patterns really are. Bulkowski has processed lots of data and he presents lots of (almost raw) data. Actually he presents too much and hardly any recommendations of how to use candles. But also too little data, for instance he doesn't use standard deviation at all. This would have been very useful to understand statistically significant patterns. The way he presents the statistics is also very convoluted, but at least a lot of data is there for you to do your own study of his data. For USD 100 I would have expected the author to provide a bit more commentary and advice. Instead he seems to collect candlepatterns like some people collect books (over 100 patterns); more is better. It would have been better to cut the pages with 50% and provided the additional data on his webpage.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
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