Profitable Candlestick Trading – 2nd Edition [PDF]

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PDF Title : Profitable Candlestick Trading
Book Edition : 2nd Edition
Total Page : 386 Pages
Author: Stephen Bigalow
PDF Size : 7.5 MB
Language : English
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PDF Link : Available

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Profitable Candlestick Trading – Book

The Spinning Top, followed by an up day, indicated the downtrend had stopped. However, a week later the Bearish Engulfing Pattern told the investor that it was time to get out. A worthwhile trade? Not really. But look at the results: a trade that didn’t work well but at worst it broke even. At best it made 3 to 5 percent. Still not too bad for a non-worthwhile trade!

Two weeks later the falling knife has stopped, and a Bullish Engulfing Pattern appears. Stochastics are oversold. Remember, the Japanese say to always sell when a Doji appears at the top? That trade, closed at the Doji, provides a good return. Bought on the close of the Bullish Engulfing Pattern or on the open of the next day at $12.95 and sold on the close of the Doji at $19.50 returned 50 percent.

This is an excellent example to illustrate how Candlesticks tell you when to get in and when to get out. Some may argue that the Doji was not the ultimate top; that another Doji formed at the $21 price. The answer to that should be part of the Candlestick thought process. Why remain in a trade that was in the overbought area and had potential sell signals forming, for an extra 7.6 percent return after a 50 percent profit had been made in less time? Take the profits and go find a low-risk trade situation.

Profitable Candlestick Trading PDF

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