The Candlestick Trading Bible – Munehisa Homma [PDF]

Summary
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The Candlestick Trading Bible – Book

1) Trade the bigger time frames

I’m not against trading lower time frames, you can trade this setup on 5 minutes time frame using other technical indicators to filter your signals and take just high probability setups. But you have to be an experienced trader, if you are beginner i recommend you to stick with trading this signal in bigger time frames such the daily and the 4-hour time frame.

Trading this setup on lower time frame will increase your chance to overtrade the market and take low probability price action signals. And this is the quickest way to blow up your trading account. If you focus just on bigger time frames, this will allow you to set and forget your trade instead of being emotionally controlled by the market.

2) Trade the dominant trend

You should start trading inside bars in line with the direction of the market, especially in a strong bullish or bearish trend, but don’t never try to trade it against the trend if you are a newbie. When you feel like you master trading this pattern with the trend, you can move to trade range bound markets, and counter trends.

3) Trade only from key levels

Remember that not all inside bars are worth your hard-earned money; there are specific locations where this setup works great, so make sure that your signal is located in a key level in the market.

4) Find different factors of confluence

Trading with confluence means combining different signals to make the best trading decision.