Thanks! I'm new to this. You use this for intraday trading. Right!? Or do these signals also work for longer trading periods...?
Thanks! I'm new to this. You use this for intraday trading. Right!? Or do these signals also work for longer trading periods...?
Candlestick pattens can work for any given time frame but best results are observed for 1D period. For example, say you feel, certain stock price might go up over a few weeks. It is best to observe the daily pattern of candlesticks. The momentum can be confirmed if any bullish pattern was observed lately (e.g. bullish engulfing).
But personally, I do not find it much help for hourly charts. Since the price does not move that much over an hour, it is difficult to predict the price/trend using only candlestick patterns.
Hope this answers your question.