Post
Topic
Board Trading Discussion
Merits 2 from 1 user
Re: Are candlestick patterns overrated?
by
Maus0728
on 19/08/2022, 10:23:35 UTC
⭐ Merited by palle11 (2)
I think the key takeaway here is that relying on candlestick patterns alone isn't helpful in the long run. I mean, it's just part of the formula for you to be able to decide when to short/long or hold.

Or perhaps, even better, you really don't need to memorize thousands of pattern you see on the internet, you just need to understand  the message behind a "wick". Is it a long wick at the bottom of the candle that could represent a reversal or is it just a short wick?

As I was saying, it has to be used in conjunction with other indicators such as the relative strength/weakness of a coin vs BTC, their volume, or maybe moving averages to increase the probability of your directional bias.