Quote from: Maus0728 on August 19, 2022, 10:23:35 AM

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.

Yes a conjunction of candlesticks with other indicators gives you a very good and confident experience. An experience trader never trade candlesticks alone.

Quote from: coinmanhere on August 19, 2022, 04:27:59 AM

So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?

So to add my response to your question. Candlesticks is never overrated. In fact it important like any other indicator you have in your trading techniques and like I said above, a combination of other working indicator is fine but not as much to confuse your trade but no doubt candlesticks are the beauty of trading. It is simple and easy to understand, they are different types of candlesticks, while I was trying to learn I mostly see it called as Japanese candlesticks, perhaps probably it has something with it history with Japan (maybe you can read on the history online). It has different types though, example hammer, inverted 🔨, doji, shooting star, hanging man and many more . If you type types of candlesticks on Google you will find them in abundance and also if you go babypips.com you can learn more of the types, functions, meaning and what market direction comes after you see any of it appearing on your trade

Note my experience so far with candlesticks are

1. You follow it after they have appeared.

2. You have to wait until a candle is formed/completed to understand the meaning or analyse your trade.

3. Every candle is important because it has what it is telling you in the market.

4. Every time frame is important , so you have to wait for the completion depending on if you are a swinger or scalper.

5. The higher the timeframe, the more potent it is

6. It can be used for trend detection, bear or bull, especially for higher time frame.

7. 🔨 or inverted 🔨 can be used to detect new trend, it is very good tool, you see spikes you respect that because it signifies change in trend.

8. This I have noticed that news may not obey the rules of candlesticks. It can change all you know about candlesticks, so is better you stay away from news until a certain time that it has settled. Read more from babypips.