How can it be overrated ? Everything in trading depends on candlesticks. By looking at the candlestick charts, you can determine when it is good to invest or when it is bad. How would we get the signals if there was no candlestick? I think this question has no logic because trading analysis fully depending on candle stick . So I can't agree with that it's overrated.
Candlesticks are very important, this is our basis for our indicators and with this, you can also know when to buy and sell. This is not overrated and actually the purpose of the candlesticks missed by most of the trader because they are too focus with the other indicators, and they forgot the fundamental of other indicators. Candlesticks works perfectly on it’s purpose, better to focus on this as well.
Personally I used candlestick patterns for forex trading it is the best technical indicator particularly when using higher timeframe where there is less noise with a naked chart at the close of each candlestick it always give a clue for the next line of Price Action, it's either price continuation or reversal with the help of RSI indicator for indentifing overbought and oversold, I also uses trend lines for breakouts after the candlestick had indicate a likely price continuation or reversal, I don't rely on lagging indicators for trading because of their false and inaccurate signals in most cases.
Not only on forex but also in other markets as well which candlestick patterns is really that relevant and the main thing you would able to deal when you do step your foot whatever market you would really be into.
Since technical indicators are your first tools on making use since not all would really be that anytime we do have some news which we would really be able to deal with.