by Thomas N. Bulkowski
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| List Price: | $150.00 |
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Product Description
Following in the footsteps of author Thomas Bulkowski’s bestselling Encyclopedia of Chart Patterns—and structured in the same way—this easy-to-read and -use resource takes an in-depth look at 103 candlestick formations, from identification guidelines and statistical analysis of their behavior to detailed trading tactics. Encyclopedia of Candlestick Charts also includes chapters that contain important discoveries and statistical summaries, as well as a glossary of relevant terms and a visual index to make candlestick identification easy.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Statistics can tell you something but..., 2008-11-16
Don't buy this book to learn about candlesticks. To learn buy Nison's first book. If you want a second book maybe buy this one
I bought this book because I wanted to know some more about how successful the candlesticks patterns really are. Bulkowski has processed lots of data and he presents lots of (almost raw) data. Actually he presents too much and hardly any recommendations of how to use candles. But also too little data, for instance he doesn't use standard deviation at all. This would have been very useful to understand statistically significant patterns. The way he presents the statistics is also very convoluted, but at least a lot of data is there for you to do your own study of his data. For USD 100 I would have expected the author to provide a bit more commentary and advice. Instead he seems to collect candlepatterns like some people collect books (over 100 patterns); more is better. It would have been better to cut the pages with 50% and provided the additional data on his webpage.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
0 of 0 people found the following review helpful:
 Encyclopedia Critique, 2008-10-22
Mr.Bulkowski dedicates a chapter to each one of 103 individual candlestick patterns, most of which are reversal patterns. The chapters are ususally 8-9 pages long and have the format: behavior & rank: identification guidelines:- statistics: trading tactics: a sample trade and advice on optimizing the use of that pattern.
For me, the author's most interesting finding was that more than one quarter of the patterns do not act as would be expected, e.g.in a bull market, the common Harami Bear and Hanging Man result in a bullish continuation most of the time. This is a good reference work. A mass of data is presented and a glossary/methodology provided.
The product would have been greatly improved by illustrating the terms used in the glossary (some of which are quite complex) with actual numerical examples. Finally, there is no discussion of using technical indicators, such as stochastics, with candlestick patterns.
0 of 1 people found the following review helpful:
 great book, 2008-09-22
the beast book regarding candlestick charts
Author covered every aspect of candlestick charts (focus on statistics - it can be very helpfull in trading candlestick charts)
position which you should have
0 of 1 people found the following review helpful:
Professional Trader, 2008-05-19
An excellent reference tool. Written in a clear easy reading style that Tom has become know for. Well researched with numerous real time candlestick performance examples.
10 of 12 people found the following review helpful:
A Good Book, BUT..., 2008-05-11
A good book for anyone having a desire to learn about candlestick patterns, but I feel the author misses the point. Too many wordy statistics and not enough visuals. Candlestick patterns visually show investor sentiment. This sentiment is especially important when prices approach critical points of support and resistance. Showing more charts on how these patterns react at these critical junctures under various conditions would have been more helpful.
Candlestick patterns IMPLY a change of trend, they DO NOT guarantee it. They are just another indicator reflecting the bullish or bearish implications they represent. A trader must take into account where within the OVERALL TECHNICAL PICTURE the pattern appears and the health of the market. By blending candlestick patterns with Western technical analysis you are getting the best of both worlds.
Strong trends do not turn on a dime. They may require several candlestick signals before changing trend direction. By combining the current investor sentiment and potential behavior candlesticks imply you will, in most cases, be given an early VISUAL warning that all may or may not be right with the current trend.
Candlesticks should not be viewed in isolation. For example, a shooting star, a bearish pattern, appearing at the top of a long uptrend, and at a prior resistance area, strongly implies that a change of trend may be at hand. That same bearish pattern forming as a stock gaps out of a basing or consolidation area on high volume now implys a potentially bullish situation.
I believe those wanting to take full advantage of candlestick patterns would be better served by reading the books of Steve Nison or Stephen W. Bigelow. Both authors offer PRACTICAL TRADING ADVICE illustrated with many charts showing the strengths and pitfalls of these patterns.
Price is accurate as of the date/time indicated. Prices and product availability are subject to change. Any price displayed on the Amazon website at the time of purchase will govern the sale of this product.
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