Technical Analysis of Gaps – Identifying Profitable Gaps for Trading : [PDF Download]

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“Candlestick patterns are tools, not a system. The significance of many of the patterns depends upon previous price movement. To determine how meaningful a pattern is, the analyst must often consider whether it occurs during an uptrend, downtrend, or a sideways move in the market.

In addition, some of these patterns are extremely rare. The more bars included in the pattern, the more constraints put on the construction of each bar, and the more constraints put on the relative positions of the bars, the less frequent a pattern will be.

Thomas Bulkowski maintains a Web site that contains information about a number of technical patterns, including 103 candlestick patterns (www.thepatternsite.com).

Searching through almost 5 million candlesticks, Bulkowski provides statistics about the frequency and performance of candlestick patterns. In general, Bulkowski’s results are not that favorable for this subset of candlestick patterns.”

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