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Profiting from Technical Analysis and Candlestick Indicators: Powerful Methods for Accurately Timing Trades by Michael C. Thomsett

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13. Beyond the Signal—Candlestick Pattern Moves

Emphasis is invariably placed on candlestick signals, those one-, two-, and three-session indicators that traders rely on for reversal and continuation. Although these serve as the major force for recognition of trend direction, and for forecasting the next move, there is more.

Beyond the candlestick signal is the pattern, a set of signals or shape of high and low points in a trend that further provide forecasts of the next move. These rely on confirmation from other signals, but they often are overlooked due to the focus on individual signals. This chapter examines several of these important larger price patterns and shows how, when confirmed, they provide reliable forecasts of coming changes in ...

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