Japanese Candlestick Charting Techniques by Steve Nison
For a comprehensive guide on candlestick charting, this book is excellent. Nison is a great writer, very organized in thought and thorough. I give this book five out of five stars.
Before I read this book, I personally did not have a strong grasp of candlestick charts but by the time I was finished, I not only felt like I had a solid understanding on the fundamentals, I immediately implemented their use into my charting technique. For this reason, I would suggest that this book is best suited for beginning to intermediate traders however I suspect that even a seasoned trader would benefit by owning this book for the sake of reference.
Nison covers all of the core candlestick patters, provides ample examples on how to identify them and trade off of their indications, and he also is careful to mention any limitations and general cautions. Nison appropriately recommends and describes the use of candlestick charts in conjunction with other technical indicators.
The book also provides a helpful introduction or review (depending on the reader) on other key trading concepts such as trendlines, breakouts, oscillators and volume. And Nison goes on to provide a helpful dictionary on all of the candlestick terms that were discussed, even showing their patterns and general use.
In short, I strongly recommend that this book for all trading libraries. It will always be a helpful reference and has definitely helped me with my personal trading.
The following are some great quotes from this book:
“Discipline helps mitigate the nemesis of all traders, namely emotion.”
“…people’s reactions indeed affect price, but price also affects people’s reactions. Thus, price, itself, is an important component in market analysis. Those who disparage technical analysis forget this last point.”
“The most important price on any chart is the price at which you entered the market. People become strongly, keenly, and emotionally attached to the price at which they bought or sold.”
“As with any charting technique, different experiences will give different perspectives.”
For a comprehensive guide on candlestick charting, this book is excellent. Nison is a great writer, very organized in thought and thorough. I give this book five out of five stars.
Before I read this book, I personally did not have a strong grasp of candlestick charts but by the time I was finished, I not only felt like I had a solid understanding on the fundamentals, I immediately implemented their use into my charting technique. For this reason, I would suggest that this book is best suited for beginning to intermediate traders however I suspect that even a seasoned trader would benefit by owning this book for the sake of reference.
Nison covers all of the core candlestick patters, provides ample examples on how to identify them and trade off of their indications, and he also is careful to mention any limitations and general cautions. Nison appropriately recommends and describes the use of candlestick charts in conjunction with other technical indicators.
The book also provides a helpful introduction or review (depending on the reader) on other key trading concepts such as trendlines, breakouts, oscillators and volume. And Nison goes on to provide a helpful dictionary on all of the candlestick terms that were discussed, even showing their patterns and general use.
In short, I strongly recommend that this book for all trading libraries. It will always be a helpful reference and has definitely helped me with my personal trading.
The following are some great quotes from this book:
“Discipline helps mitigate the nemesis of all traders, namely emotion.”
“…people’s reactions indeed affect price, but price also affects people’s reactions. Thus, price, itself, is an important component in market analysis. Those who disparage technical analysis forget this last point.”
“The most important price on any chart is the price at which you entered the market. People become strongly, keenly, and emotionally attached to the price at which they bought or sold.”
“As with any charting technique, different experiences will give different perspectives.”
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