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Bloomberg Visual Guide to Candlestick Charting by Michael C. Thomsett

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Pitfalls of Candlesticks

Most traders understand that no system can provide complete accuracy. All signals fail some of the time, and some may even provide opposite indicators based on what follows. One purpose of this book is to present the various types of candlestick formations and to demonstrate how interpretation is supposed to take place. This means checking for confirmation as well as understanding the degree of reliability to a particular indicator.

Traders using multiple disciplines (Eastern as well as Western technical analysis) may expect to improve their reading of charts and, as a result, an improved level of timing. This means ...

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