The author also adds in moving averages and RSI into his tests as confirmation of patterns to help improve the results of standalone candlesticks.
It is very interesting to quantify candlestick pattern performance and see the results versus the preconceived opinions about how they should play out based on traditional beliefs. Marwood uses Amibroker coding to backtest the visual patterns of candlestick charts. This course reveals the historical performance of all the classic candlestick patterns across the futures markets, forex markets, and stock market. He starts out by explaining the history of candlesticks as visual representations of price action on charts and then moves on to the basic principles behind candlestick chart patterns. JB Marwood has created this informative Candlestick eCourse on his website. This was an advanced course with more than just theory but also a thorough study of actual backtesting, quantifying, and looking at results of candlestick patterns across multiple markets, trends, and years of data. I was very happy when a trader and educator that I admired created a free candlestick eCourse. I use them in correlation with my trading system as confirmation and confluence with my existing signals.
I like how candles visually represent price action and quickly show the contrast of the open, close and daily range. After a decade trading I settled on using candlesticks on my charts.
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