Reliability of patterns...

I was wondering how much you rely on candlestick patterns and technical analysis, etc. Any thoughts would be great, thank!

hey new2trade.

I personally place a TON of reliability on candlestick patterns, because they indicate the price action of a stock. Most experts will tell you that the price action of a stock is the single most important thing that you can look at on a chart. In fact, I think that if you are new to trading, you should concentrate on ONLY the price action of the stock. Don't even look at the different technical indicators, all they will do is confuse you. Until you get the hang of how candlestick patterns work, and you are able to identify the particular patterns, stay away from tech indicators.

I completely agree with swinger11. I only look at the tech indicators to reassure myself that it is a good trade. Hope this helps.