Forex Candlestick Reversal Patterns
A personal story...
I have read Steve Nison's books on the subject of Candlesticks and Candlestick patterns, I have printed reams of paper on the subjects, learnt Japanese names and even made up some of my own (don't ask!).
With over 20 years experience of these patterns I can say with confidence that these 3 core reversal patterns (6, if you include Bullish and Bearish) are all you need to know. The exception here is perhaps the 2 Candle reversal pattern which I also pay attention to, although not so much.
To me Candlestick patterns on the 1 hour time frame and less, perhaps even the 4 hour too, are quite useless. I say this because the pattern is a supposed to be a representation of the "crowd" and the "crowd" does not trade within the boundaries of a 5 minute, 1 hour or even 4 hour time frame.
If however I see one of these Candlestick patterns on the Daily or Weekly time frame I have much more confidence. The majority of the market has usually played their hand within this time frame thus, the higher the time frame the more emphasis I place on these Candlestick patterns.
On the 1 hour time frame or less, to me they mean nothing on their own.
The PAST MT4 Indicator included in the Forex Useful MT4 Indicator Bundle is a great tool for spotting these reversals, and others, on any time frame.