Wednesday, October 31, 2012

Japanese Candlestick How Good

A Successful History

"Knowing the history of the formations inevitably imparts confidence in the Japanese Candlestick technique. Japanese rice traders developed the system over a 400-year period. Logic dictates that a system that has persevered that long must have credible features. The history of the rice traders that developed the signals reinforces that assumption. With its 400 years of development, the Candlestick methodology got its major refinement in the mid-1700s.

Kosaku Kato (1716—1803) was born in the city of Sakata (now Tamagata Prefecture) during the Tokugawa Period (Eighth Shogunate). Adopted by the Honma family, he became known as Sokuta Honma. His successful interpretation of the candlestick formations made him the most feared and respected rice trader in Japan, and the wealth he produced for his family became legendary."

Success is a ladder that cannot be climbed with your hands in your pockets. Japanese Proverb

Among the few TA books I have read, the best is: Profitable Candlestick Trading by Stephen W.Bigalow. This book is sure to change your mentality about TA. I strongly recommend it.