THOMAS HELGET Elite   Posts: 610 Joined: 3/22/2006 Location: BALDWINSVILLE, NEW YORK  User Profile | Frank and Larry: I love it - the "mythology" of the candlestick patterns! Indeed there is a lot of that going on there. I know that when Tom Bulkowski was preparing his manuscript for "Encyclopedia of Candlestick Charts" his publisher asked him to write up some of the candlestick patterns as they might appear in the book which they (I think Wiley & Sons) really didn't want to publish because all of Tom's research was initially very disappointing. Additionally another one of their major authors was Steve Nison who was extolling the value of candlestick patterns at the time. But Tom persevered and finally got the book published with analysis on over 100 candlestick patterns - again none of which one could really get excited about. The reason I know all this is that while Tom was preparing his original 50 chapters for Wiley to review he asked me for input as to what a trader might be interested in and kindly allowed me to review and critique several of the original chapters. He also leaned on his brother for support - check out the Acknowledgments page. To this day I really have no faith in candlesticks predictivity - and, yes, I am now ducking under my desk awaiting the fallout from that statement. But I admire Tom for persisting - in medicine the current trend is toward Evidence Based Medicine. If it doesn't really have any efficacy a drug should cease being used in favor of one that does. While the candlesticks patterns have been thought to be predictive for years Tom Bulkowski brought that into question and allowed traders to see that under the cruel light of analysis their predictive ability was questionable at best. Tom Helget | |
