Are candlestick patterns overrated?
Are candlestick patterns overrated?
Ok so when i started with trading I try to learn so much about candlestick patterns but when i started looking at other traders on YouTube and even generally online I hardly see anyone even consider them while trading yeah they might look at color of candle but that’s all. Specially those advance candlestick patterns like rising soldiers and all that, I don’t even remember anyone even mention them once while trading or in any tutorial. So my question is for trading veterans here do they use it or is it really overrated thing which serve no purpose in real time trading?
I think that everything in TA is taken into account, including the candles. All the trends, bands, wedges and so on are, after all, based on the candles too.
The only thing is that TA itself is (in many/mosts cases) not good to be taken into account alone. There are many “external” factors to be taken into account when predicting what will the price do in the near future.
For example, on Twitter, many tell that the price will go up “any day now”, with nice drawings and so on, but they seem to have forgotten we’re still in a historic crypto winter, hence also the price going further down is a valid option. Which has actually just happened.