These candlestick reversal patterns use three bars for each signal. So, for example, a Bearish Engulfing Candles (which is a well known signal) will have a third candle which confirms the bullish move. This improves the reliability and reduces the number of signals.
Like any candlestick pattern these are best traded away from horizontal support/resistance and/or moving average levels. Overbought/sold RSI conditions are also good for confirmation as are classic pivot points.
Like any candlestick pattern these are best traded away from horizontal support/resistance and/or moving average levels. Overbought/sold RSI conditions are also good for confirmation as are classic pivot points.
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Cleaned up some code and added a bright text option for peeps with black charts. Thanks to Matt for the suggestion
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Added an option to filter signals by RSI, so you can adjust it to only show long signals if RSI is below 40 and shorts if it's above 60, for example.
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Cleaned up signal text so they take less space. They're not as descriptive but are much easier on the eye
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Fixed screenshot