Product review: Candle Profit System by Technical Analysis, Inc.
4548 Atherton Drive, Suite 200,
Salt Lake City, UT 84123
Phone: sales 800 508-9180; technical support 801 265-9998
Email: firstname.lastname@example.org, email@example.com
Product: MetaStock add-on for finding candlestick patterns based on Steve Bigalow’s work
System requirements: See http://www.metastock.com/products/realtime/metastockpro/?requirements
Candle Profit System (CPS), a MetaStock add-on and product of a collaboration between Steve Bigalow and MetaStock, seeks to find profitable candlestick patterns. There are a large number of candlestick pat-terns, some of which are highly reliable, but many of them are infrequent. What Bigalow asserts is that there are just 12 patterns that you need to pay attention to for generating profits. There is a free webinar you can watch on YouTube found at http://www.youtube.com/watch?v=1fB3EF7XeXU to see examples of these 12 patterns.
The webinar starts by listing the 12 pat-terns you see listed in Figure 1. The user manual that comes with the add-on also describes each one. As Bigalow explains in the webinar, candlestick patterns are reflections of the mood of traders. For example, a doji pattern is one where the open and close are nearly equal, which reflects indecision by traders. In other words, neither the bulls nor the bears have control. You then want to see a con-firming signal, such as the appropriate bearish or bullish candlestick following the doji, depending on the trend.