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You're reading from  Python for Finance Cookbook - Second Edition

Product typeBook
Published inDec 2022
PublisherPackt
ISBN-139781803243191
Edition2nd Edition
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Financial Technology
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Eryk Lewinson
Eryk Lewinson
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Eryk Lewinson

Eryk Lewinson received his master's degree in Quantitative Finance from Erasmus University Rotterdam. In his professional career, he has gained experience in the practical application of data science methods while working in risk management and data science departments of two "big 4" companies, a Dutch neo-broker and most recently the Netherlands' largest online retailer. Outside of work, he has written over a hundred articles about topics related to data science, which have been viewed more than 3 million times. In his free time, he enjoys playing video games, reading books, and traveling with his girlfriend.
Read more about Eryk Lewinson

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Recognizing candlestick patterns

In this chapter, we have already covered some of the most popular technical indicators. Another field of technical analysis that can be used for making trading decisions is candlestick pattern recognition. Overall, there are hundreds of candlestick patterns that can be used for determining the price direction and momentum.

Similar to all approaches to technical analysis, we should have a few things in mind while using pattern recognition. First, the patterns are only informative within the limitations of the given chart (in a specified frequency: intraday, daily, weekly, etc.). Second, the patterns’ predictive potency decreases very quickly after a few (3-5) bars after the pattern has been completed. Third, in the modern electronic environment, many signals identified by analyzing candlestick patterns might not work reliably anymore. Some big players are also able to set up traps by creating fake candlestick patterns to be picked up by other market...

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Python for Finance Cookbook - Second Edition
Published in: Dec 2022Publisher: PacktISBN-13: 9781803243191
© 2022 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Eryk Lewinson

Eryk Lewinson received his master's degree in Quantitative Finance from Erasmus University Rotterdam. In his professional career, he has gained experience in the practical application of data science methods while working in risk management and data science departments of two "big 4" companies, a Dutch neo-broker and most recently the Netherlands' largest online retailer. Outside of work, he has written over a hundred articles about topics related to data science, which have been viewed more than 3 million times. In his free time, he enjoys playing video games, reading books, and traveling with his girlfriend.
Read more about Eryk Lewinson

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