Analyze the market with candlesticks

The Appropriate Number of Candlesticks for Market Analysis

A very important point to consider is how many candlesticks a trader should have on their chart to make the best decision for taking a suitable trading position according to the charting method of Jabal Ameli.

Zooming In on the Market Chart and the Required Number of Candlesticks

In psychology, there is a concept called historical memory, which also applies to the world of trading. Traders need to understand how to use it to achieve the best results. To better understand this, let’s explain it with a few examples.

Imagine two people get married, and as you know, marriage is one of the most beautiful events in anyone's life. In the first months and years of their marriage, the couple tries to surprise and delight each other on various occasions. These occasions might include their anniversary, wedding day, birthdays, Valentine’s Day, or other special events. However, after a few years, they gradually and unconsciously start forgetting these dates one by one. They might forget their first meeting anniversary, then their wedding date, and later even when Valentine’s Day is. After a while, they might even forget each other’s birthdays.

This does not mean the end of their love; rather, over the years, new and more vivid pleasant events have occurred in their lives. For example, they might have had children, made significant progress in their studies or careers, bought a house, car, or vacation home, and generally made advancements that are interesting to them. They now focus on these new events, remind each other of them, and find joy in them.

The Same Applies to Life's Bitter Issues

The same principle applies to the bitter aspects of life. For example, when someone loses a family member, during the first week, they may not even sleep or eat properly. Gradually, after about 40 days, it may be possible to make some light-hearted jokes with the grieving person to help them shift away from their sorrowful state. After a year, the grieving person might even make jokes with others that they wouldn’t have before the loss. This doesn’t mean that the deceased was no longer dear to them, but as time passes, the absence is more deeply felt. However, because the event has faded in the person's historical memory and new events have arisen, the importance of the loss diminishes.

The trading decisions of market participants are also affected by this historical memory because every trade involves a human, and all humans have historical memories. To make better and more profitable trading decisions, we must leverage this concept. Every event that has happened to us up until now is important because it exists in our memory and influences our decisions and actions. According to historical memory, we need to determine how many candlesticks from the market’s past are necessary for making a good trading decision.

In the Jabal Ameli Charting Method, the number of candlesticks needed is generally around 60-70. This number can vary depending on the display resolution, but often, just 20 candlesticks can provide all the necessary information. For instance, it can help determine whether we will have a trade in the market, whether we will be a buyer or a seller if a trade occurs, and how to strategize the exit if a trade is made.

Thus, in the Jabal Ameli charting method, 20 candlesticks are often sufficient for market reading and trade identification, but the maximum number needed is around 60-70 candlesticks. Paying attention to more than this number is impractical, as it leads to relying on information that may no longer be relevant to the market participants who created the price movements and could impact the market. Trading based on such excess information is not logical.

In this case, the arrangement of candlesticks should be such that the market can be viewed completely and adequately. This adjustment pertains to platforms like MetaTrader, and it may differ on other platforms. Generally, the zoom level should be such that candlesticks are neither too large to cause unnecessary excitement with every small market movement nor too small to make shadows difficult to see.

In the Jabal Ameli charting method, the key considerations should be sufficient and comprehensive while aligning with the aspects that effective traders currently focus on and value. Otherwise, traders risk entrusting their trading outcomes to outdated information that is no longer in use.

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