Monday, November 21, 2011

Greg Morris demonstrates his latest Add-on...

During this 60-minute webinar, originally presented on 11/16/11, Greg Morris demonstrates his MetaStock add-on "Japanese Candle Pattern Recognition."  Find out more about "Japanese Candle Pattern Recognition" here.

Many traders have already discovered that Japanese candlesticks allow them to see data more comprehensively at just a glance, but they often ignore critical variables. Though many candlestick products exist, they don't offer detailed pattern recognition and filtering, and they don't use correct methodology (original Japanese).

Greg Morris, Western candlestick pioneer and author of "Candlestick Charting Explained," has partnered with MetaStock to develop the Japanese Candle Pattern Recognition Add-on. This recent addition to the MetaStock line offers accurate identification of REAL Japanese patterns by employing advanced filtering capabilities and Greg's extensive knowledge on the topic.

How Japanese Candle Pattern Recognition stands apart from the rest:

True Japanese Candle Patterns
All the patterns in the add-on (except 2) are true Japanese patterns based on the extensive research conducted by Greg Morris with original Japanese literature.

JCPR Candle Trend
This new method of identifying trends takes into consideration the true range of prices and expands or contracts based on those ranges. This allows it to follow the trend adaptively and with greater accuracy.

JCPR Support and Resistance
By automatically calculating the support and resistance lines, this feature allows you to increase the look back periods and expand the concept.

JCPR Scoring
Based on a wealth of experimental data (7275 common US stocks, which included large data histories that totaled over 14.6 million days of data), this critical function scores the probability that a reversal trend pattern will be successful.

Greg Morris' Background with Japanese Candlestick Charting
"I attended a Market Technician Association seminar in Phoenix, AZ in 1988. There was a large contingent of Japanese traders present and they presented their charting techniques. It was the first time I had ever heard of "Hi Ashi," which is what the Japanese call their candlestick chart. I was working with N-Squared Computing then and we decided to create a charting product using Japanese patterns with automatic recognition capability. I traveled to Japan and stayed with Takehiro Hikita who was an active red bean and rice trader in Yokohama. He was intent on teaching me the art and also helping in translating several books.

There are many books out now on candle patterns and most software programs have candlestick charting capability. However, very few have the correct methodology (original Japanese). This product uses ONLY the candle patterns that came from original Japanese literature, with two exceptions. The Three Outside and Three Inside patterns were created when I was at N-Squared Computing to enhance the Engulfing and Harami patterns. They do that quite well, but please realize they are NOT real Japanese candle patterns.

Note: I find it amusing that in new books on candlesticks, the Three Outside and Three Inside patterns are generally included as if they are actual Japanese candle patterns. I think only Steve Nison and I did any original research, the rest obtained their knowledge from us.

For additional study I humbly recommend you refer to the 3rd edition of my book, Candlestick Charting Explained, published by McGraw-Hill. I cover all of the patterns included in this product, the single day patterns, and many others that were created to fill holes in the Japanese literature. This product follows closely the details laid out in the book. The book was first published in 1992 and is on its 3rd edition with a vast amount of statistics."

- Greg Morris

No comments: