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Check out the new article: Data Science and ML (Part 37): Using Candlestick patterns and AI to beat the market.
Candlestick patterns help traders understand market psychology and identify trends in financial markets, they enable more informed trading decisions that can lead to better outcomes. In this article, we will explore how to use candlestick patterns with AI models to achieve optimal trading performance.
The Basics of a Candlestick
The candlesticks' shadows or wicks show the day's high and low prices and how they compare to Open and Close prices. The shape of the candle varies based on the relationship between the candle's OHLC (Open, High, Low, and Close) prices. There are a plenty of candlestick patterns introduced by Munehisa back in the day and some emerged by traders recently.
Based on these candlestick patterns, we are going to identify, collect, and apply these candlestick patterns to machine learning models and observe how these candlestick patterns can add value to our AI-based trading models and see if they can aid us in beating the financial markets.
Author: Omega J Msigwa