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In what kind of trading do candlestick charts work the best?

I am wondering what kind of trading candlestick charts would work best in,,example,,forex, options, commodities,,or just the normal company stocks..
Thank You

Public Comments

1. I think the use of candles or bars is a personal choice, not really about which market your in.

I personally love candles in all markets.

2. Candlestick charts or candlestick patterns reveals the same meaning either you trade forex, options, commodities or any financial instruments, its a matter of trading you are involved in.

More on candlestick and candlestick stock screener can b found at:
http://www.topstockresearch.com/TopMenu/ScreenerByCandlestickPatternsIndianMarket.html

3. For the most part candlestick charts and candlestick formations are designed for the day trade environment. Why? because you are looking at formations that consist of only the last 3-4 candles.

I do use candlesticks for other purposes though as I am not a day trader so the formations do nothing for me and frankly I don't find them reliable for what I do.....however, having said that they are useful in finding very short term micro resistance/support levels that last an hour or two. These levels do not show up on normal line charts based on closing values or on P&F charts.

http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosettings=1&symb=BAC&uf=8&type=4&size=4&sid=147233&style=320&freq=6&time=2&rand=463293543&compidx=aaaaa%3a0&ma=3&maval=20,50&lf=1&lf2=0&lf3=0&height=635&width=1045&mocktick=1

In this chart of BAC (which is looking quite Bullish in 2012) you can see a resistance yesterday at $7.47 lasting several hours as well as a support at $7.42

They are quite useful in deciding on entry or exit points when Buying/Selling and you want to squeeze every last penny of profit out of a sale or buy the stock as cheap as possible.

Other than that they are not much different than normal line charts IMHO.

Candlestick charts to repeat are more of a daytrader charting tool than for an investor with longer term outlook.