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Why doesn't Japanese candlestick analysis work?

BITTREX:NEOBTC   Neo / Bitcoin
Hi everyone!

I suppose many of you have given up on candlestick analysis. You will find many candle patterns by analyzing any diagram but for some reason, they work very rarely.

The thing is, candle patterns are important only when they appear in the right position against the market structure, i.e. when they are near support or resistance levels or near the beginning of a new wave or wave's pullback.

Let's look at the example.

Price is moving sideways. The bearish engulfing pattern is indicated by a blue arrow but it didn't appear near above-mentioned zones so it means nothing.

Important moments are indicated by red arrow. Bullish engulfing that appeared after breaking of the support level means that price will not fall below soon. Inverted hammer and following strong red candle mean that there was a pullback, and the fall starts now.

Remember that candles tell us about the mood on the market. But the important thing is how does this mood change in the market structure.

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