It may increase your odd's of winning if you're sharp at reading the chart. But it doesn't tell you the money management and psychology. Well it does show us where are the profit and loss targets, as well as the crowd traders' psychology in general. But it does neither tell the hit rate of our own trades (money management to be specific) nor our own emotion. after watching the candlesticks' patterns for so many years, I may say I can just go through 1000 stocks charts within 90 min (about 3-5 sec/chart) then select around 50-70 stocks in order to prepare my trading day every morning.
But if u allow me to rank the important aspects in trading, I will do the following:
money management > execution > mental stability > common sense > analytical skills (either fundamental or technical)
Why I say "common sense is more important than charting analysis?" Because there was one day I showed my 9 years old son "Microsoft stock chart", I asked him:" is this stock going up or going down?" He replied me: "going up".
I can conclude that Candlesticks are just mirages without all the others being mentioned.
