Candlestick patterns can work on various time frames, but their effectiveness may depend on the trading style, market conditions, and the pattern itself. In general, candlestick patterns tend to be more reliable on longer time frames, as they may provide a clearer view of the market's trend and sentiment.
Here are some guidelines for the time frames where certain candlestick patterns may work best:
Hammer and Shooting Star patterns: These patterns can work on both short and longer time frames, but they may be more reliable on daily, weekly, or monthly charts.
Bullish and Bearish Engulfing patterns: These patterns can work on shorter time frames, such as hourly or 4-hour charts, but they may be more reliable on daily or weekly charts.
Morning and Evening Star patterns: These patterns may be more reliable on daily or weekly charts, as they may provide a clearer view of the market's trend and sentiment.
Doji patterns: Doji patterns can occur in any time frame, but they may be more reliable on longer time frames such as daily, weekly, or monthly charts.
It's important to remember that candlestick patterns should never be used in isolation and should be confirmed by other technical indicators or analysis. Additionally, traders should always practice proper risk management and use stop-loss orders to limit potential losses.