...and some times they do NOT work.
Sure. And no, I have not back tested the gravestone in all contexts for several years.
I only mentioned it because I have for some years found a few (not many) candlestick reversal formations that seem to confirm what other indicators are suggesting. The intraday early strength which later fails back to or a little below early values is what I'm thinking about. The gravestone is just a pictorial representation, of course. I nearly always look inside for the details of what has gone on for smaller increments of time, say, 5-minutes or even 1-minutes.
I find it useful to study the intraday volume bars in connection with their respective green or red sticks. It does happen sometimes that those are not what should be expected and so override the simplistic definition of what the candle in question suggests.
It might be worth noting that I am an intraday options trader, and those very short term considerations can (and often are) quite different for longer term buy or sell decisions.
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