Candlestick analysis is a form of technical analysis based on recognition of visual patterns in market returns. Candlestick analysis is very popular in Asia. This analysis of the predictive power of candlestick patterns uses daily intraday DAX and Bund futures data starting January 1, 2002, and ending December 31, 2003. A mathematical definition scheme enables an objective and computerized identification of the candles. Even without taking transaction costs into account the results are quite poor. In most cases, the results are not significantly better than results for a benchmark with randomized transactions.