Leveraging Candlestick Patterns For Profitable Forex Trading In Colombia

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Leveraging Candlestick Patterns For Profitable Forex Trading In Colombia

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Today I will teach you to use the most effective Forex strategy – Volume Candlestick. For starters, let’s look at it. What is a volume candlestick?

This strategy is very different from all other Forex strategies. Basically, all strategies are built on the basis of signals received from mathematical indicators, which are problematic to say the least. Indicators have a large margin of error, and it is very difficult for an inexperienced user to understand whether the signal is correct, when exactly to open a position, etc. The volume candlestick is not an indicator, it is just one small Japanese candlestick on the chart. It’s easy to find and hard to miss.

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It is a candle with very little or no body and very long shadows. You have to admit that you don’t see such candlesticks every day, and it’s easy to distinguish them from all the others. I call this candle a volume candlestick because at the time of its formation there are very large trading volumes in the market that are fighting each other. And it turns out that at the moment when the candle formation is complete, the market has not yet decided which volume is stronger, because supply and demand are almost equal. After the candle has finished forming (closed), time passes (several hours or even days), the volume of buyers or sellers exceeds the others, and the price begins to move in the direction of the new trend. At the moment when the price crosses the lower or upper point of the volume candlestick, we will have the opportunity to join the winning side and open a position in the direction of the new trend. This makes our position almost guaranteed to be successful, as we trade in the direction of the highest volume. In other words, this candle allows us to get a specific signal to open a position on the current trend, which most experts consider the only way to make money in Forex.

Now let’s learn how to find a volume candlestick in a chart among many other various candles.

In the chart above, I have marked all candlestick volumes in red. The period includes a calendar year. On the yearly chart of GBP/NZD I found 12 volume candlesticks and all of them successfully worked in profit ie. they gave 100% result. So how do we distinguish them from others? There are 5 rules:

In the chart above you see one of the candles that have already worked successfully. By the way, I traded on it myself. Here’s how it goes:

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As you can see in the picture, a sell order was initiated, which after 2 more candlesticks was closed with Take Profit, bringing a profit of 646 points, or about $500 if the trade volume was 1 lot. The strategy is really very simple, all you have to do is strictly follow the rules and become a very successful trader.

It’s time to try it yourself, for example on EUR/USD. If you have any questions, ask them in the comments below.

P.S. Did you like my article? Share on social networks: it will be the best “thank you” 🙂

The content of this article reflects the author’s opinion and does not necessarily reflect the official position. The material published on this site is for informational purposes only and should not be regarded as providing investment advice for the purposes of Directive 2004/39/EC.

Most Common Forex Candlestick Patterns

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I would like to test my new skills on a demo account without registration. Show me currency charts and price movements in real time. I would like to copy the transactions of professional traders to my account. I’m ready to open a trading account and make money from forex I’ve experimented with many patterns and strategies over the last decade, but I’ve narrowed it down to these three best candlestick patterns.

So if you trade on a one-hour time frame, any pattern that forms is a result of what happened during that one-hour window.

Before we get to the three bullish and bearish candlestick patterns in today’s post, it is important to know the difference between candlestick patterns and chart patterns.

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Let’s start with my favorite candlestick called a pin bar. Like most formations, they can form as a bullish or bearish signal.

Before we get into why they are so powerful, let’s first break down the components of the structure.

The tail of the barisa needle is also called the “wick” or “shadow” and is the most critical element of the pattern.

Notice how the tail on the two pins in the illustration above is much more prominent than the rest of the structure.

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The first rule of thumb should help you stay in line. After all, if the tail is at least two-thirds of the candlestick, then the body should be relatively small.

The nose of the pin bar, which sometimes does not exist, is only important in relation to the tail and body.

If the tail follows our rule of at least 2/3 of the entire pin bar, and the open and close are close together, then the nose should not be a make-or-break feature.

Now that you have a good understanding of the features to look for, let’s move on to some examples.

Hanging Man Pattern

On another retest of resistance, the sellers came out strong and eventually formed a bearish pin bar.

I wrote a more detailed pin bar lesson where I go into what makes a tradeable setup as well as where to set your stop loss and target.

The inside bar is one of the most misunderstood forex candlestick patterns simply because they are not hard to find.

Take a look at the video below where I explain the characteristics of an inside band and an easy way to tell if one is bullish or bearish.

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The range of the inner bar (high to low) should be completely covered by the range of the previous bar, also called the “mother bar”.

Another way of saying this is that the parent lane should completely swallow the scope of the inner lane.

So, we have a strong trend followed by consolidation leading to a breakout in the prevailing direction.

Note that the pair has been in a downtrend for several months, so these are bearish continuation patterns.

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You could argue that the first signal on the chart above was also a pin bar, and I would agree.

To learn more about insider bars, including which ones to trade and which ones to avoid, check out my in-depth lesson on insider barpattern trading.

Unlike the indoor bar that we only

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