- Leveraging Candlestick Patterns For Profitable Forex Trading In Taiwan
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Leveraging Candlestick Patterns For Profitable Forex Trading In Taiwan
Today I will teach you to use the most effective Forex strategy – Volume Candlestick. First, let’s take a look at it. What is a volume candlestick?
How To Read Candlestick Charts For Trading
This strategy is very different from all other Forex strategies. Practically all strategies are built on the basis of signals received from mathematical indicators, which are troublesome to say the least. Indicators have a large margin of error and it is very difficult for an inexperienced user to figure out if the signal is correct, when exactly he should open a position, etc. A volume candlestick is not an indicator, it is just a small one. Japanese candlestick in the chart. It is very easy to find and very hard to miss.
It is a candle with a very small or no body and very long shadows. You have to admit that you don’t see candlesticks like this every day, and it’s pretty easy to tell them apart 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 until the candle formation is complete, the market has not yet decided which volume is stronger, because the demand and supply are almost equal. After the candle has finished forming (closed), time passes (a few hours or even days), the volumes of either the buyers or the sellers exceed the others, and the price begins to move in the direction of a new trend. The moment the price crosses the low or high 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 receive a specific signal for opening a position on the current trend, which most experts consider the only way to make money on Forex.
Now let’s learn how to find a volume candlestick in a chart among the multitude of other different candles.
In the chart above, I have marked all the volume candlesticks in red. The period covers one calendar year. In the yearly GBP/NZD chart, we found 12 volume candlesticks and all of them worked successfully for profit, i.e. they gave a 100% result. So how do we distinguish them from others? There are 5 rules:
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In the chart above, you see one of the candles that have already worked successfully. By the way, I changed it myself. It goes like this:
As you can see in the figure, a sell order was triggered, and after 2 more candlesticks it was closed by Take Profit, bringing a profit of 646 pips, or about $500 if the trading volume was 1 lot. The strategy is really very simple, all you have to do is follow the rules strictly and become a very successful trader.
It’s time to try it yourself, for example, on EUR/USD. If you have any questions, please ask them in the comments below.
P.S. Did you like my article? Share it on social networks: it will be the best “thank you” 🙂
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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 trades of professional traders to my account. I am ready to open a trading account and make money from Forex When we come across technical analysis in stock, forex or crypto, we first see candles and sticks. They are the foundation of a trade, reflecting the emotions of the market – Humanity.
A candlestick is a type of presentation in a financial chart used to depict price movements in stocks, securities and derivatives or currency. In the typical view, each candlestick shows one-day price movements. However, our view can be switched between time units (second, minute, hour, day, week and month) and thus the composition of a candlestick changes.
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“Prices” over a period of time are of utmost importance in a financial chart. A candlestick simplifies it all: price movements, the result of “
Fundamental Part I Our point of view can be switched between units of time (second, minute, hour, day, week and month)
When we are in a 1-minute view point chart, the candlestick records the price movement in an individual minute.
On the other hand, let’s say we are in a 1-day viewpoint chart, with the candlestick recording the price movement of the last 24 hours.
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So if you are trading the one hour time frame, any pattern that forms is the 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.
Let’s start with my favorite candlestick called pine bar. Like most formations, they can form either as a bullish or bearish signal.
Before we understand why they are so powerful, let’s first break down the components of the structure.
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The tail of a pine baris also called “wick” or “shadow” and is the most critical element of the model.
Notice how the tail of the two pin bars in the illustration above is much more pronounced than the rest of the structure.
The first rule about queuing 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 needle bar, which is sometimes non-existent, is only important as it relates to the tail and body.
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If the tail follows our rule of being at least 2/3 of the entire pin bar, and the opening and closing are close together, then the nose should not be a marking or breaking feature.
Now that you have a firm grasp of what features to look for, let’s get into some examples.
At the second retest of resistance, the sellers came out in force and eventually formed a bearish pine bar.
I wrote a more detailed lesson on the pin bar, where I go into what makes a tradable setup, as well as where to place the stop loss and target.
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The inside bar is one of the more misinterpreted Forex candlestick patterns, simply because they are not hard to find.
Take a look at the video below where I explain the features
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