Leveraging Candlestick Patterns For Profitable Forex Trading In Singapore – Today I will teach you to use the most effective Forex strategy – Volume Indicator. To begin with, let’s look at it. What is a volume beacon?
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 difficult to say the least. Indicators have a large amount of errors, and it is very difficult for an inexperienced user to determine whether the signal is correct, when they should open a position, etc. A candlestick is not an indicator, it is just a small one. Japanese chart leader. It is very easy to find and very 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 beacons every day, and it’s very easy to tell from all the others. I call this candle a candlestick because at the time of its creation, there is a large amount of trades in the market fighting among themselves. And it turns out that when the candlestick formation is complete, the market has not yet decided how much is stronger, since supply and demand are almost equal. After the candle has finished forming (closing), time passes (several hours or even days), the amount of buyers or sellers exceeds others, and the price begins to move in a new direction. At the moment when the price exceeds the minimum or maximum level of the volume beacon, 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 succeed, as we trade in the direction of the largest amount. In other words, this candle allows us to receive a special signal to open a position on the current trend, which many experts consider the only way to make money on Forex.
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Now let’s learn how to find a volume candlestick on the chart among many other candles.
In the chart above, I’ve marked all of the audio candlesticks in red. The period covers the calendar year. In the yearly chart of GBP/NZD, I found 12 candlesticks, and all of them worked successfully for profit, i.e. they gave 100% results. So how do we differentiate them from others? There are 5 rules:
In the chart above, you see one of the candles that has already worked successfully. By the way, I traded on it myself. Here’s how it goes:
As you can see in the figure, a sell order was initiated, and after 2 more candlesticks, it was closed by Take Profit, bringing a profit of 646 points, or about 500 dollars if the trading volume was 1 lot. The strategy is very simple, all you need to do is follow strict rules and become a very successful trader.
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It’s time to try it yourself, for example, with EUR / USD. If you have questions, please ask them in the comments below.
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Candlestick patterns are used to predict the future direction of price movements. Discover 16 of the most common candlestick patterns and how you can use them to identify trading opportunities.
A candlestick is a way of displaying information about the movement of an asset’s price. Candlestick charts are one of the most popular technical analysis tools, enabling traders to interpret price information quickly and from just a few price bars.
This article features a daily chart, where each candlestick reflects a single day’s trade. It has three basic characteristics:
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Over time, individual candlesticks create patterns that traders can use to identify significant support and resistance levels. There are many candlestick patterns that indicate opportunities within the market – some provide returns in the balance between buying and selling pressure, while others identify patterns of continuation or indecision in the market.
Before you start trading, it is important to familiarize yourself with the basics of candlestick patterns and how they can inform your decisions.
Stupid patterns can form after a market decline, reducing price swings. They are an indicator for traders to consider opening a long position to take advantage of any uptrend.
The hammer candlestick pattern is made with a short body and a long bottom wick, and is found under a downward trend.
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The hammer shows that although there was some selling pressure during the day, eventually strong buying pressure drove the price back. Body color may vary, but green hammers indicate a stronger bull market than red hammers.
A similar zoom pattern is an inverted hammer. The only difference is that the upper wick is longer, while the lower wick is shorter.
It shows buying pressure, followed by selling pressure that was not strong enough to lower the market price. An inverted hammer indicates that buyers will have control of the market soon.
The magnifying glass pattern is made up of two candles. The first candle is a short red body that is completely engulfed by a large green candle.
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Although the second day opens lower than the first, the trading market increases the price, reaching a clear victory peak for buyers.
The piercing line is also a two-stick pattern, made by a long red candle, followed by a long green candle.
There is usually a large gap between the closing price of the first candlestick, and the opening of the green candlestick. It indicates strong buying pressure, as the price is pushed up to or above the mid-price of the previous day.
The morning star candlestick pattern is considered a sign of hope in a bad market situation. It is a three-stick pattern: one short-term candle between a long red and a green. Traditionally, the ‘star’ will not interact with long bodies, as the market finds open and closed gaps.
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It emphasizes that the first-day selling pressure is easing, and a bull market is on the horizon.
The formation of three white soldiers occurs for three days. It consists of tall green (or white) candles followed by a small wick, which opens and closes more slowly than the previous day.
It is a very strong snal that occurs after a decline in momentum, and indicates the advance of buying pressure.
Bearish candlestick patterns usually form after a high, and lowers the resistance level. A strong interest in the market price often causes traders to close their long positions, and open short positions to take advantage of the price drop.
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A hangman is like a hammer; it has the same shape but the form is at the end of an uptrend.
It shows that there was a lot of selling during the day, but buyers were able to push the price up again. Big sales are often
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