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Thread: What is a candlestick and how to analyze market movements with a candlestick?

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    Rookie Azis Muslim's Avatar
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    What is a candlestick and how to analyze market movements with a candlestick?

    Hi guys: hi:

    First of all, I thank you for all the staffs at RoboForex forum for organizing this extraordinary contest. I am very fortunate to be one of the clients here and become a member of this forum by sharing all of my experience from my early career started in forex till now.

    As we know in general, for a beginner it is very difficult to do this business because they do not know many things about this business. Beginners usually have some questions for them and they're trying to get the answer. As traders who have struggled and fought for years, we here should help them to find some solutions of their problems. Of all the important things about forex, I will personally explain 2 questions for the beginners based on my own story.

    1. What is a candlestick and how to analyze market movements with a candlestick?
    Candlestick is one of three charts available in metatrader4 which has a shape like rod - candles. Candlestick also can be used as a technique to map and read the price movements of stocks, commodities and forex. This technique belongs to a group of technical analysis and it is the oldest technique created by Munehisa Homma (Japan, 1724-1803).

    It is far easier to read candlestick's pattern than reading the price through bar charts and line charts. We can adjust the color of the candles, for example red color for bearish candles and green one for bullish. I will describe 2 patterns, they are bearish and bullish.

    a) Bearish Patterns
    If we look at some of the patterns below, it is a sign the market will move to follow the trend of bearish or declining. The patterns consists of:
    Bearish III, Bearish Harami and Cross, Dark Cloud Cover, Bearish Engulfing Line, Evening Doji Star, Evening Star, Gravestone Doji, Bearish Separating Line, Evening Window Star, 3 Bullish Soldier, Inverted Hammer, Shooting Star, Long Upper Shadow, Tweezer Tops and Hanging Man.

    b) Bullish Patterns
    If we look at some of the patterns below, it was a sign the market will move to follow the trend bullish or ascending. The patterns consists of:
    Bullish III, Bullish Harami & Cross, Piercing Line, Bullish Engulfing Line, Morning Doji Star, Morning Star, Dragonfly Doji, Bullish Separating Line, Morning Window Star, On-Neck Line, 3 Bearish Soldier, Inverted Hammer, Long Lower Shadow, Tweezer Bottoms, and Hammer.



    In addition, I would add some patterns that provides excellent results when I was trading using this technique about 1 year ago. Check this out.




    2. How to determine a suitable time for trading and what is market hour?
    Each time has different value of movements, depending on how many market participants were active at that time and the extent of the ongoing economic activities. Some countries have peak hours each of which affects the movement of its currency. For traders who likes a busy time, a suitable time is when economic activity is underway which led to high price volatility. While traders are more relaxed, they will choose a time when all activities reduced economic activity which caused sideways in the market.

    I think you got the answer, right mate? Yes, everything depends on our trading styles. For example, if we are scalper, we will trade in rush hours when market moves in high volatility. Here's the picture about market hour.




    I think that's all from me. If there is any error in the explanation of what I wrote and explained above, I apologize to you. Everything I shared here based on my experience and am still in the learning process. Because for me, learning is an endless process in my life. Thank you for your attention mate. Hopefully this can help the beginners to know this forex business well.

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  2. #451
    Rookie Azis Muslim's Avatar
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    Quote Originally Posted by cutiekc View Post
    candle stick are one of the basics that I know so many traders should be able to learn and know. In the sense that if we know the basic of candles stick trading, it will be more easier for us to make good analysis. Candle stick are not simple, they are hard though but to increase our chances, we ought to ignore any thing linking with the smaller time frames.
    They are basics and easy to learn for all kind of traders starting of beginners to experts. I like to trade with those patterns because they are so unique yet dependable to give me good approach of market. It is better for me to trade with candlestick patterns than using indicators such as my previous old one but I think that is all based on trader's ability to understand and combine things to work at once.

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  3. #452
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    Quote Originally Posted by Azis Muslim View Post
    They are basics and easy to learn for all kind of traders starting of beginners to experts. I like to trade with those patterns because they are so unique yet dependable to give me good approach of market. It is better for me to trade with candlestick patterns than using indicators such as my previous old one but I think that is all based on trader's ability to understand and combine things to work at once.
    I have been learning them lately and I have seen that it is such a good and profitable means of trading. We might not be able to make fast money from it. But I learning it on the daily time frame has made it more obvious for me that the candles is sufficient for profitable trading. Now, I am looking at trading with the use of support and resistance in support of it.

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