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Thread: Candlesticks Charts and Its Types!

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    Candlesticks Charts and Its Types!

    Candlestick chart is one of the best and popular chart rather than other's like line chart, bar chart, etc. Most of forex trader's follow candlestick chart to make their trading analysis, The good thing about candletick chart that it helps trader's to make a good trading analysis in Price action trading too. Trader's use Trend lines, Support and resistance, and Candleticks to make an effective trading analysis.

    I have already use all types of charts till now but I am much satisfy with the use of candlestick chart. Because with the help of Candlesticks and Technical analysis, I able to get a good idea about strong support and resistnace area's during trading. In this thread I would like to discuss about the functions of differ candlesticks, which would give you a lot of help to understand differ kinds of market patterns in forex.

    Almost we all know the names of differ candlesticks, but I am sure that only few trader's know the functions of candlesticks. I think Robo forex forum is a great way to help trader's, that's why I have created this thread for all forum members. So here we go now I would like to discuss about differ types of candlesticks.

    1. Hammer : A hammer candlestick is very popular in the market, and it provide a best signal of reversal trend. Most of time we can see this type of candlestick in the market bottom. It is a very good indicator from where you can enter in the market for a bulllish trend. The pattern of hammer will appear in a downtrend market and don't get confused about its color, Red and Greed both are reversal sign's.

    Attachment 12529

    2. Spinning Tops:
    Spinnng tops Canflesticks could be seen in the market many time, during a uptrend market and a downtrend market. There is no change in the market trend when this type of candlestick apper, and most of time we can see a big spike of candlestick (High and Low) during that period. I like to follow this type of candelstick pattern in my trading.

    Attachment 12530

    3. Hanging Man:
    Its also a very good indicator of trend reversal, most of time we can see this type of candlesetick pattern on uptrend rally. It would give you a good signal toward a bearish market direction. The color of hanging man candlestick is not much important, but Red hanging man is more bearish rather than a green hanging man

    Attachment 12531

    4. Engulfing:
    Its also a another form of trend reversal pattern in the market called as Engulfing candlestick chart pattern. When a green candlesetick body englufs a red body from the preceding period then it is called as a bullish trend rally or Englufing Bullish, On the other hand same like this when a redy body engulfs a green body of the preceding period then we can say that this is a indicator of bearish trend.

    Attachment 12532

    5. Inverted Hammer:
    A inverted hammer pattern is also very famous in the market, and almost all trader's know well about it, It mostly appear in the bottom of the downtrend market and give a reversal trend signal. The body of inverted hammer will be green.

    Attachment 12533

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    Quote Originally Posted by Runner View Post
    It is really better if we use it according to own way of trade do not try new ideas in trading with candlestick what we learn we have to apply it , if we understand the pressure of market or trend of market so our trade success is possible and our all the trade must always give us good chances of earning .
    There has been the traditional way the candle stick is been used. I think that should be how we trade with it and then don't want to implement what comes in our mind. For instance, it is said that before we take the pin bar that it has to be confirmed by the other bullish candle, but some traders do choose the aggressive way without confirmations.

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    Quote Originally Posted by Darkhorse View Post
    There has been the traditional way the candle stick is been used. I think that should be how we trade with it and then don't want to implement what comes in our mind. For instance, it is said that before we take the pin bar that it has to be confirmed by the other bullish candle, but some traders do choose the aggressive way without confirmations.
    You are right , this is very helpful process to indeed make profits by confirming the right direction of market to open the trade and wait a time very patiently when it would be too safe for open the trade and then we can be easily analyse the market in correct timing so we need to be patient in whole process and never aggressive or greedy which unfavorable factors and not proceeding the trade toward success .

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    For me as short time trader then hang man or hammer become good references to analyze the market conditions, but still need to validate it with others and the main goals here as the views for me for pruce characteristic, using high time frames is very much recommended to get the clear patterns with good accuracy and short time frames become the place to execute the position. There are some conditions that not all the time that time frames become good signals then here we nees to consider other factors to complete then

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    Candlestick patterns can easily be identified on candlestick chart and that can be one of the reasons why it so much popular among forex traders. Trading candlestick patterns can really improve one's trading performance if it is well and carefully mastered.Candlestick patterns work on any time frame but I prefer it most on daily time frame because it gives More validity to the signal it generates.If you want to learn about candlestick patterns , there are some threads in this forum that are dedicated to candlestick patterns .

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    Candlestick chart pattern strategy are very simple but more then effective and profitable strategy for everyone trading on it. You have need to choose best and good trading method to properly analysis the market and try to understand market bullish and bearish candles movement well after it you can make simple or strong successful chart pattern strategy for trading on it.

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    Support and resistance and moving average indicator are best to follow the market and try to understand market bullish and bearish candles movement well for developing everyday successful chart pattern strategy for trading toward success on this business. It is really very useful and more then reliable strategy for beginner to earn good money.

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    Quote Originally Posted by jassim View Post
    Support and resistance and moving average indicator are best to follow the market and try to understand market bullish and bearish candles movement well for developing everyday successful chart pattern strategy for trading toward success on this business. It is really very useful and more then reliable strategy for beginner to earn good money.
    They are best and with SoR levels and MA you can also follow the bullish and bearish chart patterns to confirm a good trade setup. There are many patters given here and I think first you should come to know which patterns can suit you better. We have to learn more about the candles and its patterns and it is then that we can use it to get the right signals to trade.

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    Different candlesticks with different interpretation and different application of the candlesticks charts .Our understanding of these different candlesticks will help us to understand the market that are used for so many things in the market. One of the most important candlestick chart that i love to take advantage of most time is the reversal candlesticks which comes after a support or resistance is broken.The hammer is the most common among them.

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    Candlesticks pattern will make it simple for us to analyze and follow the market trend, though we must have a better experience about the candlesticks trading before it will be simple for us, we need to understand the rules of the strategy properly before we can use the candlesticks pattern with the trend easily.

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    Quote Originally Posted by stanlon View Post
    Candlesticks pattern will make it simple for us to analyze and follow the market trend, though we must have a better experience about the candlesticks trading before it will be simple for us, we need to understand the rules of the strategy properly before we can use the candlesticks pattern with the trend easily.
    That is true and I can relate to the fact that it will make it simple, in the sense that I have been there, I have gotten to have also learned how to make use of it, which is that my trading strategy is mostly based on the use of the candle stick. Furthermore, it is then depending on us to stick to discipline,such as sticking to the higher time frame before we can really get to be able to make use of the candlestick to make profitable trades.

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