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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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    the engulfing pattern those helps as trader to work with the good confirmation to gives of decision on calling with the precise of option as those had with the different candlestick on drawing as forming of figures as by the finale to leaves with the chance to submit of good commands on order with the proper on risks level to work with the order.

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    Registered user Hukam's Avatar
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    Quote Originally Posted by sharegistFX View Post
    I think this candles are good and could make one make money from forex trading. But they can be misleading as well, that way I mean, one needs to know the technical analysis method as well, that analysis method that have to do with locating patterns and then being able to apply this candles to them, I am currently learning on how to trade the candles.
    All we know that mate single trading confirmation is never good especially if you are only concentrating on candles or indicators, I like the way you have explained about technical analysis use, yeah that's important to use in trading with the help of technical analysis it would be much easier for you to grab all those reversal candlesticks patterns, you can find inverted hammer, or other reversal hammers on strong support areas.

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    Quote Originally Posted by Hukam View Post
    All we know that mate single trading confirmation is never good especially if you are only concentrating on candles or indicators, I like the way you have explained about technical analysis use, yeah that's important to use in trading with the help of technical analysis it would be much easier for you to grab all those reversal candlesticks patterns, you can find inverted hammer, or other reversal hammers on strong support areas.
    So many believe that its adequate to do trade with single confirmation trading system but those signals could be misleading and false so many time, double confirmation give you two ideas about the market movement, Two to three confirmations are good, I never count how many confirmations I am using on the chart but I am sure that they are more than two or three.

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    The candle stick chart seem to be the best and the one which should be used when trading. According to what I have experienced it seems to be the best . But then I am quite aware of the fact that another trader many still might find other chart helpful, but there are much more people using the candle stick chart.

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    Quote Originally Posted by impexo27 View Post
    Candlestick charts and types are very different things. There are almost 200 candlestick types and patterns in the market through which you can make money if you follow them and execute trade with a good money management thing on mind. yes thats possible.
    it is a good thing to differentiate the chart you are using from the ones you do not use, and still know that the ones you do not use exist, this shows you know hat you are doing and can make money by that too. traders with a strong commitment to trading shoudl know that.

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    Well, the candle stick chart happens to be one of the best chart with the clear view I have ever experienced in the market, thus I am being more serious with it, thus, the candle stick pattern as I have said so many times, works more better on the longer time frame, thus we have to look forward to having good result when trading on the longer time frame.

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    well i agree with you whenever we deal in the forex trading world we need to understand all the basics of the trading and the most important thing is to understand the working of the candle stick pattern of the trading doji, hammer, inverted hammer and many more types of candle one need to learn.

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    When we talk about reliability I think the candle stick chart is very reliable therefore if we would want to make money from the business then we have to learn and understand which ever trading strategy we intend on making use of in the forex market because forex trading is a risky business and before we can get successful we have to be serious with the business we have to really get to understand what the business is much all about.

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    Quote Originally Posted by h3m4nt View Post
    well i agree with you whenever we deal in the forex trading world we need to understand all the basics of the trading and the most important thing is to understand the working of the candle stick pattern of the trading doji, hammer, inverted hammer and many more types of candle one need to learn.
    traders can understand everything which they wnat to be trading with, and the candle is a proper way for trading by some traders that knows it well. and the doji iis such a good part where traders can make the best from the forex business.

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    Quote Originally Posted by h3m4nt View Post
    well i agree with you whenever we deal in the forex trading world we need to understand all the basics of the trading and the most important thing is to understand the working of the candle stick pattern of the trading doji, hammer, inverted hammer and many more types of candle one need to learn.
    Yes sir, traders who are dealing with this market has to fully understand the market as well, it should not be a strange thing to the trader, and they have to do trading with utmost understanding and creativity. Lots of ways are there for traders to explore, but the ones you want should be well understood before using it.

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