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

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    Registered user 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. #511
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    Quote Originally Posted by Silhouette View Post
    Candlestick patterns may give us direct or delay result but not too long because we could see market change its course after candlestick patterns indicates such movement after one or two new bars formed. For one simple example we can trade with pin bar and next candle bar shouldl be moved and change its cource to move reverse and we can get profits from that moment if we open any trades.
    There could be wrong signals from the market when the trader is making use of the little time frame in trading, but when the trader is making use of the higher time frame more chances are that the trader for sure will apparently get to have more better trading results. That is why I always make use of the bigger time frame in my trading, that is how good a trader can improve their skills.

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    Forex market is very risky trading business and when traders are follow the forex market with a good and effective trading strategy their earning will become possible for the. If traders are analysis this market candlestick trading strategy then they will find the market trend easily and their success will become possible for them.

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    Registered user Azis Muslim's Avatar
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    Quote Originally Posted by biru View Post
    Forex market is very risky trading business and when traders are follow the forex market with a good and effective trading strategy their earning will become possible for the. If traders are analysis this market candlestick trading strategy then they will find the market trend easily and their success will become possible for them.
    It says that anything is possible to do using any strategies as long as we understand how to do that. Sometime this not really working out for many traders including me because many times I traded I also received wrong signals and got losses as well. Words will always come in handy and easily unlike what we have face directly with market when everything seems not possible to do, even if you are working with candlestick patterns.

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    Registered user sniper007's Avatar
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    Quote Originally Posted by Azis Muslim View Post
    It says that anything is possible to do using any strategies as long as we understand how to do that. Sometime this not really working out for many traders including me because many times I traded I also received wrong signals and got losses as well. Words will always come in handy and easily unlike what we have face directly with market when everything seems not possible to do, even if you are working with candlestick patterns.
    Not that you got wrong or false signal but then you didn't do the right thing before trading, every traders are making use of candle and then depending on the knowledge level of the trader the traders that has the most experience will be able to make good use of candle stick pattern and that way good analysis and signal can be gotten from it.

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    Registered user Sascha's Avatar
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    Quote Originally Posted by sniper007 View Post
    Not that you got wrong or false signal but then you didn't do the right thing before trading, every traders are making use of candle and then depending on the knowledge level of the trader the traders that has the most experience will be able to make good use of candle stick pattern and that way good analysis and signal can be gotten from it.
    anything that happens with candlestick patterns doesn't really concern me with my trading strategy because i only use fundamental analysis to trade. i still recognize some patterns to give good reversal or breakout trading but i don't really rely on them because i must focus with my current analysis without mixing things up together like what i did in my past trading.

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    Registered user Batavia's Avatar
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    Quote Originally Posted by biru View Post
    Forex market is very risky trading business and when traders are follow the forex market with a good and effective trading strategy their earning will become possible for the. If traders are analysis this market candlestick trading strategy then they will find the market trend easily and their success will become possible for them.
    with a note, if you have already understanding forex market and know to make a good analysis and absolutely have a good strategy trading or a system because without having a system impossible i think for trader to make consistence profit from forex market, yes forex is very risky and that's why we must to be careful when we take an order in this market and not just follow the market but must to know when trend will over.

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    Quote Originally Posted by Azis Muslim View Post
    It says that anything is possible to do using any strategies as long as we understand how to do that. Sometime this not really working out for many traders including me because many times I traded I also received wrong signals and got losses as well. Words will always come in handy and easily unlike what we have face directly with market when everything seems not possible to do, even if you are working with candlestick patterns.
    Our understanding is very important for us because without good learning and practice no one can make a good trader and when we are focus on our learning and follow this market with good planning then our earning will be become easy for us. I like to trade with candlestick trading patterns which are make easy for us to earn every day money on this business.

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  9. #518
    Registered user Killer_Queen's Avatar
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    Quote Originally Posted by biru View Post
    Our understanding is very important for us because without good learning and practice no one can make a good trader and when we are focus on our learning and follow this market with good planning then our earning will be become easy for us. I like to trade with candlestick trading patterns which are make easy for us to earn every day money on this business.
    many traders including you and i like to trade with candlestick patterns because we can get a lot of information and market possible movement in future only from candlestick patterns without using additional tools to help us analyze market. i do not sure who find this strategy for the very first time but i admit this is the most easiest strategy to understand and to learn compared to others.

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    Registered user Lyon's Avatar
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    Quote Originally Posted by Killer_Queen View Post
    many traders including you and i like to trade with candlestick patterns because we can get a lot of information and market possible movement in future only from candlestick patterns without using additional tools to help us analyze market. i do not sure who find this strategy for the very first time but i admit this is the most easiest strategy to understand and to learn compared to others.
    There isn't no other better approach of trading, I also trade with the candle stick pattern as well, that has been the method I have always used when trading. If you want to earn money from the market, what you need to do is that you need to know how the market moves and then the use of candle stick pattern really helps in sorting that out for us.

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  11. #520
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    There ain't no other better way of trading the market if not making use of the candle stick pattern in trading, it is the basic thing you will ever get to learn in forex market and when you have learned that then you can make good trades and decisions. You know forex is risky and from the look of things , your success only comes with the use of such simple trading strategy as candle sticks.

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