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

  1. #1
    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. #41
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    [lang=id]
    Quote Originally Posted by shambca7 View Post
    With one single candlestick? Nope I don't think that this is a good way to make any analysis. We should have a few confirmation otherwise one single confirmation would bring so many losses. Yes the use of support and resistance, candlesticks signals, and the trend these three can be used for the best trading confirmations. It does not matter what we are using but should be well confirmed with other confirmations.
    Yeah, certainly that is not good at all. We need a lot of signals and a lot of confirmation from a lot of indicators to trade a position. if we simply use a confirmation but 10 other confirmation signal say it is wrong then we might jut be losing a big deal of money in here. And certainly that is something we need to avoid from here no matter what.[/lang]

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    Quote Originally Posted by Vicko View Post
    Yeah, certainly that is not good at all. We need a lot of signals and a lot of confirmation from a lot of indicators to trade a position. if we simply use a confirmation but 10 other confirmation signal say it is wrong then we might jut be losing a big deal of money in here. And certainly that is something we need to avoid from here no matter what.
    Well, i think that if we want to make money in here then we really need to gather a lot of confidence from a lot of sources certainly but that doesn't mean that we need a lot of signals from there as well. Sometimes we can even decide it with a single signal too but we need to hold responsibility in there and make sure we're confident.

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  4. #43
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    Candle stick chart pattern analysis is very valuable for technical analysis. I like candle stick analysis trader. I like hammer , pin bar and doji candle stick. Thanks for your information. but I don't know all about candle stick.

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  5. #44
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    Quote Originally Posted by azaharul View Post
    Candle stick chart pattern analysis is very valuable for technical analysis. I like candle stick analysis trader. I like hammer , pin bar and doji candle stick. Thanks for your information. but I don't know all about candle stick.
    Liking the indicators and the trading tools alone will not help you at all in forex trading. In order to make the best possible profit, we need to watch every possibilities in this business first and we need to be able to sue them properly. Candlesticks might be really helpful during an opening at the chart depending on the timeframe. Maybe you can use it this way.

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  6. #45
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    these to me is sometimes far fetched and can be really distubing we have to believe in everything we are doing we have a lot to work with and better of formed in some direction there is a lot of market concept that works well for us in the value of choice, the greatest of them all is the market analysis and visual part of it

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  7. #46
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    Quote Originally Posted by Kanyua View Post
    these to me is sometimes far fetched and can be really distubing we have to believe in everything we are doing we have a lot to work with and better of formed in some direction there is a lot of market concept that works well for us in the value of choice, the greatest of them all is the market analysis and visual part of it
    I believe that everything in this business will always need a lot of work. The best one to make money from here is the trader that can earn despite all the odds which is againsts them in here. If your own concept works finely in here then surely you will get a good chance to success but if it does not work then there are a lot of things we need to change first.

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  8. #47
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    The candle stick pattern is a good chart, it could be used on analyzing the chart therein being able to know the movement of the market and also knowing where the possible movement would be, some traders do make use of it as a good trading strategy which they follow. Apparently it has been helping me so far as I have been making use of it for some time now.

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    Oh nice buddy I am also making a good use of regular candlestick charts in my trading analysis, I love some of candlestick very much like doji, pin bar etc. I am using these two mostly in trading and candlestick chart pattern also give us a double assurance in trading because with the help of it we can add on more extra confirmation in our trading analysis. Candlesticks can be also used in naked chart trading so they are very helpful in so many methods.

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    first of my point of views that candlestick itself is a good indicator, and also there are some patterns that we can use to analyze the market as approaches that will give us the chances to enter and exit from the market, but i guess we can not remember all patterns immediately, need more experiences to use them for trading and so keep practicing will give us more understanding about it

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    They are not that complicated as sometimes I would put it but they are an effort to put together a number of trading market formation and formulation there is every effort to look for the right market time that makes it better for us to earn there is a chance in every effort to work for

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