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  1. #1
    Trader faridoon's Avatar
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    best way to use candlestick pattern ...

    Hello
    in my today topic ill try to explain in my prospective the importance of candle stick pattern with trading

    i will start the topic with few question that i think any trader will have in his mind about them

    what does candle stick patterns means (to me) ? which one (should) i use more ? how (i think) it should be used ?

    so starting first , candle stick as books say it represent the movement of the price in define period with the price of open high close and low , that's an academical definition if i may say but for a trader it should mean to him for getting information about the selling or buying pressure and to me i don't care much about opening basically whats important in candle stick is the close and the low if its bearish candle or the high if its bullish candle , candle stick can show you also who is the wining side of the bears and the bulls and also can give you an information who might take control in the upcoming movement

    there are many candle stick patterns you can find them in the internet but the patterns i use the most and i think they are the best are , ENGULF candle , PIN BAR candle , so lets see them one by one and what they look like.

    the engulf candle: from its name we get the hint of what it do its a big candle that engulf or it swallow the previous candle or candles in the opposite direction of course meaning if we have a bullish candle the engulf candle will be a bearish candle that open in the same close of the previous candle and close lower then the low of the bullish candle (i hope no one get confused so far xD) it will be clear with the chart so lets see



    the PIN BAR candle : it s a candle formed by a long tail with a small body , now the tail should be no less then 3times longer then the body and the candles i use are only those were they have a square body sometimes i use those with rectangle body but must be almost squared , the information you get from this candle is also that there is a huge resistance or support on that area and the huge pressure , lets see some examples of it

    on 4hours time frame



    on daily time frame



    also the little down or up the body not the one who supposed to be long no the other one it must be so small for example lets say a bearish pin bar the log tail will be up the body and down the body must be a very small tail or no tail

    example eur/usd daily chart



    ps: it work best on bottoms or tops and that only where i use theme meaning when you look left you're chart you will find it kind of empty

    so at the last of my topic i will tell how i use them and how i think it should be used ,
    i know a lot of trader that use a naked chart and only work with candle stick pattern but for me i find it a little bit not enough so i combine them with other technical analysis for example if it comes from a support area it tells me that this a strong area , or when i use harmonic pattern if it shows up that means the pattern its strong and have high chance to work out , ill show you example for both ,

    support area with pinbar & engulf candle



    harmonic pattern:

    shark pattern with engulf candle



    AB=CD pattern with pinbar



    and basically you can use those two candles with the way you use to trade the market

    if you have any question drop it down and ill be glad to answer , i hope this was useful for you , HAPPY TRADING everyone

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  2. #11
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    Quote Originally Posted by ridha21302 View Post
    Candlestick chart patterns with support and resistance level idea can be more effective. I do not like to trade with indicators. According to my own opinion they are boss to make more false signal. For this I use only candlestick chart patterns with support and resistance. I am getting sound result from its.
    there is no problem to trade with or without the indicators, and also at the same time that candlestick itself is a good indicator besides as the chart, and so we can make it as the way to analyze the market directly with using the patterns or form body and tail, but almost of this, it is good to always use high time frames first to identify the patterns, get the true trend and also support resistance levels,
    we can draw it manually or use the indicators but the goals is same

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  3. #12
    Trader maryrosi's Avatar
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    Quote Originally Posted by mr.big View Post
    there is no problem to trade with or without the indicators, and also at the same time that candlestick itself is a good indicator besides as the chart, and so we can make it as the way to analyze the market directly with using the patterns or form body and tail, but almost of this, it is good to always use high time frames first to identify the patterns, get the true trend and also support resistance levels,
    we can draw it manually or use the indicators but the goals is same
    yes, candlestick also includes an indicator, in trading, if using candlestick as its reference, then we must understand the pattern of candlestick itself, the accuracy of candlestick is very good, but not all traders understand the pattern of candlestick, if you understand all the patterns from candlestick, then you can easily get profit from the forex market.

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  4. #13
    Trader layigold's Avatar
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    What a good thread you have presented on candlestick patterns and I could see that you have good mastery of what you are trying to share with the house . Candlestick pattern trading is very common among price action traders and if a trader makes the process very simple , he is going to come out a better trader in the long run most especially when such a trader focuses on long term picture or sentiment. I would like to show the trade I took on 2nd March on the basis of pin bar at a confluence area, and the trade fetched me 350 pips just within 14 trading days .

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  5. #14
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    One of the best way I trade the candle sticks pattern is by following the support and resistance features which gives me the very time to manage my trade and build a good means towards making up for success. The more we can learn about forex, the more experience we can gain in here and the more better we can reach out for our goals. Candle sticks are helpful and very necessary and in key areas like the support/resistance levels, we can manage our trade and build a good means to maintain a good trade on the right timing in forex.

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  6. #15
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    best way to use candlestick pattern.....

    Best way for trader to use candlestick pattern, it is on uptrend or downtrend,this strategy is very reliable,while on uptrend,wait for the first bullish candle,then follow by bearish candle that engulf the bullish candle,followed by another bearish candle that engulf the first bearish candle for confirmation, then place order, but use good money management and risk management.

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  7. #16
    Trader layigold's Avatar
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    I read through your thread and the contents are really good , it shows you have good mastery of what you are trying to give out . Candlestick patterns trading is very profitable most especially when you consider higher time frames like 4H and daily charts. You must be able to locate the significant levels of support and resistance for the purpose of determining good entry and exit points. For this strategy to work effectively , a trader must practice sound risk and money management in trading .

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  8. #17
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    I totally agree with this statement that if we are use the candlestick trading patterns then its make really simple and easy for us to earn the high earning from this market. if we are earn high earning from forex then we can make easily high profit from this business. So we are need to choose candlestick trading patterns and then learn it to get the real market trend and earn money from our trades.

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  9. #18
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    Quote Originally Posted by mwana View Post
    I totally agree with this statement that if we are use the candlestick trading patterns then its make really simple and easy for us to earn the high earning from this market. if we are earn high earning from forex then we can make easily high profit from this business. So we are need to choose candlestick trading patterns and then learn it to get the real market trend and earn money from our trades.
    Yeah that is true candlestick trading patterns are very important and easy for traders to use in our trading. if we are use only candlestick patterns in our trading then we can find the market real trend. If we find the market real trend then candlestick patterns are the best way for trader to trade and earn the high profit from this business easily.

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  10. #19
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    It is a good pattern for explanation for trading well because we have to be more clear in trading if we have knowledge about candlestick pattern that will provide us good opportunity in trading and we are more simple for trade results , working with right management skill and with good candlestick pattern are always good and profitable in following .

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  11. #20
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    Quote Originally Posted by alizahid View Post
    It is a good pattern for explanation for trading well because we have to be more clear in trading if we have knowledge about candlestick pattern that will provide us good opportunity in trading and we are more simple for trade results , working with right management skill and with good candlestick pattern are always good and profitable in following .
    yes i agree with you, candlestick pattern are very best for good trade ,they can give us a profitable trade because its very to understand ad manage the trade with the help of candlestick so the combination of indicators with these pattern helps to make an excellent trade with good earning abilities.

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