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  1. #1
    Registered user 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. #181
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    Quote Originally Posted by sniper007 View Post
    This trading method is an example of using the candlestick on the support and resistance, that is what I can see, but then again, I learned my different way of making use of it which is to make use of it in such a similar way, but then, I do make sure that I have the confirmations candle been used to confirm my trades and also bollinger band indicator.
    You have need to daily basic use moving average indicator to follow the market and understand both trend line candles movement well after it you can make everyday simple or strong candlestick chart pattern strategy for trading to everyday get achieve success on it. Most of trader first testing the strategy in market with the power of bollinger band indicator which is good for our trading business.

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  3. #182
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    Candlestick patterns are the patterns which are used in every strategy. Without them spotting reversal and continuation is impossible. We always need the candlestick pattern to confirm them and for all the strategies whether they are advance dor simple they need candlestick patterns for the entry and exit points. With the combination of support and resistance levels, they give the accurate signals with the minimum risk.

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  4. #183
    Registered user SimonAnderson's Avatar
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    This is a good strategy. I once pursued a strategy similar to this. The difficulty I face is the determination of standard support and resistance. Because in many cases, what happens is support and resistance are subjective. This can cause traders to run the same method, but do not take the same setup because of differences in subjectivity in determining the support and resistance earlier. If in this thread it could explained more deeply how to determine the support and resistance by default, it would be better IMO.

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  5. #184
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    The best way to get used to candlestick patterns is nothing but practice, we have totally forgot about how relevance this is and hence we lose money, sometimes candlestick can make you so much money if you understand their formation, I am currently studying the engulfing candlestick in relation to moving average and I have seen some very interesting things that I need to pay attention to, the strategy is simple and easy, but requires patience to use.

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  6. #185
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    Knowing the use of candlesticks is very important in order to know the Forex market movement and the use of technical analysis and knowing good analysis can help us to make the maximum amount of profit in Forex market if we are able to master it properly.

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  7. #186
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    Quote Originally Posted by biru View Post
    You have need to daily basic use moving average indicator to follow the market and understand both trend line candles movement well after it you can make everyday simple or strong candlestick chart pattern strategy for trading to everyday get achieve success on it. Most of trader first testing the strategy in market with the power of bollinger band indicator which is good for our trading business.
    candlesticks chart patterns with following support and resistance strategy are the most effective method that is why i like to be follow such strategy in my account as it give us double confirmation about our analysis. this strategy is difficult so we should test it in demo account first to know how it reacts in the market and which results we drive by using it in demo account.

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  8. #187
    Low Cost pajero's Avatar
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    Quote Originally Posted by loyaindia View Post
    candlesticks chart patterns with following support and resistance strategy are the most effective method that is why i like to be follow such strategy in my account as it give us double confirmation about our analysis. this strategy is difficult so we should test it in demo account first to know how it reacts in the market and which results we drive by using it in demo account.

    indeed, candlestick patterns or pattern patterns are usually always combined with areas of support and resistance in the user, so that they can be more maximal, and can be more precise in the entry. Therefore besides learning about candlesticks it is also important to learn about areas of support and resistance

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  9. #188
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    There are good ways of trading the market, you should learn the candlestick pattern and understand better how it works, Trading the market isn't that going to be simple when the trader don't understand the candlestick pattern, as the candlestick pattern really do help you gain so much knowledge about the price movement and helps you make good buying and selling decisions.

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  10. #189
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    The engulfing pattern is one of the most important candlestick patterns that I have noticed in the Forex market, many people don't understand how to use price actions they always chase after indicators that always tend to disappoint, the engulfing makes you enter the market before it starts to trend and it works irrespective of the time frame you want to trade.

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    Registered user Goldenstein's Avatar
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    Quote Originally Posted by Leonvic View Post
    The engulfing pattern is one of the most important candlestick patterns that I have noticed in the Forex market, many people don't understand how to use price actions they always chase after indicators that always tend to disappoint, the engulfing makes you enter the market before it starts to trend and it works irrespective of the time frame you want to trade.
    engulfing and another patterns like pin bar are good to use in this candlestick strategy. we do not have to use any additional strategies or tools to find these patterns because we can only trade by using naked charts and pure price action strategy. that is right for what you have said here, with engulfing pattern we can get an early access to enter our trade before market starts a new trend which we will get high advantage of trading.

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