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Thread: Candlestick Strategy

  1. #1
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    Candlestick Strategy

    Introduction
    Hy fellow traders i am new here and also new to forex trading,i was making research on the best and easy strategy to use for trading so candlestick was one of the strategies introduced to me.so currently i am using it to trade on a demo account,how long i will test on demo account is not yet known to me but if its profitable i will start trading with my bonus from next month.

    Signals
    buy when a kangaroo tail is spotted at a strong support on daily time frame
    sell when a kangaroo tail is spotted on a strong resistance on daily time frame
    buy when an engulfing candle bar is spotted at a strong support on daily time frame
    sell when an engulfing candle bar is spotted on a strong resistance on daily time frame

    Risk To reward ratio 1:2

    Evidence Of Profitability By Past Data
    we can clearly see a kangaroo tail as a retest to the previous support that now turned into a resistance


    we can also see an engulfing candle bar on resistance


    let us all see if this strategy is truly profitable.

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  2. #111
    Trader snnaky's Avatar
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    It could be a good thing but you have to know that there are risks and its very important to evaluate the strategy that’s you are following in your trades professionally and periodically
    but you need a lot of experience to choose the appropriate time frame

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  3. #112
    Trader sniper007's Avatar
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    Quote Originally Posted by rimturn900 View Post
    Candlestick trading strategies are best choice for us and if traders are use these candlestick chart patterns they can make easily success on this business. If we are use bullish and bearish candlestick chart patterns then we can make easily good profit. If traders want to make big profit then these candlestick charts are best choice for traders.
    Best choice for the traders that I know is that the candle stick pattern is the best and most simple way but then again, a trader that wants to trade the candle should take good learning and know the patterns that will work for them, because not all the pattern with the candle stick pattern will work for you, some are good and then some are quite poor, a basic practice on demo will help us know better.

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  4. #113
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    Quote Originally Posted by sniper007 View Post
    Best choice for the traders that I know is that the candle stick pattern is the best and most simple way but then again, a trader that wants to trade the candle should take good learning and know the patterns that will work for them, because not all the pattern with the candle stick pattern will work for you, some are good and then some are quite poor, a basic practice on demo will help us know better.
    By the using of candlestick pattern it is very tough for trader to use all of these pattern because it is related to higher risk so if trader want to get success we must have to chose few from them and get practice about how to use them well because if we are doing our trade in right sense so that will increase our trade success .

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  5. #114
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    The candle stick pattern remains a very great means of trading forex and will sure give traders the possible means to analyze the market chart to know when to make profitable decisions in forex. This candlesticks method of trading is one of the effective method I have come across and with price action one can indeed use the candlesticks pattern effectively. This means makes me to spot out good trending market, follow the the right support and resistance level and maintain a good trade where it matters.

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  6. #115
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    see my trade on audjpy i sell the trade for the sake of a kangaroo tail i saw on the chart,the kangaroo tail is on resistance so the trade have a high probability of winning.

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  7. #116
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    candlestick strategy is the best strategy that i found in the forex market to trade with confidence, it is also best to observe the reversal movement of the market, we need to identify the candles and their types and also learn its behavior with the help of different charts i think it becomes easy for you to trade if you can do it.

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  8. #117
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    Quote Originally Posted by sniper007 View Post
    Best choice for the traders that I know is that the candle stick pattern is the best and most simple way but then again, a trader that wants to trade the candle should take good learning and know the patterns that will work for them, because not all the pattern with the candle stick pattern will work for you, some are good and then some are quite poor, a basic practice on demo will help us know better.
    A trader is well used our trading ideas if we are working with good mind set and with good approch so all the trader in market are working properly to understand this market with knowledge about it we have more chances that we perform our trading better in right way and it will be easy to get success in market .

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  9. #118
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    Candlesticks strategy is used for analyzing the long term, you can use the daily time frame or the 4 hour to know the different patterns in the market, the mistakes that we often make in trading is to use the smallest time to trade candlestick patterns, the higher we go up, the more reliable the signal that will be generated will be, trading candlestick is better for trading when we have practiced adequately.

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  10. #119
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    this strategy is very interesting i like you select an ideal risk to reward ratio which make a trader confident about its strategy but i am not depend on candlestick patterns only because it may be possible that candlestick pattern changes its mode at any time so i also used some technical analyses about market to carry out my trade till end with profit.

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  11. #120
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    Quote Originally Posted by Ehis View Post
    Candlesticks strategy is used for analyzing the long term, you can use the daily time frame or the 4 hour to know the different patterns in the market, the mistakes that we often make in trading is to use the smallest time to trade candlestick patterns, the higher we go up, the more reliable the signal that will be generated will be, trading candlestick is better for trading when we have practiced adequately.
    i see. the candlestick patterns are good used at high time frames or long time trading as basic and the goals here that we need to get the patterns clearly and that become the point for traderd to make approaches and set the position.
    and also we need to pay attention for some aspects to validate the analysis to minimize the mistakes such as the marker fluctuation or is there the news with high impacts which should be avoid by traders who use the patterns

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