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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. #11
    Trader sniper007's Avatar
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    Quote Originally Posted by naeem555 View Post
    i tried some candlestick patterns before some months but not know this one, if i talk sincerely i have heard from time kangroo tail but the other one i know, i tried but that candle is not a good one that can not give us good signal, for good signal i prefer doji and pin bar other all candles are low in accuracny then these both, so i am using just these two from this way
    The same candle stick is what I am making use of in my trade now. I think most of the times when the trader is not being able to use it properly, by following the rules then the trader don't be able to earn with it. Generally, if a trader is eager and willing to earn money from the market. Candle stick is surely one good approach of trading and mostly simple to learn.

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  3. #12
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    Quote Originally Posted by Kudus View Post




    a kangaroo spotted at resistance very strong signal because it didn't just appear there but there is a strong zone it can't break so might come down a bit before heading up high again.

    closed in profit

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  4. #13
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    its good that you have closed in profit, not just gbpcad will go down now all gbp pairs will go down, so i think we need to sell gbp pairs just but remember two days are off so any activity can occure and can strong on monday , bank news will not effect but any economy event can schedule or anything can happen

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  5. #14
    Trader tfs2012's Avatar
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    Since you are interested in simple and obvious trading methods, you should learn to trade using candlestick patterns
    forget the kangaroo tail because in the first picture that candle is a pin bar pattern and in the second picture, this candel is considered an engulfing pattern

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  6. #15
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    ]
    after the kangaroo tail was spotted the trade went in my favor and left me with some profit.

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  7. #16
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    Quote Originally Posted by Kudus View Post

    ]
    after the kangaroo tail was spotted the trade went in my favor and left me with some profit.
    A nice profits from your trade I must say and you have also proven while the candlesticks pattern will continue to remain one of the very strong and profitable method of trading forex. The right knowledge of this pattern will give traders the possible means to make high quality analysis that will give their trade a huge boast and as well help them to make the real profits. Congrats.

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  8. #17
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    Candlestick all trading strategies are give us the market real trend and if traders are use their experience and knowledge then their success will become easily possible for them. If traders are use their experience they will know better this market trend and their success will possible only when they are use that candlestick strategy with care.

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  9. #18
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    Quote Originally Posted by tfs2012 View Post
    Since you are interested in simple and obvious trading methods, you should learn to trade using candlestick patterns
    forget the kangaroo tail because in the first picture that candle is a pin bar pattern and in the second picture, this candel is considered an engulfing pattern
    I also did see the same thing as well, the name although isn't the thing that traders should focus on, I think the thing is the location of the signal that has formed, if the location is good and based on the support and resistance and with the best suitable time frame, I am sure the trader be able to trade profitably.

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  10. #19
    Trader sniper007's Avatar
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    Quote Originally Posted by Tonycee View Post
    A nice profits from your trade I must say and you have also proven while the candlesticks pattern will continue to remain one of the very strong and profitable method of trading forex. The right knowledge of this pattern will give traders the possible means to make high quality analysis that will give their trade a huge boast and as well help them to make the real profits. Congrats.
    Easy, it takes more than just one month to know the effective of the strategy. The thread is just not about more than a month, so lets watch and see, I know the candle stick pattern but for me to make money from the market. I just know that I need to always make use of the bollinger band as my confirmation method. Candles are strong but then depends on the trader using it.

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  11. #20
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    Quote Originally Posted by sniper007 View Post
    Easy, it takes more than just one month to know the effective of the strategy. The thread is just not about more than a month, so lets watch and see, I know the candle stick pattern but for me to make money from the market. I just know that I need to always make use of the bollinger band as my confirmation method. Candles are strong but then depends on the trader using it.
    I don't see the reason why traders will think that trading in the market with some certain trading method will take a shorter time, candles are good approach of trading. But then, to make good use of it, the learning have to go on for a long time before the trader be able to know how they can make good use of it. The best thing a trader should give to themselves is a good learning and experience from the demo account.

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