Candlestick Strategy - Page 3
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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. #21
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    The more better analysis can be with this candlestick pattern of trading. This gives us a higher level to make the right trading at the best time with more hope to get it on from our trade. I follow this strategy because it's strong and can always helps us know what decision can give us a great advantage in forex business. This is one of the best method for us and with the possible timing, profits is possible to be made.

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  3. #22
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    okay lets call it a pin bar since many of you know it as a pin bar so the confusion will be less.reason for entering this trade was double top pattern and a pin bar or kangaroo tail confirmation at resistance if you look from left to right of the chart.

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  4. #23
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    Quote Originally Posted by Tonycee View Post
    The more better analysis can be with this candlestick pattern of trading. This gives us a higher level to make the right trading at the best time with more hope to get it on from our trade. I follow this strategy because it's strong and can always helps us know what decision can give us a great advantage in forex business. This is one of the best method for us and with the possible timing, profits is possible to be made.
    Yes if we can more then analysis the market then we can better to better candlestick trading strategy and get successfully trade and make good profit in it. But it is only possible when trader have spend our more then time in forex and practice for make strategy and tested it those is good or not good for our trading business.

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  5. #24
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    who else thinks this bearish engulfing bar would hold on Gbp/Usd i entered not because of the engulfing bar pattern but because its on resistance so it is likely to fall to take profit target.

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  6. #25
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    My dear what you cal Kangaroo tail here is just the pin bar . the hammer we all know as reversal candlestick formation.The truth about trading system like this is that it does not work out all the time. The pin bar is not all the time dependable and trust worthy because it does fail many times in the market . I happen to be a fan of the pin bar til now and i do know how much it works in the market.

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  7. #26
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    Quote Originally Posted by glory3 View Post
    My dear what you cal Kangaroo tail here is just the pin bar . the hammer we all know as reversal candlestick formation.The truth about trading system like this is that it does not work out all the time. The pin bar is not all the time dependable and trust worthy because it does fail many times in the market . I happen to be a fan of the pin bar til now and i do know how much it works in the market.
    the name i call it don't matter i can call it whatever name that suit me,even that as the name my mentor use to call it so am use to calling it a kangaroo tail.the good thing is that you know the candle stick and can identify it on your chart so if you find the strategy profitable you can also learn to trade the strategy on your account because its really profitable.

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  8. #27
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    A candlestick strategy is well known among the traders that uses price action, the challenges faced with this ranges from false candlestick bar that tells us something while price will do another thing and many things like that, when we wish to use candle to trade, let's wait for another indication that price is truly ready to do what we are seeing in the charts presently, this is important.

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  9. #28
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    Quote Originally Posted by Kudus View Post


    okay lets call it a pin bar since many of you know it as a pin bar so the confusion will be less.reason for entering this trade was double top pattern and a pin bar or kangaroo tail confirmation at resistance if you look from left to right of the chart.

    yesterday i moved the stoploss to breakeven as it was already in profit but i wasn't so lucky it closed at breakeven and move back down.am really angry at my decision to move my stoploss to breakeven even though it is a demo account.

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  10. #29
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    It's hard for me to understand this material without a chart screen shot. Doji can be used as an alarm to retrace or reversal, and you're right, we have to wait a second candlestick after the doji candle, but for me this is only valid in the support / resistance area. I never take this signal outside of the support / resistance area.

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  11. #30
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    Quote Originally Posted by Ahmed86 View Post
    but for me this is only valid in the support / resistance area. I never take this signal outside of the support / resistance area.
    all the trade i have taken has always been on support and resistance that is why many of them turns out to be a winner,i don't take the signal when it is outside of support or resistance.pin bar or kangaroo tail or doji anyone you wish to call it is my signal and the confirmation is the support and resistance if there is no confirmation then the signal is not valid.

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