Candlestick Strategy
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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. #2
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    i spot double kangaroo tail signal on resistance at daily time frame then i entered a selling position it is a high probability set up,kangaroo tail on resistance and with the down trend.

    - - - Updated - - -



    another kangaroo on resistance

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  3. #3
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    the kangaroo could not take price down so it was a failed kangaroo,i notice it because there is not many supporting factor like strong resistance to show how strong the kangaroo will be.well still on the learning process we will practice until we are understand the strategy very well.

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  4. #4
    Trader cutiekc's Avatar
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    You have a good chart, but there are things you should learn about the use of pin bar. First of all, it is a good signals, but furthermore, we need to know that it doesn't work in all market conditions, most of the times, the best way to take the pin bar is when it has been confirmed, and USDCAD pin bar as seen on your chart, it wasn't confirmed hence the failure.

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  5. #5
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    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.

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  6. #6
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    Kangaroo tail or pin bar, are they not supposed to be one and same thing, before turning the matter into something else, I suggest you read more about supporting evidence for a trade, another consideration should be the use of confluence for ensuring that whatever signals that comes is tested against the backdrop of what other indicators are pointing you to, this should be a filter process.

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  7. #7
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    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

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  8. #8
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    Quote Originally Posted by Ehis View Post
    Kangaroo tail or pin bar, are they not supposed to be one and same thing, before turning the matter into something else, I suggest you read more about supporting evidence for a trade, another consideration should be the use of confluence for ensuring that whatever signals that comes is tested against the backdrop of what other indicators are pointing you to, this should be a filter process.
    they are the same thing i just like to call is kangaroo tail you can call it pin bar anyone you choose.yes am still learning to trade the strategy am not good at it and you are right i need to consider trading it with confluence to back up any signal that i see on the chart.thanks for your advice that is what am going to do.

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  9. #9
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    i am unable to understand candle strategies. when i was learning indicators they have some sense they are easy then this but candle pattern are totally a different way of trading on charts we need to identify the candles their types their meaning and then we can enter. i think it is one hardest way to trade so i prefer technical at least in startup of business

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  10. #10
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    I love your trading chart here on the use of the plain chart to trade the market .I love the plain chart because it is always very clear and easy to see everything about the market and for those who understood how the market moves, it is always easy to follow the right direction of the market especially where there is a good market trend. I do not like the inclusion of the arrows here because they will get you confused sometimes. It is better to depend on candlestick formation alone.

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