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What are the Japanese Candlesticks in Forex?
- Thread starter Babar222
- Start date
Mate, if you want to learn the candlestick based trading just use the YouTube. There have tons of videos with the details.
Doji is important! But the level is more important, you can’t count every doji unless you are in a good level of the market.
Candlestick patterns on higher time frame are more reliable than on shorter time frames.
A candlestick chart (also called Japanese candlestick chart) is a style of financial chart used to describe price movements of a security, derivative, or currency. Each "candlestick" typically shows one day, thus a one-month chart may show the 20 trading days as 20 "candlesticks". Shorter intervals than one day are common on computer charts, longer are possible.
It is like a combination of line-chart and a bar-chart: each bar represents all four important pieces of information for that day: The open, the close, the high and the low. Being densely packed with information, they tend to represent trading patterns over short periods of time, often a few days or a few trading sessions.
Candlestick charts are most often used in technical analysis of equity and currency price patterns. They are visually similar to box plots, though box plots show different information.
More: https://en.wikipedia.org/wiki/Candlestick_chart
It is like a combination of line-chart and a bar-chart: each bar represents all four important pieces of information for that day: The open, the close, the high and the low. Being densely packed with information, they tend to represent trading patterns over short periods of time, often a few days or a few trading sessions.
Candlestick charts are most often used in technical analysis of equity and currency price patterns. They are visually similar to box plots, though box plots show different information.
More: https://en.wikipedia.org/wiki/Candlestick_chart
No doubt, trading chart is important! But my focus is on my full chart instead of any specific pattern! Pattern based trading is limited.
I use fibo to find out important trading points on the market and it works as a guideline. It shows traders with different trading angles and points. Moving average and RSI are good indicators.
Bollinger bands, moving average and Fibonacchiseem to be good indicators. These are the mostly used indicators around the world.
Be prudent in making trading decision. Don’t open a trade in a hurry right after earning profit from a trade because majority of the traders get losses just because of their excitement.Always try to keep your innovation running because it provides with new ideas.
Conquering forex isn’t as easy as it is thought. Starting trading without practicing is like jumping in the sea without caring about the high dying possibility.
Every broker offers traders a demo account for practicing but traders are pretty much unwilling to use demo account just because they can’t utilize the significance of that.
Yes, there are differences accounts types including zero, micro, hero, platinum etc. Those who have a small capital should start with micro account.
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