Get started

1h

GBPAUD 1H SHOOTING STAR CANDLE STRATEGYStep #1: Attach the Chaikin Money Flow Indicator on your Preferred Time Frame Start first by preparing your charts ready for the battle. Simply attach the Chaikin Money Flow indicator on your favorite time frame. This is the only additional technical tool we’re going to use to confirm the validity of the bearish shooting star pattern. Using the CMF indicator we accomplish one major thing. The validity of the bearish shooting star will be confirmed or invalidate instantly as soon as the bearish inverted hammer develops on our Bitcoin candlestick chart. This means that the price won’t move any further from the ideal entry price. Step #2: The Shooting Star Candle should come after a strong bearish trend The location or in other words, where the shooting star candlestick develops matters a lot. This whole ingredient is what makes the bullish shooting star candle performs with such a high degree of accuracy. We need a strong downtrend that has two important features: The first part of the trend is a slow and steady move to the downside The last part of the uptrend, prior to the shooting star candle, needs to be more volatile. Basically, we’re looking for a full-blown market bottom where the bears are exhausted and reach a climax point. Step #3: The CMF indicator must be above the 0 line once the bullish shooting star candle develops The Chaikin Money Flow is a great tool to read and measure institutional accumulation-distribution activity in any market. Basically, a CMF reading above the zero line shows that the buyers have the upper hand and they took control of the market. Notice that the bullish shooting star spotted satisfies all the requirements of a bullish inverted hammer. The shadows are at least two times longer than the body; small body; and very little upper shadow. This candle would have been more powerful if the closing price is above the opening price. But it’s still a good pattern to trade due to all the other features. Now, it’s time to highlight how to find the right entry point for bullish shooting star candlestick. Step #4: Buy once we break the high of the Shooting Star Candle Simply, place a buy stop order above the high of the shooting star. Nothing complicated about our entry strategy. It’s in line with the textbook rule. Step #5: Hide SL below the low of the Shooting Star Candle. Simply hide your protective SL below the low of the shooting star pattern. You can add a buffer of a few pips if you wish to protect against possible false breakouts. Step 6: TP when we get inside the slow part of the prevailing trend or you choose your TP strategy. The full-blown bottom creates the necessary space where the bulls would find no level of support to stop the drop. The last stage of a trend has been always more volatile. And, when combined with the reversal shooting star pattern, it makes for a killer trading strategy. Reverse strategy for a Bearish Shooting Star Strategy.
Long
by Tradingstrategyguides
4
ORB Nr4 CANDLESTICK PRICE ACTION DAILY STRATEGYStep #1 How to Identify the ORB Nr4 The ORB pattern is defined as a trade taken at a fixed value of the opening range. The Opening range Breakout trade is more effective if taken after an inside day that has its daily range smaller than the previous 3 days, which is where the Nr4 stands for. You have three candles followed by another candle with a daily range narrower than the previous three days. Note #1: The 4th day doesn’t necessarily need to be an inside day, it only needs to have its daily range smaller than the previous 3 days. However, inside days tend to produce a higher success rate. The ORB Nr4 pattern can be the best candlestick patterns for intraday trading too. You simply have to apply the same rules outline in this guide on your favorite intraday chart What if we told you that, 40% of the time the first trading hour can tell you what is the high and the low of the day. Our candlestick patterns strategy incorporates this price behavior so you can better manage your risk and set your targets. Basically, you can become a proficient trader. Like with all our trading strategies we’re going to give you first the trading rules by going through an actual live trade example that uses the best candlestick patterns mentioned through this PDF guide. Step #2: Identify the best candlestick patterns and mark the high and the low of the 4th candle When you search for the ORB Nr4 candlestick chart pattern keep in mind two things: The Daily range of the 4th candle needs to be narrow and smaller than the previous 3 candles. The 4th candle price range also needs to be inside the candle number 3. The ORB Nr4 pattern in the chart above is a bullish candlestick patterns because it leads to a bullish move. Narrow daily trading ranges suggest contraction. And contraction always leads to expansion. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion. This is the reason why this ORB Nr4 candlestick pattern is so powerful. Step #3: Switch to 1h TF and Buy if we break the high, Sell if we break the low of the Nr4 candle. Our trade is taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action we need to switch our focus to the 1 hour time frame. Note #2: Only Buy or Sell if the breakout happens during the first 5 hours of the new trading day. We use the Opening Range Breakout technique to time the market and have an effective trade entry. Trades based on the ORB – Nr4 candlestick chart pattern will show you a profit instantly. Now, if the trade is not showing you a profit right away than your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market. Of course, you can only do that if your stop loss hasn’t been triggered in the meantime. Step #4: Place SL below NR4 day low, Step #5: Take profit using a trailing SL below each 1h candle low/high For buy trades, hide your stop loss below Nr4 day low. The ORB – Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit. Our take profit strategy is fairly easy and it’s slightly modified from the original strategy highlighted in the “Day Trading with Short Term Price Patterns and Opening Range Breakout” book written by Toby Crabel. Even though the ORB nr4 pattern tends to lead to trend trading days we’re more conservative and want to quickly take profits. We would trail our SL below each 1h candle low and wait for the market to reverse to take profits.
Long
by Tradingstrategyguides
BTCUSD 1 hourHello, The green 1 on the TD sequential setup phase looked promising when it went above the green 9, indicating that we could accelerate the 13 countdown phase to the upside. Unfortunately, this candle was also a perfect gravestone doji. Candle shape overrides TD sequential. We are still above the cloud, however, the baseline of the ichimoku crossed the conversion line, indicating the close of the long. The 50h MA provided perfect support and the 128h MA is providing very strong resistence. If we can consolidate at current level, we can start attacking the 128h MA, brake it to the upside, and flip it from resistence to support. Best regards, Alexandre Simões
BITSTAMP:BTCUSD
by alexandrejosesimoes
GBPCHF: Short From The TopWhaaaat´s up traders ? Here is my short analysis for the GBPCHF pair. Im short on this pair as we see major market structures forming. Currently price is above my entry ,but with the right risk management there is nothing to worry or stress about. As long we do not move a larger move (20-50 pips) over the divergence trend line. After 3 levels of rise we expect at least a bigger correction from there. Wishing you a great trading week and be careful for pre elections during these hours :)
Short
by darian_fx
2