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Japanese Candlesticks: learning to read and understand🕯 ✅Japanese candlesticks are the most popular way to read the price movement on charts. They are visual, easy to learn and the main thing is that they work. ✅The first mention of candle patterns can be found in the Japanese rice trader Homma Munehisa in the 1700s. Almost 300 years later, candles were rediscovered by Steve Neeson in his book titled "Japanese Candles. Graphical analysis of financial markets". ✅Candlestick charts provide much more information compared to linear charts and are currently the preferred market analysis tool for traders and investors. What are Japanese candles? 🟢Each of the candles tells us four facts about itself: the opening price, the maximum price movement, the closing price, and the minimum price movement. ⏺A bullish candle is formed when the price rises. In financial markets, the term bullish means a long position or a buy. ⏺A bearish candle is formed when the price falls. In financial markets, the term bearish refers to a short position or sale. ❗️The body of the candle is the space between the opening and closing of the candle. If the body is green, it means that the closing price of the candle is higher than the opening price. If the color is red, it means the closing price is lower than the opening price of the candle. ❗️Candle wicks represent the highest or lowest points that the candle has reached. 🟢Each candle represents a selected time frame or time interval during which it opens and closes. For example, on a 4-hour chart, candlesticks open and close every 4 hours. 🟢If we line up several candlesticks, we can compare them with a linear chart. Candle wicks also show price fluctuations. Thus, we immediately get the maximum information that we need for effective market analysis. ⚠️A trader who knows how to analyze and interpret candlestick patterns or patterns already understands the actions of financial market participants a little better. ❤️ Please, support our work with like & comment! ❤️
BITSTAMP:BTCUSDEducation
by UnitedSignals
14
CADJPY Daily Pitchfork ShortFOREXCOM:CADJPY I marked the pitchfork from the pivots on the weekly chart from June, September, and October. Confirmed with the Daily RSI and the Daily chart. It's very slight but there appears to be a bearish divergence on the RSI. I've only started dabbling in RSI divergences so I wouldn't consider this a confirmation, but it's worth noting. After looking at the 30M chart I am confident entering a short position. The Daily RSI is not what I like to see so my stop loss will be tight, probably only risk 0.5-1% with the TP at the median line.
Short
by UnknownUnicorn2349278
The Only Proven Way To Success in Trading 🥇 Hey traders, Like any discipline, consistently profitable trading requires many years of practice. In this post, we will discuss the only proven way to become successful in trading. 🔰First, let's start with the axiom: there are no inborn traders, trading is a skill, a skill that can be learned. Though talent may help you in some manner it does not guarantee your success. One more axiom that is logically derived from the first one is the fact that trading is a complex skill. The one that can be split into dozens of subskills. Making that statement we may assume that our success in trading directly depends on mastering each subskill, each domain that it consists of. But how do we master these skills?🤔 The only way to do that is to practice. Practice means doing something regularly in order to be able to do it better. With your first attempts, you are doomed to fail. Inevitable you will suffer and you will feel miserable because of your incompetence. Trying and doing the same thing again and again, at some moment you will feel the progress and growth. Your perseverance will bear fruit. Knock, and it shall be opened to you. And as a consequence, with some attempt, you will feel that finally the skill is mastered, that one more stage in your journey is passed. Polishing the entire set of subskills and learning to apply that as a single unit will make you a consistently profitable trader. Just stipulate the domains properly, name them and be ready to work hard. ❤️Please, support this idea with like and comment!❤️
BITSTAMP:BTCUSDEducation
by VasilyTrader
20
The Power of using NPOCS on your Charts BTC/USDA Naked Point of Control is an untested point of control which is either time based or volume based and exists in the current market structure. These NPOCS can serve as excellent targets for trades as well as potential areas of support and resistance dependent upon the NPOC's profile distribution. I have marked this Bitcoin Chart with Daily , Weekly and Monthly NPOCs and using the boxes I have demonstrated how powerful NPOCS can be when incorporated into a trading strategy for Scalps Daytrades and Swing setups. I use NPOCS with other confluences mainly Fib levels and order flow and the respect for these levels is well worth noting . I hope this information helps you define a strategy for your trading as utilizing these correctly will boost your ROI. Whatever the case thanks for viewing my work and be sure to like and follow .
BYBIT:BTCUSD.PEducation
by SJTRADESFUTURES
15
AUDCAD ShortWatching for a confirmation on the H4 and H1 for a good entry. After a few losses I started to solidify my system and the confirmations I'm looking for. -Set the pitchfork on the Daily chart and Weekly RSI -Does the trade coincide with the higher time frame trend? (If no then no trade) -Is the trade returning to the median line (If no then no trade) -Will the trade encounter a significant S/R in the direction of the trade? (If yes then no trade) While I continue to research the use of Median Lines, I have begun looking into Fib retracements to find the best entry points.
Short
by UnknownUnicorn2349278