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Morning Star Candlestick Pattern: Trading strategy!🌟🕯️ ✳️The Morning Star candlestick pattern is a candle formation that can often be seen on price action charts. It has a bullish character and can often determine the main minimum of market fluctuations. ✳️Three candles in a figure are one of the mandatory conditions of the pattern. Nevertheless, it is quite easy to find the morning star on the chart. It's easy to make sure of this – just look at the shape and location of the “Morning Star" figure. ⚠️ The shape of the Morning Star pattern So, the formation consists of three Japanese candlesticks. Each of them must meet certain requirements. 🔵 The first candle is a bearish one with a rather large body and the absence of wicks or their presence with a very small length (no more than 10% of the body); 🔵The second candle is with a small body or completely without it. The candle should be with small wicks. The color of the second candle does not matter; 🔵The third candle is bullish with a large body. The body of the third candle should cover most of the body of the first candle (or engulf the whole body). Also, the candle should be without shadows (ribose) or with very small shadows; 🔵There should be a gap between the central candle and the other two. But, as practice shows, it is not always a prerequisite. ❗ Location of the candle model "Morning Star" ❗ The morning star is a bullish formation. Therefore, it is located at the end of a downtrend. The central candle is the local minimum of the downtrend. After the formation of this Price Action pattern, you should buy an asset. ❗ Signal amplification of the Morning Star model ❗ 🔴If the central candle was formed without a body, then the pattern gives almost 100% about the change of the downtrend to an uptrend. This model is also called the "morning star Doji" or "abandoned baby"; 🔴The presence of a gap between the central candle and the other two candles strengthens the trading signal; 🔴The bullish central candle is stronger than the bearish one. But the strongest is bodiless; The third candle completely covers the first candle; 🔴The presence of a small trading volume at the first candle and a large volume at the third candle strengthens the model. ✅ When to enter into a transaction We enter into the transaction after the closing of the third candle. It is confirmatory in the "Morning Star" pattern. This is a kind of guarantor of the model. ✅ When not to enter into a transaction Everything is simple here. If the pattern does not satisfy the main conditions, then we do not enter into the transaction. It will no longer be a morning star model, but something else. ❤️Friends, If you want more of these articles, like comment and subscribe❤️
Education
by TopTradingSignals
22
How To Be Success Trader II Lesson 11 - You must learn analysis and basics well, such as knowing important terms such as margin, leverage, lot, point, pairs and the relationship between them, the meaning of indicators and commodities and how to calculate the point,, and then delve into technical analysis and study the basics such as trend lines, supports, resistances, Fibonacci, price action and patterns 2- You must create a successful and good trading plan for yourself and you must take into account the trading times, the fixed strategy you will work with, the choice of pairs and the time frame that you will work on. 3- You must first practice on a demo account, preferably with the same amount of capital that you will deposit in your account later, so that you can know the measure of your profit and loss and better test your psychology and strategy. 4- Do not use hedging (hedging is buying and selling at the same time on the same pair) 5- You should be a good watcher of the news, because there is strong news that you should avoid trading while it is being issued in order to preserve your capital.
OANDA:XAUUSDEducation
by Fx_Vanguard
2
XAUUSD BUY OANDA:XAUUSD 1. Overall trend was bullish. 2. D was bullish 3. 4hr candle was creating HH HL 4. 1hr was ranging. 7pm candle made a strong rejection. 5. Took a buy with a smaller lot (dynamic risk) when the 7.30pm candle broke the prev 30m candle with SL below the prev 15m candle around 22 pips. 6. moved the Sl to the below the new 15m candle (8.15pm) around 17 pips. 7. Took another buy when the candle broke the D's high anticipating to push higher with the NY volume and clean candle to the left (40 pip range) 8. Closed the first position with 20 pips and the 2nd position with 11 pips. Since it was a monday I closed everything and did not leave a runner
OANDA:XAUUSDLong
by Govv510
CADCHFThis is my thought on Cad chf as the liquidity has been grabbed. Now the market can move freely. Based on SMC this is a good chance for a short trade till the lower OB. Great to learn SMC, slowly step by step, everyday there's an opportunity for a trade. Learning how to be patience is my hardest hurdle at times. Although I'm a newbie in forex but I know I'm progressing day by day with patience of course. What are your thoughts and ideas? do drop a comment we can share thoughts and ideas and progress together.
Short
by Student_of_Forex
BTC LONG OR SHORT ?Hello friends . Basically, I do not leave much information or analysis about the market. But here I consider it my duty to make an analysis. It is better to be brave in analyzing. If you are careful, most analysts and signal channels are silent. Do you know why? Look at my chart (it could be yours too) 1. We are in a major downturn. (Larger channel) 2. In this descending channel, another descending channel can be seen, of course, with a steeper slope! (Smaller channel) We know that most of the time, descending channels are broken from the ceiling and cause the price to rise! Well the smaller descending channel is still hesitant! If the roof is broken, we can go to break the roof of the larger canal! But if it wants to, the sales pressure will increase and the smaller channel will become invalid! We are going for a bigger descending canal floor! That means we can see bitcoins, 38 k, and then 22 k, respectively. (Range) So maybe now you understand why most top analysts are silent here? Most are waiting for the wave market to start to ride the wave and then say we are professional analysts! Note: Bad news comes in the resistance! Good news on sponsorships! This coordination is not accidental! :)
by GODsPLAN777
4
BANK NIFTY BUYSIDE 23-09-2021 PriceactnHi I'm Sandeep Deb Price Action Trader. I'm sharing some of my tomorrow setup for a BNF. Tomorrow we can see an aggressive buying above 37120 , aggressive traders can buy above 37050 and safe traders can buy above 37120 with Stop loss @36880 REASON AND SETUP FOR BUYING GIVEN BELOW: 1) In 15min TF we can see down trend and now this trend is going to end or getting weak with confirmation of downtrend rejection, after 5 rejection somewhere there is a high expectation to see for uptrend. 2) 5rejections in downtrend. 3) Cup N Handle pattern. 4) Fib Retracement taking support around 36880.
NSE:BANKNIFTYLong
by sandeepdeb28
EURUSD - Do you need help??EURUSD here. But firstly, do you need help trading or understanding char layouts? if you do I may be able to help I'm only a message away. We have all been there where we think we see the perfect setup and we look back an hour later to see it has smashed our stop loss. This is all a learning curve, all successful traders have been there and if anyone tells you they haven't then they are sure as shit lying to you! Even now I will confidently say I hit stop losses. The main thing that keeps me trading is knowing my strategy works and making sure I stick to a strict risk management plan. By doing so you can have the worst trading day ever where everything goes against you but you'll still have capital to again the day after and make the money back.. think about it. If you hit 3 stop losses at 1% risk you will lose 3% of your capital. If you hit 1 TP where your RR (Risk Reward) is say 4.2% you would reclaim all your losses and be 1.2% up un profit off one trade. Simple right? Anyway, EURUSD. I explained the importance of DXY in an earlier post and again it is important when I have looked at EURUSD. I can see we have now hit a rejection zone within the dollar and can see DXY rising again meaning the dollar is getting stronger. Also looking at price action here on the 1hr timeframe I can see we had an impulsive move down with a sharp rise back up meaning I can look to the left and look at prior structure (Yellow highlighted box) so now I can see structure I can add in my fib. High to low we can see the fib lines up nicely with the 50% fib meaning to me we should see some rejection here. My trade has a 17 pip Stop Loss with a RR of 3.26% meaning if the trade fails, I'll lose 1% of capital. If the trade goes to plan I'll gain 3.26% on my capital. You don't have to look for massive swings to make money nor do you need to allow a huge stop loss to be able to let your trade run. Be smart and only trade when everything starts to line up. And remember, losses happen. We can never be right 100% of the time.
Short
by Forexforbeginners
2
AUD/CHF Possible Short Position? Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :). Daily Analysis My analysis on this pair is very similar to the one that I had already done for AUD/NZD if you want a more detailed analysis of the pair look at my most last post for that. Anyways, I still see a very bearish sentiment on most of the AUD pairs, and this one is no different. Price was in a downtrend in the prior months before falling in a range as marked up on my charts, price is at the top of this range now after it had tried to break out to the highs. Price was rejected at this attempt of making a push to the higher highs but was shot down, now price is rejecting recent highs created last week, in my eyes it is ready to fall. We are now waiting on a confirmation for this trade before entering on the one hour chart provided down below. Hourly Analysis Price almost seems like it is creating a possible micro downtrend on this hourly chart, but keeps having a hard time breaking these lows shown on the chart. I am now waiting on a close below these lows further confirming that the price is possible to break these lower lows. With a candle closing bearish below these lows I will enter this trade with one percent of my total capital at risk, a simple consistent risk management percent will really help from not blowing an account. This trade will potentially be a 1:5 Risk to Reward Ratio, if we can get a move like this it can really make our entire month. I am really trying to just build my account at a slow an constant rate and just to really put my money to work in a controlled fashion. Anyways, remember if you are going to be taking any of the two trades from my analysis it is at your own risk but remember since these two pairs conflict with one another very easily you might want to lower your risk for each individual trade. Let's say you want to risk a total of one percent but you are taking two AUD trades, you would want to risk half a percent on both trades to mitigate your risk and keep your losses under control. I hope everyone has a good and safe trading week, I wish all the best to you. Thanks again, KeySlot
Short
by KeySlot
Are the Bulls Back in Town? Or are we in Bear-ritory?Please give me your feedback especially if you are experienced. I am new to TA and I'm still learning to correctly identify patterns and make realistic projections. === This looks to me like natural consolidation around the 0.618 fib level (from local move) & 2.618 level (from 2018 fib targets) The recent smaller bull run looks to me like a 1-2-3-4-5 elliott wave I projected an A-B-C elliott correction wave based on the Fifty Percent Principle - take back half the move in half the time I think we will see slightly more than half the move because of usual crypto volatility Over the next week or so i'm bullish to lower high around 50k After that, bearish and looking for a higher low and entry point around 40k
BITSTAMP:BTCUSD
by zootsuit9
4
Another Amateur WorkEveryday i doubt myself but the day after i realize that i've learned something even if i'm wrong. because mistakes are the best way to learn something. I put something new with combination of "amateur" level of Gann + Price Action. I was expecting bears to put the price down but not this much. Though when i checked the daily Gann, i saw the logic. There is A LOT to learn. It is so interesting how these geometrical movements are also built on psychology of humans. i still wonder and research about the connection of these two... Cheers.
by oguznt
The 2 Types of Trading Mindsets!Hello Traders! Here I have identified the 2 different mindsets you can having when trading forex, crypto, indices and stocks. These are the challenges I have had to face in my trading career to become as profitable as I am today! The main reasons for failing to make profit while trading is because of the 99% mindset most people have. Many reasons for failing to take good trades are due to the impatience and the lack of discipline within yourself. One key issue I have learned over my trading career is a trading plan in critical! Failure to prepare = Preparing to fail. With a solid trading plan you will never feel emotional or lack of confidence when taking a trade as you will have strict rules you always follow. Removing this emotional fear of loosing money or failing to reach you take profit will help you out win the long term as you never feel that pressure and is one of the biggest reasons a trader fails to trade and sustain consistent profit. The 1% mindset is the prime mindset you want to have and sustain while trading. Manging you mind and following strict rules is how people become millionaires from trading. Rather than being reactive to the market conditions be proactive and be prepared for any scenario! Thanks for taking the time to expand your knowledge! Check out my other ideas below!
OANDA:XAUUSDEducation
by Pips-Collector
2
MATIC/USDTMATIC/BTC MATIC/BTC has discovered solid help at $1.44 Since the May crash Matic has been on a slow descending pattern from the top at $2.85 and reached as far down as possible at $0.64. Presently Matic/btc is exchanging at $1.47 and if Matic can flip this vital obstruction over the 38.20% Triangle level into help above $1.77, Matic looks ready for a major move (95% back to ATH ) from this help zone . 185% Gain to the 161.80% Triangle target at $4.22. See past examination beneath. Cheerful Trading :) MATIC/BTC Script Buy Signal set off EMA Crossover SMA Confirms the Bottom and Reversal in Price back to May Highs close to the ATH (145% Gain). See past investigation beneath. Glad Trading :) Polygon (Matic) has discovered solid help @ $1. Since the May crash Matic has been on a lethargic descending pattern from the top @ $2.85 and the base at $0.64, as of now Matic is exchanging at $1.04. Matic looks ready for a major move (175% back to ATH ) from this help zone . Glad Trading
M
by DeclanBrock
4
Learning Parallel Channel TrapsSometimes we can get so caught up in the fear of missing out on the breakout that we forget it could be a trap. It is always crucial to listen to your intuition when you see these easy setups because more often than not they are more complex than they seem. In this example, a breakout occurred and buyers put stops below the last structure, a few days later this structure got raided for liquidity. Once the liquidity was gathered we began to see the true move to the upside. Do you see this often in the markets?
Education
by AlkalineFX
2