Interpreting Candlestick Wicks

[Grimm]

Hello everyone. I've been trying to find insight on candlestick interpretation related to signal formations and the presence of wicks. I use a simple Price Action strategy on the Daily charts.

How do you take a wick into consideration for a potential signal?

I'll use the Pin as an example. All of the graphics I have seen in the various things I've read have shown a pin to be a wick on one end, with the body of the candle only on one side, and no wick on the other end. However, in the past 9 months, I don't think I've ever seen a pin candle that looked like that. Instead, it's usually long wick on one side, small body, and then a smaller wick on the opposite side.

How do you guys use the wicks when considering a potential trade?

[Banker928]

Checkout "thepatternsite.com" .... This should prove useful to you.

A better candlestick to look for on the daily charts is the bearish/bullish engulfing bar, zero discretion is involved.... On the NZDUSD trading this candlestick pattern alone with a 100 tp and 100 sl will give you a couple hundred pips per year since 2005.

[Grimm]

Thanks Banker. I'll check it out.

[mrchilled]

zero discretion is involved...

Just bear in mind what time your daily candles close and whether your broker includes Sundays. These can change your results dramatically

[Banker928]

Just bear in mind what time your daily candles close and whether your broker includes Sundays. These can change your results dramatically

Correcto! 5pm NY time is usually said to be the best, that's what I use.

[Grimm]

Aye, I've been trading on OANDA which close theirs in the middle of the night. I've recently started shopping around for a US broker that closes their daily candlestick after the NY session.

[leckya]

Hi there, I really want to learn how to trade a price action strategy and wondered if you could point me in the direction of a good course or person/mentor - have you had any dealings with Johnathon Fox or Nial Fuller and would either of those guys be any good for me. I am a beginner really.

[Grimm]

@leckya: Do the school of pipsology that these guys offer for the basics. I've read pretty much all of Fuller's website and feel it is an excellent resource for learning Price Action. I'm not familiar with Fox at all.

[Banker928]

Aye, I've been trading on OANDA which close theirs in the middle of the night. I've recently started shopping around for a US broker that closes their daily candlestick after the NY session.

Download FXDD's meta trader platform for your charts.... Than just use your brokers platform for placing your orders.

[Grimm]

I'll give that a look. Thank you.