About the Candlesticks, Chart Patterns, and Price Action category

Beginner Questions Candlesticks, Chart Patterns, and Price Action
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Great explanation

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To understand how the chart pattern works you first need to know what all factors affect the patterns of the charts. Grab your seat for a detailed explanation. :stuck_out_tongue:

  1. Economical Indicators: Every country releases its economical data like, GDP, Wholesale index, production index, consumer index, industrial output, employment and unemployment data etc. You need to closely look all these indicators to understand what leads to price movement in the the charts. The data is foretasted before it is actually revealed and thus it effects the sentiments in the market. Prediction on good data favours the currency and the instrument rises and visa viz. You need to look for Economic calendar on daily basis to understand the core concept.

  2. According to the Dow Theory, every action of the market can be seen on the charts. Thus, charts itself represent what is going on in the economy.

  3. Next is to understand what do patterns indicate. There is a golden rule, lower lows and lower highs reflect downtrend and higher highs with higher lows reflect uptrend. It is a simple market mechanism as the prices cannot continuously drop or increase, the patterns are formed and we analyse them to know the trend and possible trade ideas.
    You can refer to this link for the best chart analysis tips. https://www.learntotradethemarket.com/forex-trading-strategies/6-tips-on-how-to-identify-the-trend-on-charts

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44

Candlesticks- chart patterns and price actions are really helpful strategies.Youtube videos are of immense help as explains every bit of such strategies.

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Price action generally refers to the up and down movement of a securityā€™s price when it is plotted over time. you can read more about price action on this site , go to Education part and search price action ,

46

that is correct, the videos are helpful and one can get good explanation.

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Pls how can I trade forex

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Please can you share any updated chart patterns in pdf please?

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Go through the school of pipsology

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Iā€™m currently reading naked forex as a beginner forex trader and I really like it, definitely recommend it if you are looking to trade naked/price action

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51

is this a site or just a way of trading you mean. for a beginner how did you work on improving your trading with this style?

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upoipoupoui uiui uiuiuiuiu uioupiupupu sotuto do the popoooo!

53

Finally I got a clear answer! Thanks.

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Hi my name is David, in completely new to this and would love some guidance on where to go from here.

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Said something interesting

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56

ok I am trying to learn trade

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I used to memorize all the candlestick chart patterns when I first started many years ago! Nowadays, I donā€™t use them that much quite frankly. I now use a statistics-based trading strategy since I figured that the accuracy of candlestick patterns are all based on statistics anyway.

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hi iā€™m a beginner, can someone tell if chart patterns are solid enough to trade (on their own)
or you need an stronger startegy??

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My Suggested Trading & Learning Platforms

Navigating Todays Financial Markets can be daunting, especially with so many fast moving opinions and options. Getting rich quick advertisements on stock trading and becoming a millionaire today wonā€™t guarantee you a long term sustainable future in stock trading. Over the last 8 years of trading the financial markets over various platforms I gained a lot of knowledge with regards to the ā€œdoā€™s and dontā€™sā€.

With Regards to learning the Tradeā€¦ Youtube will be one of your best friends.

Have a look at :

Trading 212 - Slow Stochastic for New Traders

Trading 212 - Beginner Guide to RSI Indicator (RSI-Relative Strength Index)

Trading 212 - 4 Things to Always do Before You start trading

You can have a look at most of their videos and you will gain more knowledge.

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61

Ideally you want a few confirmations to enable you to make a decision not just one thing. Itā€™s much better if you have three factors contributing to a buy or sell position. If they are reliable factors and you only have two of three you donā€™t take the trade. Only taking the trade when you have three of three, Will make you a more disciplined trader hopefully with better outcomes

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62

I like what you have said and agree, most new traders think they will be a millionaire in a week or so, its easy right, lol, no its not, I mean, the world would have hundreds of millionaires if this was the case, it would be taught at school and well, everybody would trade and nobody would do the hands work like getting a trade, plumber, electrician etc.
I have on my website tried to create a learn to trade post where I am sort of saying to traders, both experienced and new, learn the basics first, then proceed to trade. The Equity Traders Academy | The Equity Traders this is where I have posted the Learn to trade posts and some other short lessons on trading too.
I think a new trader must first learn charting, then a strategy before going live.