Hi!
I am wondering if you guys would place a trade if the candles displays many long wicks?
My strategy is “supply” and “demand” on the 5 minute timeframe.
Thanks!
Michael
Hi!
I am wondering if you guys would place a trade if the candles displays many long wicks?
My strategy is “supply” and “demand” on the 5 minute timeframe.
Thanks!
Michael
This is a super difficult question to answer as entering a trade depends on lots more variables than just candles.
Long wicks basically indicate price rejection.
If there are long upper wicks, for example, in principle that interests me in a potential short entry. But whether I would actually place a trade, as Pauley said, depends on a lot more variables than just that.
You must mean “support and resistance,” I think?
(Spot forex does not have “supply” or “demand” - it matters, to you!)
Well, that’s what wicks are about.
Personally, I wouldn’t put my faith on candlesticks patterns especially on entry. I think the context of the market is much more important than just candlesticks. But still, candlesticks pattern does has its purpose though but mainly for information only.
Hmmm. I have to agree with Pauley.
Candlestick patterns aren’t really the most reliable, especially on their own. Are you using any other indicator with them?
Indicator: EMA 200
I find pin bars and morning/evening stars much more reliable than they’re “supposed to be.”
Hikkake after failed Harami is very good to me, also.
But generally I agree with you.
I might need to refresh my memory of patterns because I had to look these up.
i don’t really disagree - but you could improve them quite a bit, maybe, just with a single moving average: look only for long entries when whole price bars are above a rising 30-bar EMA and only for short entries when whole price bars are below a falling 30-bar EMA? something like that, maybe??