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MAGIC FOREX CANDLESTICKS Trading Guide
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Table Of Contents, Chapter I Introduction to candlesticks. I 1 Understanding the candlestick chart 3, Most traders focus purely on technical indicators and they don t realize how valuable the original candlesticks are. I 2 Candlestick patterns really work 4, When a candlestick reversal pattern appears you should exit position before it s too late. Chapter II High profit candlestick patterns, II 1 Bullish reversal patterns 6. This category of candlestick patterns signals a potential trend reversal from bearish to bullish. II 2 Bullish continuation patterns 8, Bullish continuation patterns signal that the established trend will continue.
II 3 Bearish reversal patterns 9, This category of candlestick patterns signals a potential trend reversal from bullish to bearish. II 4 Bearish continuation patterns 11, This category of candlestick patterns signals a potential trend reversal from bullish to bearish. Chapter III How to find out the market trend, The Heiken Ashi indicator is a popular tool that helps to identify the trend The disadvantage of this approach is that it does. not include consolidation, Chapter IV Simple scalping strategy. IV 1 Wow Lucky Spike 14, Everyone can learn it use it make money with it There are traders who make a living trading just this pattern.
IV 2 Take a profit now 15, When to enter where to place Stop Loss and when to exit. IV 3 Examples 15, The next examples show you not only trend reversal signals but the Lucky Spike concept helps you to identify when the. correction is over and the main trend is going to recover. Chapter V Candlesticks as a part of your own strategy. Profitable trading strategies are based on technical analysis mixed with candlestick patterns to produce consistent profits. Chapter VI What s next, We recommend you to add a strong weapon to your trading arsenal the powerful tool used by professional traders and the. most profitable price pattern ever found The Divergence Pattern. www forexmystery com 2, Chapter I Introduction to candlesticks. I 1 Understanding the candlestick chart, Most traders focus purely on technical indicators and they don t realize how valuable the original.
candlesticks are Technical indicators are derived from nothing but charts Candlestick charts If you. know how to translate the information stored in one simple candlestick chart you will be light years. ahead of the crowd With candlesticks you can t go the wrong way So let s start with some basics If. you have already fallen in love with candlestick charts jump to the next paragraph The next steps are. to set up the most popular MetaTrader platform but all modern platforms allow you to display. candlestick charts, Standard bar chart Japanese candlestick chart. A single bar or candlestick represents the price change within one hour a minute 5 minutes one day. week month etc There is a standard bar chart on the left and a modern candlestick chart on the right. They both provide us the same information, Anatomy of a candlestick. The first thing important about candlesticks is to distinguish between bullish and bearish candlesticks. Bullish candlestick Bearish candlestick, Generally a bullish candlestick is colored white blue or blank It is telling us that the price has moved. up in one hour one minute five minutes etc depending on current time frame being set on the chart. A bearish candlestick is colored black red or dark It is telling just the opposite the price has moved. www forexmystery com 3, Now let s talk about some widely used terms. In the hourly time frame a candlestick opens at the beginning of the hour and closes at the end of the. hour The portion between the open and close is called the body During that hour price can move up. or down to the highest and lowest point and forms the shadows. We don t see how the price was moving inside the candlestick We only see the overall picture. One important note Always wait until the candlestick closes Never make trading decisions based. on current candlestick as it is still forming A seemingly bullish candlestick can turn to bearish in no. time This is the most common mistake traders do Be patient. I 2 Candlestick patterns really work, Candlestick charting was developed in Japan hundreds of years ago For more information about the.
history and overview check out Wikipedia, Candlestick chart Wikipedia. Professional traders focus on candlestick analysis and there was great research done Look at the proof. that one simple candlestick pattern works and gives positive results. Proof How Profitable Are Candlestick Strategies in Currency Trading. And here are the 1 year results 2007 on EUR USD 30 minute time frame 150 pips target for all. known candlestick patterns together No confirmation no filtering no trade management no smart. things at all, www forexmystery com 4, This report was created with the IntelligentEA Expert Advisor. So what is a candlestick pattern, Candlestick pattern is a group of candlesticks that signal potential trend reversal or trend continuation. Traders are trying to identify patterns in the chart and looking to enter or exit their position. Candlestick patterns give more insight into the current market psychology and help traders to make. immediate decisions The next example shows well known candlestick patterns in the chart. This chart was created with Candlestick Pattern Recognizer. As you can see the patterns often forecast the market tops and bottoms When a candlestick reversal. pattern appears you should exit before it s too late. www forexmystery com 5, Chapter II High profit candlestick patterns. Here we will cover the well known candlestick patterns for informational purposes only The. schematics on the left shows how it may look in the real chart Every pattern has a funny name and. brief description You don t have to remember them all We will talk about one very simple but. effective pattern in Chapter IV Simple scalping strategy Just keep an eye on some reversal and. continuation patterns, II 1 Bullish reversal patterns.
This category of candlestick patterns signals a potential trend reversal from bearish to bullish Before a. pattern appears you should identify a short term downtrend We will talk about trend definition later in. Chapter III What is the market trend Important to note a reversal pattern does not necessarily. result in complete trend reversal but a minor change or pause in price action. Morning Star Piercing Line, A small body that gaps downward A long bearish candlestick is. implies indecision between buyers followed by a long bullish. and sellers and potential trend candlestick that opens below the. reversal The reversal is confirmed previous day s low and closes. by bullish candlestick on the third within the first day body and. day above the midpoint of this body, The market feels uncertain to make. Abandoned Baby Three Inside Up, A Doji candlestick with very A bullish Harami pattern. small body appears and discussed later appears in the first. completely gaps below the bearish two days The reversal is. candlestick The reversal is confirmed by bullish candlestick. confirmed by the second gap and on the third day that closes higher. bullish candlestick than previous candlestick, Three Outside Up Three White Soldiers. A bullish Engulfing pattern Three consecutive bullish. discussed later appears in the first candlesticks Each opens within the. two days The reversal is body of the previous candlestick. confirmed by bullish candlestick and closes at a new high. on the third day that closes higher, than previous candlestick.
www forexmystery com 6, Concealing Baby Swallow Engulfing. Very rare pattern Two consecutive Simple The body of the bullish. bearish Marubozu candlesticks candlestick engulfs the body of the. appear candlesticks with long previous bearish candlestick. body and short shadows The, third candlestick with long upper. shadow gaps downward The, fourth bearish Marubozu, candlestick completely engulfs the. previous candlestick, Dragonfly Doji Gravestone Doji. A Doji with long lower shadow Similar to Dragonfly Doji but the. and no or very short upper upper shadow is long and the lower. shadow looks like a dragonfly It shadow is very short or none. implies indecision between buyers, and sellers and it seems that buyers.
took the price back for a moment, Doji Star Harami Cross. A Doji with small trading range A bullish Harami pattern. gaps below the previous bearish discussed later appears. candlestick It implies indecision Additionally the second. between buyers and sellers candlestick is a Doji, Three Stars In The South Breakaway. Very rare The first bearish Long bearish candlestick is. candlestick has long lower shadow followed by a gap The next three. and very short upper shadow The consecutive bearish candlesticks. second candlestick is similar to the make new lows Suddenly a long. first one but it s a bit smaller and bullish candlestick appears and. its low is higher than the previous closes inside the gap between the. low The third candlestick is also first two candlesticks. bearish and lies within the range of, the previous candlestick. Harami Hammer, Simple The body of the bullish Hammer is a candlestick with a. candlestick is engulfed by the body small body long lower shadow as. of the previous bearish candlestick compared to the body and very. short or no upper shadow This, implies that sellers cover their.
positions Color of the hammer is, not important here. www forexmystery com 7, Inverted Hammer, Inverted Hammer is a candlestick. with a small body long upper, shadow as compared to the body. and very short or no lower shadow, This implies that sellers can t push. price lower Color of the Inverted, Hammer is not important here.
II 2 Bullish continuation patterns, Bullish continuation patterns signal that the established trend will continue Before a pattern appears. you should identify a short term uptrend We will talk about trend definition later A continuation. pattern often lead to consolidation, Rising Three Methods Three Line Strike. A long bullish candlestick is Three consecutive bullish. followed by some small candlesticks each closing at a new. candlesticks forming a brief high are followed by a bearish. downtrend that does not exceed the candlestick that opens at a new. low of the first candlestick The high and closes below the first. fifth bullish candlestick closes at a day s open, new high It confirms that the. bullish mood has resumed, A long bullish candlestick is. followed by a gap and then by, some small candlesticks forming a.
brief downtrend that does not, exceed the low of the first. candlestick The fifth bullish, candlestick gaps upward and closes. at a new high It confirms that the, bullish mood has resumed. www forexmystery com 8, II 3 Bearish reversal patterns. This category of candlestick patterns signals a potential trend reversal from bullish to bearish Before a. pattern appears you should identify a short term uptrend We will talk about trend definition later. Important to note a reversal pattern does not necessarily result in complete trend reversal but a minor. change or pause in price action, Evening Star Dark Cloud Cover.
A small body that gaps upward As opposed to Piercing Line a. implies indecision between buyers long bullish candlestick is followed. and sellers and potential trend by a long bearish candlestick that. reversal The reversal is confirmed opens above the previous day s. by bearish candlestick on the third high and closes within the first day. day body and below the midpoint of, this body The market feels. uncertain to make new highs, Abandoned Baby Three Inside Down. A Doji candlestick with very A bearish Harami pattern. small body appears and discussed later appears in the first. completely gaps above the bullish two days The reversal is. candlestick The reversal is confirmed by bearish candlestick. confirmed by the second gap and on the third day that closes lower. bearish candlestick than previous candlestick, Three Outside Down Three Black Crows. A bearish Engulfing pattern Three consecutive bearish. discussed later appears in the first candlesticks Each opens within the. two days The reversal is body of the previous candlestick. confirmed by bearish candlestick and closes at a new low. on the third day that closes lower, than previous candlestick. Upside Gap Two Crows Engulfing, A long bullish candlestick is Simple The body of the bearish.
followed by an upward gap and a candlestick engulfs the body of the. bearish candlestick The body of previous bullish candlestick. the third bearish candlestick, engulfs the body of the previous. candlestick and closes above the, the first day s close Weakening of. the uptrend is evident, www forexmystery com 9, Dragonfly Doji Gravestone Doji. A Doji with long lower shadow Similar to Dragonfly Doji but the. and no or very short upper upper shadow is long and the lower. shadow looks like a dragonfly It shadow is very short or none. implies indecision between buyers, and sellers, Doji Star Harami Cross. A Doji with small trading range A bearish Harami pattern. gaps above the previous bullish discussed later appears. candlestick It implies indecision Additionally the second. between buyers and sellers candlestick is a Doji

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