Weekly candle close strategy


  • Best Candlestick PDF Guide – Banker’s Favorite Fx Pattern
  • Forex Trading Strategy – Breakout of the “First Four-Candle Range”
  • See below: Best candlestick patterns for swing trading? The pump and run are the best candlestick patterns for swing trading. If you want to learn more about the pump and dump candlestick patterns check our full trading guide HERE. In this case, the candlestick chart analysis is done by studying how fast the price changes in relation to something that we call a lead-in trendline. See below: Best candlestick patterns for scalping? The shooting star is the best candlestick pattern for scalping.

    This candlestick pattern will help you to stop losing money scalping the market. The shooting stars are bearish candlestick patterns while hammers are bullish candlestick patterns.

    A simple forex scalping strategy based on the shooting star can be found HERE. For a more aggressive scalping strategy see our 1-minute scalping strategy HERE. We're going to show you some candlestick patterns explained with examples. If you understand the psychology behind what the candlesticks are showing, it can make your life as a trader a lot easier.

    Not only that, you get a possible insight into the battle between the buyers and sellers. Chart patterns can also be used to trigger your trades. Toby Crable is probably one of the less known profitable traders. The ORB pattern is regarded as being the most powerful trading tools in the last 25 years. The Opening Range Breakout trade is more effective if taken after an inside day that has its daily range smaller than the previous 3 days.

    This is what the Nr4 stands for. You have three candles followed by another candle, with a daily range that's narrower than the previous three days. However, inside days tend to produce higher success rates. Our candlestick patterns strategy incorporates this price behavior so you can better manage your risk and set your targets. Basically, you can become a proficient trader. Step 2: Identify the best candlestick patterns and mark the high and the low of the 4th candle When you search for the ORB Nr4 candlestick chart pattern keep in mind two things: The Daily range of the 4th candle needs to be narrow and smaller than the previous 3 candles.

    The 4th candle price range also needs to be inside candle number 3. The ORB Nr4 pattern in the chart above is a bullish candlestick pattern because it leads to a bullish move. Narrow daily trading ranges suggest contraction. And contraction always leads to expansion. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion.

    This is the reason why this ORB Nr4 candlestick pattern is so powerful. Our trade was taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action, we need to switch our focus to the one-hour time frame. Note 3: Only Buy or Sell if the breakout happens during the first 5 hours of the new trading day. We use the Opening Range Breakout technique to time the market and have an effective trade entry.

    Trades based on the ORB — Nr4 candlestick chart pattern will show you a profit instantly. Now, if the trade is not showing you a profit right away, then your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market.

    The ORB — Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit. We would rather trail our stop loss below each 1-hour candle low and wait for the market to reverse to take profits. Some of the candlesticks, however, do provide more value than others. Certain candlestick patterns consist of 1 candle. Other candlestick patterns need two candles to be complete, or even up to 3 candles to form a combination formation.

    The candlestick patterns usually occur at the bottom or top of these swing highs and swing lows, but can also provide information of continuation.

    Also, candlestick patterns often indicate the beginning and end of momentum and corrections. The various swing highs and swing lows that are labeled as momentum and correction can, in turn, be the building blocks of a trend channel, trend line, and chart pattern. How these candles are used will differ from strategy to strategy, and from trader to trader. Some Forex traders even opt to trade solely based on the information provided by candlesticks.

    An example could be for instance trading pin bars. Other traders use candlesticks as supportive information. They seek confirmation of their analysis via candlestick patterns.

    For example, traders could be waiting for a bounce at a trend line by analyzing candles. This strategy means that traders use candles as part of a broader strategy and use it as confluence. Price action signals at major support and resistance, for instance, is a method that capitalizes on candlestick patterns in combination with other technical analysis. Last but not least, some traders may choose not to use candlestick patterns because they prefer other concepts.

    All traders need to find a balance in their tools, indicators, and analysis. Do you use Japanese candlestick patterns for analysis and trade management?

    If yes, are there any particular candlestick patterns you like most? If not, why not? Let us know down below! Thanks for sharing this candlestick patterns training article and Good Trading! Trade Setups Based on the Candlestick Formations With the start of a new month, Forex traders have the luxury of analyzing new monthly candlesticks and patterns. In January of , there was a wide range of valuable information.

    This post reviews those interesting opportunities and conclusions on the majors which we can learn from for future trades to find setups based on candlesticks formations of the major forex pairs. This has been by far the largest bearish candle since the downtrend started in May It is called a Harami candlestick and the pattern indicates a potential bullish reversal.

    When I place a Fibonacci tool on the Harami weekly candle then the The path of the highest probability for the EURUSD, therefore, seems to be a bullish zigzag followed by a downtrend continuation. This analysis is highly dependent on the NFP figures. The other majors are showing a different situation. Its candle closed bearish and indicates a decent to high chance of further consolidation. I am expecting the triangle to continue before any bullish or bearish break occurs.

    Technically speaking I am looking for more downside continuation upon the retracement of the monthly candle orange Fib. For those of you unfamiliar with Master Candles, they are candles that engulf the next four following candles. Trading a break of a Master Candle on any time frame can be very profitable, but trading a break of a weekly Master Candle can be especially profitable. Usually, when I trade hourly master candles, I place my stop on the opposite side of the master candle.

    If the candle is too wide to maintain my risk parameters, I will place my stop in the center of the master candle. Since this master candle was around pips wide, I planned to trade the break as if it were a break of a lower time frame candle and try to set my risk around 50 pips.

    That way I will be able to trade the break with decent size and hopefully get a piece of the initial move. In this example, the price action was about 25 pips above the low of the inner master candle which is near I placed a pending sell order at From there, I followed my stops down using the hourly chart, placing my stop at the top of the prior hourly bar.

    Every crypto trader should know this pattern especially if you want to keep up with the volatility in the cryptocurrency market.

    The Best candlestick patterns for penny stocks The OHL trades are the best candlestick patterns for penny stocks. This trading pattern allows everyone to establish a position during the first 5 minutes of the trading day. The Best candlestick patterns for binary options The best candlestick patterns for binary options are the pin bars, bearish and bullish outside bars, the 3 white soldiers, and the 3 black crows. For binary options trading, candlestick patterns are the most reliable techniques you can use to place your bets on.

    The Best candlestick patterns to profit? The best candlestick pattern to profit in any market and across different time frames is the Hot Dog pattern. This is a unique pattern taught to our subscribers that can be used to detect bullish and bearish reversals as well as continuations in any market.

    Best candlestick patterns to buy? The best candlestick pattern to buy stocks is the 3-bar strategy. This candlestick pattern is an all-in-one trading strategy is a trend-dependent strategy that can ride both bullish markets and bearish markets. Conclusion — Best Candlestick Patterns The best candlestick PDF guide is a result of a series of research that leads us to find tradable market tendencies The price of any market follows some mechanical laws that can be observed through candlestick chart patterns.

    Having some definable rules of entry based on candlestick patterns can really help the aspiring trader. Some of the best candlestick patterns are more predictable once you have a framework developed around these chart patterns. As a trader, your obligations are to apply these trading concepts inside your own understanding of the market.

    Be sure to read about our shooting star candle guide! If you manage to combine the two things, you can develop a candlestick pattern strategy. Thank you for reading! Feel free to leave any comments below, we do read them all and will respond.

    However, if index breaks below level it would witness selling which would take the index towards Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of with a positive bias.

    The weekly strength indicator RSI is above its respective reference lines indicating positive bias Nifty Derivative Outlook Nifty futures closed at Nifty annualized volatility index, India VIX , has decreased to PCR OI during the week has made a high of 1. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy This week major addition in monthly expiry was seen on the PUT front with 17, 17, and 17, strike adding This week major addition in monthly expiry was seen on the CALL front with 17,,17, and 17, strike adding 6.

    Bank Nifty Outlook Bank Nifty started the week on a flat note and buying momentum for most part of the week led it to close on a positive note. Bank Nifty closed at with a gain of points on a weekly basis. For the week, we expect Bank Nifty to trade in the range of with a positive bias. On the weekly chart the index has formed a sizable bullish candle forming higher High-low compared to previous session indicating positive bias.

    The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating sustained up trend on long term charts.

    The chart pattern suggests that if Bank Nifty crosses and sustains above level it would witness buying which would lead the index towards levels. However if index breaks below level it would witness selling which would take the index towards Bank Nifty is trading above 20, 50, and day SMAs which are important short term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy.

    The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias Bank Nifty Derivative Outlook Bank Nifty futures closed at Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

    Bank Nifty Outlook Bank Nifty started the week on a flat note and buying momentum for most part of the week led it to close on a positive note. Bank Nifty closed at with a gain of points on a weekly basis. For the week, we expect Bank Nifty to trade in the range of with a positive bias. On the weekly chart the index has formed a sizable bullish candle forming higher High-low compared to previous session indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating sustained up trend on long term charts.

    Best Candlestick PDF Guide – Banker’s Favorite Fx Pattern

    The chart pattern suggests that if Bank Nifty crosses and sustains above level it would witness buying which would lead the index towards levels. However if index breaks below level it would witness selling which would take the index towards Bank Nifty is trading above 20, 50, and day SMAs which are important short term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy.

    The weekly strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias Bank Nifty Derivative Outlook Bank Nifty futures closed at Weekly open trading strategy A lot of traders spend their weekends doing market analysis, and they often come up with different ideas and price predictions for an upcoming trading week.

    If you are bullish or bearish on any given instrument, price rarely goes up or down in a straight line. That is why you can implement a weekly open strategy in your trading. We are sure that you are well aware of this image. The anatomy of a candlestick chart is no mystery for every trader.

    In this case, the upper and lower wicks are very important. The idea behind using the weekly open is the fact that even in up weeks, the price usually trades lower first, and it is seen as a wick on a weekly candle.

    Looking at this chart of Gold, you can see that on a big down week, the price traded higher after the open first. This eventually left the wick above the body. If we are going to mark out the weekly open line and go to lower timeframes, you can see what exactly happened.

    On the hourly timeframe, you can see the weekly open line marked out with a purple horizontal line. The market tried to push above first, but as it failed and then previous level of support turned to resistance, we got a good short entry in line with the weekly open level.

    Forex Trading Strategy – Breakout of the “First Four-Candle Range”

    The weekly open is not a stand-alone strategy, but more of a tool of confluence that gives us a great idea where we are standing with the higher timeframe trend.

    The MACD divergence at the highs was signalling a potential selloff the whole time. Once the market shook out all the early shorts, we sold off. The weekly open line could once again be used as the trade entry.

    Daily open The same idea can be used on a daily open.


    Weekly candle close strategy