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There are a few situations in trading that catch us unnoticed. Usually when most of us see a series of green bodies, we interpret it as a sign of bull run, upward movement, price rise or whatever we call it. When this sign appears on the chart, traders wait for price rise to sell at highest rates because they think it is just the beginning of bull run. But sometimes, unlike what we have predicted, this beautiful green bodies are suddenly replaced by red ones! This is something no one expects to see because the transition from bull run to bear run should happen gradually not immediately. I have encountered this situation a few times despite analyzing the market very carefully. What do you do to save yourself if this happens to you?
The main part of any trade is prediction but there are many prediction tools out there that confuse traders about which one to choose. Of all the charts and graphs available for predicting prices, candlestick pattern is a reliable method that has been used before crypto in stock trading and proved to be successful. I think the best way to predict prices is to use the charts inside the exchange in which we are performing our trades. Most of us here choose Yobit for our trades, so it is better to use candlestick chart inside Yobit because it is based on buy and sell orders that are happening inside Yobit exchange. This is a more accurate prediction. How many of you have used this chart and do you find it useful in your trades?
It seems to be a great day and high time to discuss in full details and on what are candlesticks and how we work with them on charts. If you remember from my previous topic on explanation of candlestick I explained briefly about how it operates while this topic will explained detailed on Candlestick it types and also the barcharts. You can check the explanation be clicking here. Right now I intend to explain with images below the real representation of the chart with brief description of it. as we all know we have two colors that can be found on the candlessticks we have the "shadows" and "wicks." From the image the shadows always indicates the high/low prices of that day's particular trading. If upper shadow appears to be on on a down candle then is we reffered to short, were this fully shows that the open of that day was actually near the high of that day. If we have a very short upper shadow on a very up day this indicates that the close is near the high sooner. The main relationship between days open, high, low, and close helps to determines the look of the daily candlestick. The Real bodies are said to be long or short with combination of black or white. Shadows can be long or short. BAR CHARTS Bar chats are just like candlestick charts it shows the same information, but in a different way. We all know Candlestick charts are more visual than barcharts because of the coding color of the price bars and thicker real bodies. The image I inserted above shows exactly the same exchange-traded fund (ETF) over the same time period. Basic Patterns you need to know Candlestick Candlesticks are created by flunctuations in the price when it moves up and down. Note at times these price flunctuations sometimes appears randomly, but most at other times they try to form some patterns that traders use for analysis or trading purposes. BELOW I LIST SOME CANDLES PATTERNS 👇 1. BEARISH ENGULFING PATTERN The bearish engulfing pattern is often form by an uptrend when the sellers outnumber buyers. This action is reflected on by a long red real body engulfing with a very small green real body. 2. BULLISH ENGULFING PATTERN The engulfing pattern that take place on the bullish side of market most occurs when those buying outpace the sellers. This also reflectes on charts also by a long green and real body engulfing a small red real body. 3. BEARISH EVENING STAR ⭐ The evening star is referred to as the topping pattern. The evening star is identified from the last candle in the pattern of opening below or from the previous day's with a small real body. The small real body is identify by some colors which can either be red or green. Right from the pattern it shows the stalling of buyers and then also the sellers that are taking control. 4. BEARISH HARAMI The bearish harami is form of a small red real body completely found inside the previous day's real body. This is not much to depend on but it could be a selective one to watch. This type of candle stick pattern helps to shows indecision part of the buyers. If the price still keeps going higher afterward, don't get worried about an uptrend, but when it comes to a down candle following thesame pattern it really indicates a further slide. 5. BULLISH HARAMI The bullish harami comes and is form at opposite of the upside down bearish harami. At this treand a downtrend play a role, with a small real green body which is form from inside the large real red body of the previous day. This tells the reader that this trend is pausing. 6. BEARISH HARAMI CROSS A bearish harami cross mostly occurs in an uptrend, were the up candle is moving by a doji the stage were the candlestick has an exact open and close. The doji is found within the real body of the prior session. The implications of this pattern are of exalting the same as the bearish harami. 7. BULLISH HARAMI CROSS As we know from the name bullish"rise" the bullish harami cross also occurs in a downtrend, where we found th down candle is also followed by doji. The doji is most found within the real body of a prior session. The implications of the bullish harami cross are of the same as the bullish harami. BEARISH FALLING THREE The bearish falling three pattern it start with a strong down day trend. This pattern is then followed by three(3) small real bodies that makes an upward progress but still stay within the range of first big down day. The pattern gets completes immediately when the fifth day makes another large downward trend move. It helps to dictate that the sellers are back in control and also for the price could head lower. I think I bring a stop to what I want to discuss regarding the candlessticks and I hope everyone could be able to understand and say something about the barcharts and more of what the candlessticks are right now. Next topic will explain more future about stock market and mining. Happy trading to you all. Plagiarism checker: https://smallseotools.com/plagiarism-checker/