Using Japanese Candlestick Chart Patterns is the most ideal way to display price action on a chart for trading. But did you realize that as a trading strategy, Japanese Candles are an essential tool, and yet the individual candles have very little to do with why you should enter a trade or why you should exit? In this video tutorial, I demonstrate the ultimate secret to how to use Japanese Candlesticks basics for getting profit in trading. Yes, it helps to learn all the candlestick patterns for beginners such as the Doji, bullish engulfing pattern, bearish engulfing, harami, shooting star, hanged man, tweezer tops and bottoms, etc. but ultimately the critical secret is not in the candles themselves but in the patterns they form. Analyzing charts is visually more intuitive using the candlestick display option which is shown in this video for Metatrader 4, MT4, MT5, Trading View, or Motivewave.
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Since I have been involved in Forex trading and studied many courses especially in the beginning in order to learn how to read and understand Japanese Candlestick charting techniques and trading strategies using these advanced candlestick patterns, I noticed that many traders adopted the misconception that using these candlestick patterns is a trading strategy in itself. Identifying market turning points requires some additional steps besides recognizing these individual bars. Japanese Candlesticks are one method of displaying price data on charts and noticing certain types of candles that repeat themselves in the context of the overall price pattern can be useful and help traders to read the market. But they are not a trading strategy in themselves. Let me show you what I mean in this video.
Candlestick charts are the basis for most types of technical analysis such as basic price action trading as well as advanced Elliott Wave analysis for Forex, stocks, commodities, gold, etc.
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Let us know if you have experienced having a visual shift to the next level of reading Japanese Candlestick Patterns. Or do you prefer focusing on the individual candles?
Thanks for sharing! very informative
@Mischely Gomez, Thank you for the feedback!
Hii
Good information
Hi @kuldeep Sharma. Thank you for the feedback!
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Sir, which is the best book between “Japanese Candlestick Charting Techniques by Steve Nisson” and “Candlestick Charting Techniques Explained by Gregory L Morris” for a beginner?
I am not familiar with the one by Gregory Morris but the Steve Nison is the expert. It will be good to learn but eventually you can learn that individual candlesticks are not as important as the overall pattern of highs and lows. (Elliott Wave)
Hope that helps
Scott