Roker1
Short

Candlestick Power (AUDCAD analysis)

FX:AUDCAD   Australian Dollar/Canadian Dollar
Hey guys,
today i want to show you the power of candlestick combined with structure. Here is the 4H chart on AUDCAD , and the price is coming back to retest the 618 level of the bigger daily impulse; this level also lines up with a structure (that you can see if you scroll the chart).
With this two level i was able to draw a box where i can search for shorting opportunities down on lower timeframes, and that is what happened.
As soon as price reached this zone it stopped its upward move and gave us a strong selling pressure signal ( pinbar ) followed by an engulfing candle.
In order to get the real power of candlestick you can sometimes combine 3-4 candles together and see what's come out. In this case on the right i've drawn the result and it shows us very strong sellers. At this point, knowing the level it's so much important i want to short at the first retracment.
Stops above highs, first target at 1,5:1 RR and second target to be determined.

If you have questions or you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: stop reached: Trading is a probability game and this time my analysis proved wrong!
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw

Comments

how do you "merge" those candles to form a single one? do u only do that near a top/bottom? otherwise the possibilities are limitless right..
+1 Reply
Roker1 AlexandreFXKG
@AlexandreFXKG, you're right, you can merge only when you find possible tops/bottoms.
Reply
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