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Candlestick Analysis

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Candlestick Analysis

Candlestick analysis focuses on individual candles, pairs or at most triplets, to read signs on where the market is going. The underlying assumption is that all known information is already reflected in the price. The technique is usually combined with support & resistance. Each candle contains information about 4 prices: the high, the low, the open and the close. A candle body reflects the net price movement between open and close while the wicks show reversals that occurred within the timeframe of the candle.

Each candlestick, therefore, provides an easy-to-decipher picture of the price action. The length of the wicks versus the length of the body in combination with whether a candle is bullish or bearish, can be used to determine a signal for the price action to come. Common candlesticks that are used in this analysis are dojis, spinning tops, hammers, engulfing candles, pinbars and inside bars.
Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPJPY, D, Short ,
GBPJPY: GBPJPY Short on Breakout of Zone
29 0 1
GBPJPY, D Short
GBPJPY Short on Breakout of Zone

Looking to enter a short position on a clear breakout of zone. Yesterdays daily candle closed with a massive 76 pip top wick, markets tried to rally and failed so we expect the market to now drop down to the next Support zone.

TalGoren TalGoren EURJPY, 240, Long ,
EURJPY: long after testing resistance
19 0 1
EURJPY, 240 Long
long after testing resistance

nice bullish candle testing resistance and a fib level looking to get just 1:1

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO XAUUSD, 240, Short ,
XAUUSD: XAUUSD Short
29 0 1
XAUUSD, 240 Short
XAUUSD Short

With the tensions regarding the US and North Korea quieting down and that the USD has started the week bullish we think that Gold could be a great short. We are looking to enter on the back of some 4hr bearish candle formations which close below the 4hr Support zone and therefore also breaking and closing below the two Trend Lines.

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPAUD, 240, Long ,
GBPAUD: GBPAUD Long from Support Zone
33 0 1
GBPAUD, 240 Long
GBPAUD Long from Support Zone

Expecting the market to bounce from this support zone back up to the level of Resistance that has happened previously.

Roker1 Roker1 PRO EURNZD, 240, Short ,
EURNZD: Clues on EURNZD: short bias!
69 0 1
EURNZD, 240 Short
Clues on EURNZD: short bias!

Hey guys, here on EURNZD i'm ready to go short. Do you want to know why? Here's explained: first of all, i've outlined a key structure on the daily chart (yellow box), then i lowered my timeframe to 4hr chart and there i saw different clues pointing on the same reversal direction. We've a Gartley pattern completed and still valid, we've an AB=CD pattern just ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO EURGBP, 240, Short ,
EURGBP: EURGBP Short on Horizon
37 0 2
EURGBP, 240 Short
EURGBP Short on Horizon

We are expecting to short this market. The question remains where to enter. We are either expecting a rally to test the daily resistance level and the looking to short on the back of a Bearish candle formation around this area. Or The market is currently on a 4hr support area, if this breaks and closes below this level we are looking to short straight away back ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO USDCAD, 240, Short ,
USDCAD: USDCAD Potential Short - Better Entry
68 0 3
USDCAD, 240 Short
USDCAD Potential Short - Better Entry

Our first order wasn't triggered when the markets re opened. We are now expecting the market to rally to re test the Trend Line before dropping to our TP Zone. Our overall Sentiment hasn't changed regarding this pair, however now we are able to enter at a much better price allowing us to achieve a high Profit ratio. We are looking for Bearish candle formations ...

Too_Ray1 Too_Ray1 PRO USDJPY, 240, Short ,
USDJPY: USDJPY SHORT
50 0 2
USDJPY, 240 Short
USDJPY SHORT

Short position opened on FX:USDJPY

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO GBPJPY, 240, Short ,
GBPJPY: GBPJPY Short.
77 0 3
GBPJPY, 240 Short
GBPJPY Short.

As per previous update on GBPJPY. Market has retested and tried to break the 4hr Zone and failed. Shooting Star Candle testing the top of the Zone, coupled with the 0.618 Fib Line looks like a clear sell. We have our order place below the Support Zone at 142.178, expecting the marker to drop to the next 4hr zone of support at 140.826

essuu essuu GSK, D, Long ,
GSK: GSK: I spy with my little eye .. [possible trend change]
52 1 0
GSK, D Long
GSK: I spy with my little eye .. [possible trend change]

It was Aug 1 and I was looking through the various constituents of my watchlist and I came to GSK on the FTSE. GSK has been trending down since Jun 22 and I was looking to see how that trend was developing. What I saw caught my attention. The last candle in what was looking to be a fairly well established downtrend was a doji . Dojis are usually interpreted as ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO XAUUSD, 240, Long ,
XAUUSD: GOLD - XAUUSD Long
48 0 1
XAUUSD, 240 Long
GOLD - XAUUSD Long

Looking to buy on the top of the previous resistance level of 1273.289 which has now become support. Expecting a Bullish rally up to Daily resistance level around 1305. Could experience some resistance around the weekly level of 1287.643, so will be moving SL to Break Even once this level has been reached.

TomFarren TomFarren PRO AUDUSD, 240, Long ,
AUDUSD: Aussie
27 0 1
AUDUSD, 240 Long
Aussie

Hey Traders, over the next week we are looking for more Aussie/USD bullish movement. The monthly support level of 0.79073 has been respected and therefore we look for it to hold support once again. Target for this trade is 0.80345 which is a weekly resistance area. Stop loss is placed at 0.78713. I will update the progress of this trade on our Instagram page ...

Answer42 Answer42 PRO GBPJPY, D, Short ,
GBPJPY: GBPJPY - Bearish Bar at a lower swing high
63 0 1
GBPJPY, D Short
GBPJPY - Bearish Bar at a lower swing high

We are in a wedge on the daily. During the last bounce off resistance there has been a retrace and posted a bearish bar with tall wicks. The wicks showing downside pressure. TP has been set at 50% retrace of the previous swing with a 2R profit. Disclaimer Answer42 is not responsible for any losses incurred as a result of following trading signals mentioned and ...

GBPAUD: GBPAUD Looking for bearish entry Point
37 0 1
GBPAUD, 240
GBPAUD Looking for bearish entry Point

Expecting GBP to rise to test the Resistance level and possibly test between the 38 - 50% Fib levels. I am looking for bearish price action to find a sell entry point and if this happens i expect the price to fall back to weekly support of 1.63224.

Roker1 Roker1 PRO EURGBP, 240, Short ,
EURGBP: Sell Signal on EURGBP
289 4 9
EURGBP, 240 Short
Sell Signal on EURGBP

Hi guys, after a week of relax, i'm back to the charts today (it's good to take some rest from time to time). As usual i look for important level of structure and then i lower my timeframe in search for a reversal pattern. In this case on EURGBP we're up to a previous daily structure, and right there price has created a nice engulfing kicker that makes me think ...

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO EURGBP, 240, Short ,
EURGBP: EURGBP Second Sell Higher Entry
7 0 0
EURGBP, 240 Short
EURGBP Second Sell Higher Entry

We first sold this market on Monday however the EUR rallied and hit our SL. On the chart we previously posted we identified this sell order. We are now expecting some more downside. We will be actively managing this trade and looking to move SL to break even once we are around 30 pips in profit.

Newmount_Trading_Exchange Newmount_Trading_Exchange PRO EURUSD, 240, Long ,
EURUSD: EURUSD Bounce from Daily Trendline
19 0 0
EURUSD, 240 Long
EURUSD Bounce from Daily Trendline

Bounced from the long term daily trend line. We expect the EUR to continue its bullish rally and to continue to the top of this Monthly Ranging Zone. May experience some resistance around the daily level so will be actively managing.

Too_Ray1 Too_Ray1 PRO GBPUSD, D, Long ,
GBPUSD: GBPUSD
54 0 3
GBPUSD, D Long
GBPUSD

Long bias on FX:GBPUSD. This could take a couple weeks. Lets see how it goes :)

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