Best share trading account uk16 comments
Oil and gas trader
Mon Apr 16 Tokyo: June in Beginners Questions. Well, I've not traded any real money as such - merely learning the concepts of BO. I've downloaded MT4 through Oanda and set up a demo account on Marketsworld so far. The trouble is, I'm finding it a little hard to interpret candlestick patterns. I want to use them and a combination of technical analysis indicators in MT4 to interpret when to trade. Does anyone have a candlestick patterns for dummies kinda guide I can check out?
The page on Wikipedia of all sites seemed the most helpful to me but it's not really descriptive on some pattern formations. June edited June I would say you need far more tools in your box to trade then just that. Because if you are looking to use them to make money in binary options alone that would be problematic..
Yeah I'm not using just the candlestick patterns alone. I'm also working with some technical indicators in MT4 so I can better predict what might happen next. I just need some information on the different candlestick patterns and what they mean.
Well there actually is a Candlestick Charting for Dummies book from Wiley. Candlesticks are a tough nut to crack, at first. The number one thing to remember is to view the candlesticks relative to the rest of the candlesticks on the chart.. The number two thing to remember is where they appear relative to the chart Also, using a tool like MACD or stochastic to get additional confirmation is good too.. Thanks for that, very useful links! If you understand why a candlestick gets candlewicks it will help you understand price action and what the candles are trying to say.
You don't have to learn 's of Japanese Candlestick names and formations The ones you will notice most often are pin bars and dojis and you don't even have to know these names to understand what they mean if you understand candlestick wicks, as I mentioned above.
Anyway, never ever trade just based on candlestick formations. See the bigger picture! Trends, support resistance areas, asset patterns, timing and of course, you need experience!
Yeah I understand about opening and closing prices etc. I just wanted to learn more about patterns. Like what do two or three particular formations mean, and how I can use that information to take a calculated risk for my next stake. Unfortunately, learning 2 or 3 patterns isn't enough Sign In or Register to comment.