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Candlestick analysis

EURUSD-Weekly Market Analysis-Sep20,Wk1EURUSD seems to have a strong bullish movement, one should still take note that on the daily chart, the recent bullish Marubozu candle fails to break and close above the high of the previous candle, still, it is a strong bullish movement. Aggressive Trader can wait for the market to retrace to 1.1878 and decide if they like to engage for a buying opportunity. As long as the market didn't break and close below the immediate blue line, it is fine.
Long
by RaynLim
EURJPY - Type2 Bearish Bat A counter-trend opportunity on EURJPY as the market presents a Type2 Bearish Bat Pattern setup. Trade has already been engaged and it takes on an aggressive approach, well, sort of. The market did have a confirmation before(circled in yellow) right now is the retest or known as double top to some. The only concern is that candle confirmation(circled in yellow) is kind of weak and the current candlewick is kind of long as it is a sign of weakness towards the downside. We will be observing closely on the market movement and will take necessary steps.
Short
by RaynLim
Bitcoin UPdateThese are the levels I'm currently paying attention to with Bitcoin. "Chris, what are you waiting to see take place with price?" I'm waiting to see if Price Action will do a B.A.R of the $10590 level before heading further down. "But why there, and do you believe it's going down?" All due to the clues that's being left behind in price. A key level ($12190) was breached that's pretty visible from the Weekly perspective, if today's Daily candle close as an engulfing then that is very significant along with the "area of interest" ($10590 - $11044) being hit multiple times which in return weakens it. "Okay, where would you get in and take profit if you were to short it?" Were you not paying attention? Rhetorical. But I would wait for a B.A.R of the $10590 level and I would look to take some profits around the $9600 area. "What if you're wrong about everything you just told me?" Then so be it, readjust. Also I'm not a financial advisor so trade at your own risk. However, I'll wait until there's a B.A.R of the $12190 level and that's it. Once again, I am not a financial advisor. Got it?! "Understandable, and good look."
BITFINEX:BTCUSD
by ChrisJTradesFX
Rocket Companies Inc UpdateAs you all can see what I'm anticipating with RKT. A barrier formed at the high end of the curve which is pretty significant, and even if it's not "respected" it can serve as a great area to re-enter the markets. The highlighted area signifies potential profit margin if Price Action starts to head to the downside. However, even if that were to take place there's a HUGE order block nicely positioned down below waiting to be touched for the very 1st time... dare I say like a virgin. j/k I'm interested in $19.90 - $20.46 IF price reaches it! We all shall see..
NYSE:RKT
by ChrisJTradesFX
2
📖 Japanese candlestick charts. Part 2Hello, we continue to study candlesticks. ⚡️ Maximal/minimal 🔶 For this it is desirable for reversal candlestick to have its own high/low. In addition to the convenience of placing stop-loss on them, its own minimum/maximum also increases the chances for a long term trend after such reversal. The reason for this is in the market reflectivity, all the patterns don’t just work on their own, but they also contain market’s psychology and the methodology of huge amounts of smart money. When there is a decrease in demand and supply, smart money form the least resistant trend, and they trade! 🔶 You have probably noticed a few times that the figure’s/pattern’s price could move into the opposite direction that you expected. There are reasons for that, patterns have the necessary to complete conditions, simply of which not many know about. Even if all the necessary conditions are complete while forming a pattern, there is always a chance that the price will go opposite direction due to a number of reasons, of which we are going to talk about later. Now, you should note that its important to analyse candlesticks, as they help you to minimize risk while trading patterns. 🔶 Even though candlesticks look simple, they are a solid foundation for successful trading. They help you to find the optimal points to enter and exit trading in any patterns or whether you are trading using levels, or even if you are witnessing “third Elliott wave”... This is just a small bit of information about such a simple tool called Japanese candlesticks. 📌 Hint: if a trend is moving into a higher timeframe, you should also move to the same timeframe and start searching for reversal candlestick models at a long distance. This gives you the opportunity to trade for the entire trend duration. ⚡️ Harami 🔶 "Uptake", "Hammer" and "Cloud Silver Lining" models are common reversal patterns. There are many more forms in candlestick analysis that indicate an forthcoming reversal. One of them is the "Harami" pattern: the first candlestick is large, and the second one is small, it may be a "Spinning Top" or a "Doji", but in any case, the figure of the second candlestick is inside the first one's figure. They appear both at the top of the market and at the bottom. 🔶 The peculiarity of the "Harami" model is the uncertainty of the market at the time of its appearance. Therefore, it is recommended to wait for confirmation. 📌 The following candlestick of the corresponding color can act as confirmation: green for a bullish reversal, and red for a bearish one.
Education
by I.T.Analytics
USDJPY-Weekly Market Analysis-Aug20,Wk4USDJPY has been very versatile there are many possibilities in this chart movement. A Bullish Shark on the 4-hourly chart, a Bearish Bat, a Bullish Deep Gartley on the 1-hourly chart. As for now, I'm waiting for the Bearish Bat Pattern for shorting opportunity. Well, why do I say this? Sometimes this is the truth about trading, many opportunities and there are various possibilities, it is important for us as traders to relinquished our ego and wait for trade confirmation before engaging the trade.
Short
by RaynLim
1