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Candlestick Patterns

Candlestick patterns are essential tools for traders to predict market trends and make informed decisions. Basic patterns include Doji, Hammer, Shooting Star, and Engulfing, while advanced patterns consist of Morning Star, Evening Star, Three Black Crows, and Three White Soldiers. Successful trading with these patterns requires confirmation with volume, consideration of support and resistance levels, and risk management strategies.

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120 views1 page

Candlestick Patterns

Candlestick patterns are essential tools for traders to predict market trends and make informed decisions. Basic patterns include Doji, Hammer, Shooting Star, and Engulfing, while advanced patterns consist of Morning Star, Evening Star, Three Black Crows, and Three White Soldiers. Successful trading with these patterns requires confirmation with volume, consideration of support and resistance levels, and risk management strategies.

Uploaded by

anilvibes6
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Candlestick Patterns & Chart Sheet

Candlestick patterns are visual representations of price movements in trading. They help traders
predict market trends and make informed decisions.

Basic Candlestick Patterns


Doji:
Indicates market indecision. Can lead to a trend reversal.

Hammer:
A bullish reversal pattern formed after a downtrend.

Shooting Star:
A bearish reversal pattern appearing after an uptrend.

Engulfing:
A strong reversal pattern where one candle completely engulfs the previous one.

Advanced Candlestick Patterns


Morning Star:
A bullish reversal pattern with three candles indicating trend reversal.

Evening Star:
A bearish reversal pattern, opposite of the Morning Star.

Three Black Crows:


Three consecutive long bearish candles indicating strong downtrend.

Three White Soldiers:


Three consecutive long bullish candles signaling a strong uptrend.

How to Use Candlestick Patterns


1. Always confirm patterns with volume and other indicators.
2. Look for patterns near support and resistance levels.
3. Avoid trading based on a single candlestick; wait for confirmation.
4. Use stop-loss strategies to minimize risk.
5. Practice identifying patterns in historical charts.

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