Been trading for a while, but still can’t wrap my head around candlestick patterns. Keep hearing about them, but they look like gibberish to me.
Anyone care to break it down in simple terms? Feels like I’m missing out on some important info here.
Man, candlesticks used to baffle me too. Lost a chunk on TSLA ignoring a bearish engulfing pattern.
Now I focus on a few key ones like hammers and shooting stars. Last month, spotting a bullish harami on Gold’s 4H chart netted me a sweet 12% gain.
Still learning, but these patterns have definitely upped my game.
Candlestick patterns show price movements visually. Been using them for a while now, and they’ve helped spot trends.
The body shows open and close prices, while wicks indicate highs and lows. Longer bodies usually mean stronger moves.
Focus on a few key patterns at first, like doji or engulfing. Combine them with other tools for better results. Takes practice, but worth learning.
Candlestick patterns are just visual ways to see price movement. The body shows where price opened and closed. Long bodies mean strong moves and short ones mean less action. Wicks reveal the high and low levels. Look for patterns like three white soldiers or an evening star to spot reversals. Don’t feel pressured to memorize every pattern. Use candlesticks to gauge the overall trend and combine them with other indicators and your own experience.
Each candle shows price action over time. Body’s the open/close difference. Wicks are high/low points. I use doji and hammer patterns a lot.
Candlesticks visualize price action:
• Body: open/close range
• Wicks: high/low points
• Long body: strong move
• Short body: consolidation
Key patterns: doji, hammer, engulfing.
Combine with other indicators for confirmation.