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Falling Wedge

The falling wedge is a bullish continuation pattern. This pattern is wide at the top and contracts as it moves lower. The pattern consists of lower highs and lower lows. It is different from a symmetric triangle pattern, which has no definitive slope and no bias. This pattern has a bullish bias. The pattern becomes confirmed after the upper resistance line is broken. As a continuation pattern, it slopes downwards against […]

Rising Wedge

The rising wedge is a bearish pattern. This pattern is an indication of reduced upside momentum. It is wide at the bottom and contracts the price moves higher. A symmetric triangle has no definitive slope or bias. However, this pattern has a bearish bias, and slopes upwards. This pattern must have a prior uptrend. You need at least two reaction highs to form the upper resistance line. You need at least two […]

Abandoned Baby Bottom

The abandoned baby bottom is a bullish reversal pattern. It is a very rare pattern to observe. You can locate this pattern at the end of the downtrend. The first candlestick is bearish. It is followed by a doji candlestick gapping lower and its shadow must fill the gap. The third candlestick is bullish gapping higher on open. You can enter a long position after the formation of this pattern with your stop-loss […]

Bearish Doji Star

The bearish doji star is a bearish reversal pattern. It consists of three candlesticks and you can locate this pattern at the end of an uptrend. The first candlestick is a bullish candlestick. It is followed by a doji candlestick opening higher. The third candlestick is bearish and closes below the midpoint of the first candlestick. You can enter a short position with your stop-loss above the highs. Do not rely on candlesticks alone for making […]

Morning Star

The morning star is a bullish reversal pattern, which consists of three candlesticks. You can locate this pattern at the end of a down leg in the market. The first candlestick is bearish. The second candlestick is a small candlestick, which can be either bearish or bullish, and gaps lower. If it is bullish, then the chances of reversal are more. It can also be a doji candlestick. It is followed by a bullish […]

Bullish Engulfing

The bullish engulfing is a bullish reversal pattern. This pattern consists of two candlesticks. This pattern occurs at the end of a downtrend. The first candlestick is bearish. The second candlestick is bullish, which completely engulfs the range of the first candlestick. You can enter a long position after the formation of this pattern with your stop-loss below the lows. Use technical indicators for additional confirmation. For example, look at this chart. You have […]

Piercing Line

The piercing line is a bullish reversal pattern. This is the opposite of the dark cloud cover pattern. You can spot this pattern at the end of a down leg in the matket. The first candlestick is a bearish candlestick. It is followed by a bullish candlestick opening below the close of the first one and closes above the midpoint of the first candlestick. You can enter a long position after the formation of this pattern with your stop-loss below […]

Bullish Harami

The bullish harami pattern consists of two candlesticks. This is a bullish reversal pattern. It occurs at the end of a down leg in the market. The first candlestick is bearish. It is followed by a smaller bullish candlestick contained within the trading range of the first candlestick. You can enter a long position after the formation of this pattern with your stop-loss below the lows. Use technical indicators for additional confirmation.

Bullish Doji Star

The bullish doji star is a three candlestick formation, which you can locate at the end of a down move in the market. The first candlestick is a long bearish candlestick. it is followed by a candlestick opening lower and closes as a doji candlestick. The doji candlestick represents indecision in the market. The third candlestick is a bullish candlestick and closes at the midpoint of the range of the first candlestick. For example, look at this chart. As you can see, the market is in a downtrend. […]

Dragon Fly Doji

For a dragonfly doji candlestick, the open, the high, and the close price are the same. It has a long lower wick. The lower wick indicates that the market has tested the low of the day to locate the where the demand is. For example, look at the chart. Initially, the bears were able to push the price downwards, and an area of support was found. Then the buyers were able to push the price upwards and the advance of the bears was rejected by the bulls. This is […]

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