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Overview
Construction of the Candle Line Power of Single Candle Lines Insights of the Candle Patterns Forex and Non Forex Candle Patterns Blueprint for Forex Trading Success
East meets West Using I t d U i Intraday candles dl Money management Trading Psychology The Candlestick Screener Screener
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Shadow
open
Doji
2
Whos in control?
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Criteria C
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Spinning Tops
Although descending, the small real g g, bodies offset some of the negative outlook 8
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Doji
Criteria:
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Doji
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Scenario 1 S i
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Scenario 2 S i
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Doji in Forex
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Doji
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Doji
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Doji as Resistance
Criteria: Use the highest high of those two sessions (top of upper shadow) as resistance Implication: Close over that area: market is refreshed
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Doji as Resistance
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Doji as Resistance
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Shadows S ado s
Remember: location and size of the shadow should be considered when analyzing the market psychology. Implication: Bearish long upper shadow offsets rallying strength. Bullish long lower shadows hints bears losing 23 force.
Bullish Shadows
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Bearish Shadows
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Bearish Shadows
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Hammer
Criteria: Small real body at, or near top, of range at top Lower shadow at least 2x real body Market in down trend Implication: Groping for a bottom Groping bottom
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black or white
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Hammer
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Hammer as support
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Hammer as support
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Shooting Star
black or white
Criteria: Small real body at, or near bottom, of range at bottom Upper shadow at least 2x real body Market in an up trend Implication: Signaling Trouble Overhead Signaling Overhead
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Criteria: very long shadows and lower small real body - color not important Implication: Trend is losing force
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Bull Checkmate
1 of 2
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Bull Checkmate
2 of 2
Checkmate area
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Checkmate area
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Criteria: Black real body wraps around preceding white real body Market in up trend Implication: Bulls have been Bulls constrained
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Engulfing Patterns
Bullish
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Bearish
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Piercing Pattern
Piercing pattern
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Confluence of Candles
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Criteria: First candle is unusually long Second real body spinning top or doji Second real body within prior real body Second real body can be black or white
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white or black
Bullish
Forex Harami
Bearish i
black real body
Criteria: First candle is unusually long Second real body spinning top or doji Second real body within prior real body Second real body opposite color
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white
Bullish
Bear Harami
Not harami
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Bull Harami
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Bull Harami
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Harami
Bearish
Bullish
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white or black
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Criteria: Market in an up trend p First candle is long white Second real body is white spinning top or doji Third candle (black) closes deeply in first white real body Implication: Bears are taking control
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Evening Star
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Evening Star
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Don't ever forget risk- reward on't riskIfThen system Stops: Always use p y Candles in Context IntraIntra-day candle charts Pace trades to market environment Let L t go of emotions f ti Indicators: The more the better Never trade without an eye to news Examine how market acts at support/resistance
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Slide 34
DISCIPLINE:
Your Blueprint for Forex Trading Success
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Even a perfect candle signal perfect does not equal a good trade! YOU MUST ALWAYS JUDGE THE POTENTIAL TRADES RISK-REWARD
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Risk/ Reward
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Risk Reward
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If..Then system
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Target
What are you doing hanging g around! Youre wasting precious resources.
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Stops
Where is the stop?
1 of 2
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2 of 2
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Target
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The more signals - either candles or Western or a combination of both converging at the same level, the more likely a reversal
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Confluence of Candles
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Confluence of Candles
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Western Tools
Trend lines: The Candlestick Screener Screener Change of Polarity Crack and Snap/Falling Off the Roof Price Targets Oscillators Bollinger Bands Fibonacci Retracements Record Sessions
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Confluence
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1 of 3
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2 of 3
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3 of 3
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Hammer
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Change of Polarity
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Change of Polarity
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Change of Polarity
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Sell
Target g
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target
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Right g t Shoulder
Neckline
Sell signal
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Neckline
LS Head
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RS
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1 of 2
April 6
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2 of 2
Target
Piercing pattern
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Oscillators
Objective Separate from price Best in lateral markets Includes Stochastics, MACD,
RSI, etc.
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Applications
Overbought/Oversold:
too far too fast?
Divergence
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Divergence
Positive Divergence Negative Divergence
1 2
Price Price
1 2
Oscillator
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1
Oscillator
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East and
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Bollinger Bands
Bearish Engulfing Pattern Shooting star
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Fibonacci Retracements
(B) 200 38.2% (162) 50% (150)
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Fib. Retracements
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Bullish Harami
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Candles in Context
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Candles in Context
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Candles in Context
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Candles in Context
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Candles in Context
1 of 2
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Candles in Context
2 of 2
Oversold? O ld?
Oversold?
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Record Sessions
Overbought / Oversold Indicator
9 record session highs 7 6 5 4 3 2 1 9 8
3
2
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1
3
6 5 4 1
2
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1 3 4 5
6 7 8 9 10
Haven t Havent made 5 a lower low and now relieved potential oversold situation so count starts again
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Intraday Candlesticks
Flexibility y
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Intraday Candlesticks
Intraday Traders:
1 of 2
Daily Chart
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We are thinking of buying on the session at the arrow as market approaches important support near 137 on Feb. 27. Lets turn to an intraday chart to see if 137.07 there are any buy signals as the Chart courtesy of Genesis FT Euro/Yen cross nears this level 732.254.8660 USA .. (see next 160 chart).
Feb. 27
2 of 2
Intraday Chart
Target Zone
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1 of 2
Daily Chart
Support zone on this daily chart. Now we shift to Intraday candle chart for June 5
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2 of 2
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1 of 2
Resistance zone
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2 of 2
Potential Targets
Chart courtesy of Genesis FT y
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1 of 2
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2 of 2
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Intraday Candlesticks
Swing Traders:
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1 of 4
On this daily chart April 3 is a hammer testing support at a piercing pattern, but when is hammer completed? What b t i k/ Wh t about risk/reward? d?
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2 of 4
April 3 - 60 minute
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3 of 4
April 3 - 30 minute
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4 of 4
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Daily
Close on April 6 Short at 122.29? 122 29?
60 minute
Signal at 123.20
Or Signal at 123.05
Target
April 6
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Intraday Candlesticks
Swing Traders:
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1 of 2
How can we tell if this bullish engulfing pattern on May 17 was a successful retest of support?
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2 of 2
60 minute May 17
30 minute May 17
15 minute May 17
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Intraday Candlesticks
Intraday and Swing Traders:
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1 of 2
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2 of 2
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1 of 2
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2 of 2
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Let go of emotions
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Although this market is descending, the long lower shadows lessens some of the negative outlook
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Market Chameleon: As market environment changes we must adapt our market outlook p and stance
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1 of 2
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Be a Market Chameleon
2 of 2
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1 of 4
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2 of 4
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3 of 4
potential target
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4 of 4
potential target
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1 of 3
S1
S2*
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2 of 3
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3 of 3
S1 S1*
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1 of 3
Short
Target g
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2 of 3
Target
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3 of 3
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200
Slide 52
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Early Reversals
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Money Management
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Tel: 732-254-8660 Fax: 732-390-6625 Web site: www candlecharts com www.candlecharts.com Email: ask@candlecharts.com
Case Study 1
What 3 signals hint of a reversal?
A- What are the three candle signals at 1? B-What B What else warned of the market stalling at area 1?
A-What are the three candle signals at 1? Spinning T S i i Top Doji Harami
What is the candle signal at 2? Shooting Star Anything else to get us nervous? Failure to hold over resistance
Is 3 a hammer?
Is 3 a hammer?
No, No the upper shadow is too long. But what pattern does 3 complete? Bull Harami
What pattern is 4?
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What pattern is 5?
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Case Study 3
4 1 2
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4 1 2
1-Two shooting stars 2- Bear Harami 3-Bearish Engulfing 4-Falling off the Roof
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Case Study 4
What are the signals hinting of trouble?
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1 1234-
2 3
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Case Study 5
1.What reversals are here?
Fibonacci Retracements
2.What pattern
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Piercing Pattern
Chart courtesy of Genesis FT y
What pattern
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Fibonacci Retracements
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Case Study 6
1. Wh 1 What candle signals warn of trouble? 3. What is happening here regarding bull force?
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Spinning Tops
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Shooting star
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Evening Star
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