Remember candlesticks are useless in themselves and you should always consider the market space and what the price tells you.
But before you start, a few words of caution…
As with any indicator or other technical tool, just because candles indicate a change in trend or a continuation of a trend does not mean that this will definitely happen.
This is the forex market and there is nothing in that revelation!
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Use candlesticks with support and resistance
One of the easiest ways to use candlesticks is to use support and resistance levels.
Because support and resistance levels determine areas where buyers and sellers are ready to operate, examining how candelabra treat them will help you predict prices.
Here is a real example of Forex:
In this scenario you see that there is resistance around the level of 1,400.
You have a strong desire to enter but you decide to wait because the candlestick that touched this level is so high.
Combining a candle pattern with support and resistance in the trade
After arranging the other two candlesticks, you will discover a pattern of 3 inner candlesticks facing downwards , which is a very strong bearish signal.
Using this arrangement as a confirmation of the sales signal, you do your job and trade on the currency pair.
Since you are a smart trader, you also set a high resistance limit.
Combining a candle pattern with support and resistance in the trade
Due to your high patience and good knowledge of candlelight makeup, you have greatly increased your chances in your favor.
Let’s see what happened after your sales deal…
Combining a candle pattern with support and resistance in the trade
وااااووو! The pair moved in your favor almost immediately and pocketed hundreds of pips. 🙂
You go to the nearest car showroom and buy a scary sports car for yourself.
In addition, you set a jet and their colors together.
The greedy and dreamy trader falls head over heels!
You may say to yourself, “Why do I have to combine support and resistance with candlesticks? I can get a lot more signals just by considering candlesticks and earn more money!
To answer that, take another look at the same hypothetical trading chart…
Here we highlight some potential trading signals based on candelabra arrangement only.
Take a look!
Combining a candle pattern with support and resistance in the trade
If you only traded with that Kendall makeup, you would lose every single time!
So please be neither dreamer nor greedy! Forex is where these people fall.
By pairing the candelabra arrangement with the level of support and resistance, you increase your chances of success.
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