Free price action trading system
Date: 2017-05-20 02:47
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A reversal is a term used to describe when a trend reverses direction. For example, the market has been in an uptrend and when price hits a major resistance level, it reversed and formed a downtrend. That’s what reversal means.
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Japanese Candlesticks are so popular and used by so many traders that most every charting program includes the option to use Candlesticks.
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Hi R Key
Thanks a lot for the knowledge
Is it also necessary to you use Volume Analysis in Forex can it help when combines with price action
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As a trader, you can often let your emotions and more specifically hope take over your sense of logic. You will look at a price chart and see riches right before your eyes.
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At around the 55% fib level, it starts to slow sign of losing the upward steam. You can also see the bearish spinning top candlestick which could have been used as a signal to go short (sell).
Now, I can put lots of charts giving you examples of what happened in the past…but it’s best that now you see and understand what I am explaining here, and then go and sit down and observe what happens on your charts in real time.
#8: You can wait for price to go back up to test the broken neckline (which would now act as resistance level) and when you see a bearish reversal candlestick pattern, go short (sell) as this example below shows:
Because there are so many trader watching that resistance level and they all know that price has been rejected from this level on a previous one or two occasions and that tells them that it is a resistance level and that they can also see that bearish reversal candlestick formation … and guess what they will be waiting to do?
We live in a time where a large chunk of the trading public is looking for indicators that will put arrows ( ↑↓ ) on their charts so they know when they should buy or sell.
When it forms in a downtrend or at support levels, you should take note…this is a very high probability bullish reversal candlestick pattern and you should be looking to go long (buy).