Candlestick chart trading involves the interpretation of price in financial markets. The more you know how to master this analysis, the more you will be ahead of other Forex traders. Thus, to become a master in the art of trading with Japanese candlesticks, the best way is to train like any professional to recognize these Japanese candlesticks and to execute your strategy on a demo account in order to be ready to move on next step. Below is a comparison of the most famous candlestick patterns.
The Chartist Pattern Doji
The Doji chart pattern is the only Japanese candlestick that does not have a body. On this candlestick pattern, the open and close level of the candle are equal or very close to each other. Visit the site for special info on the different candlestick patterns. This candlestick can appear both in a bull market and a bear market. Indeed, the appearance of this candle demonstrates indecision as to the direction of the market. In periods of low volatility, many Doji may appear, for example at night. The best way to avoid these false candlestick signals is to trade that candlestick during volatile times, such as during a trading session.
Momentum Marubozu Japanese Candles
Momentum Japanese candles (which reflects strong momentum) such as the Marubozu candle often appear on support and resistance levels. A Marubozu candle is a solid Japanese candlestick, which has almost no wick. This kind of candle gives a strong trending signal. The larger the candle, the stronger the signal, as a Japanese Marubozu candlestick sets an important support and resistance threshold.
Marubozu means bald in Japanese and these candlesticks were so named because they have almost no wicks. In online trading, a candle with a very small wick will also be considered valid and taken into account as a trend signal. This kind of candle is also a momentum signal.
The Japanese Engulfing Candle or Swallowing Candle
This candlestick pattern present in Forex is one of the main patterns operated in the currency pair market. This type of chart pattern is composed of 2 candles and can be bearish or bullish and represents a short-term trend reversal chart pattern. It can also intervene during a trend to mark the recovery following a slight pause. Indeed, the Japanese Engulfing candlestick is bullish if it consists of a red candlestick, followed by a longer blue one that ends higher with a lower open than the previous day.
The Piercing Line
The piercing line is identified on a pair of two candles. The signal comes when the second bullish candle (blue) closes higher than half of the first red candle. In the Forex market this Japanese candlestick pattern is valid even if the low point of the second candle is the same as the low point of the first candle. In short, the piercing line is a Japanese candle pattern that indicates a bullish reversal. This kind of figure often appears on the forex market.
The Chartist Figures Of The Master
This chart pattern is known by all professional traders who use Price Action. The principle of the Master Candlestick was first presented by Forex Factory. Indeed, the Master is a candle that encompasses the next 4 to 5 candles. We can consider the breakout of a Master candlestick in the event that the 5th, 6th or 7th candle breaks the range. This validates the breakout. This pattern of Japanese candlesticks occurs following a large movement on the Forex pair identified using the Master candlestick. Once this candle is set, the market consolidates for several candles before trending back.
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