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chapter 5: Candlestick Trading

Introduction

In this lesson, we will review the most important major candlestick reversal patterns and chart patterns used to trade the Forex market.

In each one of them you will learn the psychology behind each pattern, what’s the balance between the demand and supply.

It is important that you study and practice with them, as soon as you learn or review one pattern try to find the same pattern in your charting package. This way you will learn them faster and will recognize them much more easily. At first it might seem a little difficult to find those patterns but as you get more experienced you will find them more often and will know how to deal with each one of them.

Later in the course, we will see how to combine them with other technical tools to generate high probability trades. In this lesson just focus on learning each pattern and its probable outcome so that in future lessons it will be easier to digest when combining them with other technical tools. In this lesson we will cover the following topics:

Section 1: Major Candlestick Reversal Patterns - In this section, we will review the most important candlestick patterns used to trade the Forex market.
Section 2: Important Candlestick Considerations - We must not forget about these considerations, they will help us generate better results.
Section 3: Chart Patterns - Some traders use pure chart patterns to trade the Forex market consistently.
Section 4: Reversal Chart Patterns – We will review three patterns that are amongst the most reliable when used with price action.
Section 5: Continuation Patterns - We will review some of the most popular continuation patterns.
Section 6: Important Chart Patterns Considerations - We must not forget about these important considerations as they could help us generate better results.

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