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-   -   Ten Golden fx Trading Rules for Candlesticks (http://www.alghbyat.com/vb/%E3%E4%CA%CF%EC-%C7%E1%E3%E6%C7%D6%ED%DA-%C7%E1%DA%C7%E3%C9/12642.htm)

01-18-2019 11:24 PM

Ten Golden fx Trading Rules for Candlesticks
 
December 21, 2018

Ten Golden Rules When Trading Using Candlesticks

from Clive Lambert Candlestick Charts book

1. Never use candlestick charts to bat against established, obvious trends.
2. Never use candlesticks in isolation. I think this has been drummed home enough in the last few chapters; you need to combine candlesticks with at least one method of confirmation. Using candles on their own is unlikely to reap rewards

3. Dont restrict yourself to one time frame. You can get different information from different time frame charts, and it adds an extra dimension to your reading of the forex markets. Short-term time frames can be good for entering into trades, while longer-term time frames can remove the apparent volatility from your viewing of the chart
once youre in a position.
4. Remember your support and resistance levels. Looking for candlestick reversal patterns at former highs and lows, or near to an important level like a well watched moving average, can be extremely effective.
5. Do your homework and find the patterns that work well for the chart you use. If Shooting Stars have hardly ever worked in the past on your chart, its probable that that poor run will continue so dont use them as reversal signals! is so important when youre searching for the candlesticks worth looking out for on your charts.
6. Dont kid yourself when . Theres nothing worse than thinking youve got the best system in the world, then finding out once youre putting your money where your mouth is that you messed up when because you werent honest about entry and exit points in signal . A worst case scenario approach towards where you get in and out of trades serves one well as this should mean results actually improve in the real world.
7. Dont enter into a forex trading signal without knowing where your stop is. Ive seen this in
many a trading rules list. Its nothing new, and its essential! Having a stop is paramount in trading. Hopefully you can move your stop after a short time, so its no
longer a Stop Loss but becomes a Stop Profit! I recommend you try to develop a trailing stop strategy.
8. Refer to the Cheat Sheet regularly until youve learnt the patterns off by heart. This will save you from continually having to flick through the book.
9. Dont bother with bar charts ever again. Why would you want to look at bar charts when the candle chart can add so much extra information even at the first glance?
10. Always make sure you look at the candlestick chart in future when checking stock or a market. Even if you dont want to learn the patterns (see rule number 8), surely youre now going to afford yourself a brief glance at a chart from now time youre thinking of doing something in the market. The chart can quickly give you an idea of the markets overall thinking, and you can stop yourself from batting against an obvious trend.
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