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Candlestick analysis is one of the ways to assess the Forex market with no reference to its key indicators. To implement such an approach, you need to find the required combination of “candles” on the chart. Candlestick patterns can consist of one, two, three or even more candles. These can predict the continuation of the trend or its end, allowing you to make a profitable deal. In this post, we will talk about the main candlestick patterns. Keep reading to know how they look and how to use the basic candlestick patterns in trading in South Africa.
#1 – Shooting Star & Inverted Hammer Candlestick Patterns
These patterns in the Price Action strategy are called the Pin Bar. Both patterns consist of one candlestick with a long upper shadow and a short body. The opening price and the closing price of the candlestick are very close to each other. The Shooting Star candlestick pattern forms at the top of an uptrend, while the Inverted Hammer forms at the bottom of a downtrend. You can enter the market with a deal to sell a currency pair after breaking through the minimum value of the Shooting Star candlestick. To open a buy position, you should wait until the price breaks the high of the Inverted Hammer pattern.
#2 – Engulfing Candlestick Pattern
The Engulfing candlestick pattern consists of two oppositely directed candlesticks. It forms at the bottom of a downtrend, at the lowest level on the price chart. The first candlestick in the pattern has the direction of the existing trend. The second is directed against the main trend. It is necessary to keep in mind the two in order to make a profitable deal.
When it comes to the bullish candlestick in South Africa or another country, it forms at the top of an uptrend and signifies its completion. In the case … Read More
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