Japanese candlestick forex trading

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The Japanese Candlesticks also help identify short-term price direction of the currency pairs. These patterns are used to understand detailed, accurate and result-oriented price movement information on the basis of which traders make their future market decisions. When multiple Japanese candlesticks are combined, they help in identifying market reversals. Components of a Japanese Candlestick Candlestick body The candlestick body denotes the difference between the opening and closing price of the currency pair.

Japanese Candlesticks can either be of a green bullish or red bearish. A longer upper wick than the lower wick indicates a bullish market green candlestick. Lower wick The lower wick or lower shadow indicates the lowest trading price of the currency pair. A longer lower wick than the upper wick indicates a bearish market red candlestick. This creates a gap between the candlesticks as it opens at a different level than where they closed.

The gap or window is a no-trading zone and indicates a sudden surge in the buy or sell orders. The colour of the candlestick depicts in which direction the market is headed, the body depicts the opening and closing points, and the wick depicts how much or how little the prices have fluctuated.

When the candlestick has a long body and is green in colour, it signifies a bullish price trend. Single Japanese Candlestick This pattern consists of only one candlestick. It provides traders with the right signals to long or short the trade. If it is a bullish candlestick, it signals traders to long the trade due to an uptrend If it is a bearish candlestick, it signals traders to short the trade due to an downtrend 2.

Double Japanese Candlestick The double candlestick pattern consists of two contradicting candlesticks. It is a market reversal signal as the trend that occurs with the second candle is continued thereon. If the first candlestick is bearish and the second is bullish, it is an uptrend indication signalling traders to place long orders If the first candlestick is bullish and the second is bearish, it is a downtrend indication signalling traders to place short orders 3.

Triple Japanese Candlestick This pattern consists of three candlesticks that signal a market reversal. It is identified by two candlesticks in the same direction, followed by the third one in the opposite direction. If the first two candlesticks are bullish and the third one is bearish, it indicates a downtrend and signals to short the trade If the first two candlesticks are bearish and the third one is bullish, it indicates an uptrend and signals to long the trade How to trade forex with Japanese Candlesticks 1.

Open a forex account Open a Forex account to navigate through the forex market prices and to place orders easily. If you are new to trading, you can also start with a demo account to practice different forex trading strategies. Look through the currency pairs you want to trade After opening an account, go through the list of currency pairs and choose the ones you want to trade. If the bullish green candlesticks in the market have a longer body than the bearish red candlesticks, it indicates a potential uptrend and signals traders to enter the trade If the bearish red candlesticks in the market have a longer body than the bullish green candlesticks, it indicates a potential downtrend and signals traders to exit the trade 5.

Place stop loss and take profit orders Before moving further, it is essential to identify the significant stop loss and take profit orders in the market to protect oneself from the market risks and lock in the potential profits. Stop loss orders You can place a stop loss order at the bottom-most level or opening price of a bullish uptrend candlestick You can place a stop loss order at the topmost level or closing price of a bearish downtrend candlestick Take profit orders You can place a take profit order above the current currency pair price level during an uptrend You can place a take profit order below the current currency pair price level during a downtrend 6.

Make a trading decision Place a long or short order according to the ongoing market trend. If there is a continued uptrend and you wish to trade with the market, long orders can be placed. Each candle shows the price at which the candle the time frame was opened, the price at which the candle was closed, the highest and the lowest price reached. Now look how Japanese candlesticks looks on a price chart.

How to use Japanese candlesticks? A Japanese candlestick chart provides the trader with crucial information about price action at any given point in time. Traders often confirm their signals with Japanese candlestick patterns, improving the odds of success on a trade. Trading price action using candlestick analysis alone is a very common trading technique. Yet, candlestick trading tends to be the most powerful when confirmed with additional indicators or when combined with Support and Resistance zones.

Click Here To Join Candlestick patterns in Forex are specific on-chart candle formations, which often lead to certain events. If recognized on time and traded properly, they can assist in providing high probability setups. Forex candlestick patterns are classified within two types — candlestick continuation patterns and candlestick reversal patterns.

We will now go through the most common reversal and continuation patterns and we will discuss their potential. We have a Doji whenever the price closes at the exact same level where it has opened. Thus, the Doji candle looks like a dash with a wick. In these cases the Doji candle is simply a dash with no wicks. Take a look at this image: The Doji candle has a reversal character when it is formed after a prolonged move. The reason for this is that during a bullish or bearish market, the occurrence of a Doji candle indicates that the bulls are losing powers and the bears start acting with the same force.

Thus, the candle closes wherever it was opened. Just remember: when you get a Doji on the chart after a prolonged move, there is a chance that the price will reverse its direction. Spinning Tops undefined This candle could be bearish and bullish. It has a very small body and longer upper and lower candle wick, which have approximately the same size.

Have a look at the image below: The Spinning Tops have undefined character. The reason for this is that this candle indicates that buyers and sellers are fighting hard against each other, but none of them could gain dominance. Nevertheless, if we get this candle on the chart during a downtrend, this means that the sellers are losing steam, even though buyers cannot prevail.

Marubozu continuation This is another easy to recognize candle. The Marubozu candlestick has a body and no candle wick as shown below: The Marubozu candle is a trend continuation pattern. Since it has no wicks, this means that if the candle is bullish, the uptrend is so strong that the price in the candle is increasing and never reaches below the opening of the bar Hammer and Hanging Man reversal The Hammer candle and the Hanging Man candle have small bodies, small upper wick and long lower wick.

These two candles look absolutely the same. Here they are: These two candles are classified as reversal patterns. The difference between them, though, is that the hammer indicates the reversal of a bearish trend, while the hanging man points to the reversal of a bullish trend. They have small bodies, small lower candle wick and long upper wick as shown below: The Inverted Hammer and the Shooting Star both exhibit reversal behavior, where the Inverted Hammer refers to the reversal of a bearish trend, while the Shooting Star indicates the end of a bullish tendency.

Double Candlestick Patterns Bullish and Bearish Engulfing reversal The Bullish Engulfing is a double bar candlestick formation, where after a bearish candle we get a bigger bullish candle. Respectively, the Bearish Engulfing consists of a bullish candle, followed by a bigger bearish candle.

Have a look at this image: The two Engulfing candle patterns indicate trend reversal. In both the Bullish and Bearish Engulfing pattern formation the second candle engulfs the body of the first. The Bullish Engulfing indicates the reversal of a bearish trend and the Bearish Engulfing points the reversal of a bullish trend. Tweezer Tops and Bottoms reversal The Tweezer Tops consist of a bullish candle, followed by a bearish candle, where both candles have small bodies and no lower candle wick.

The two candles have approximately the same parameters. At the same time, the Tweezer Bottoms consist of a bearish candle, followed by a bullish candle. Both candles have small bodies and no upper candle wick as shown in the image below: As we said, the two candles of the Tweezers have approximately the same size. Both candlestick patterns have reversal character.

The difference between these two formations is that the Tweezer Tops signal a potential reversal of a bullish trend into a bearish, while the Tweezer Bottoms act the opposite way — they could be found at the end of a bearish trend, warning of a bullish reversal.

Triple Candlestick Patterns Morning Star and Evening Star reversal The Morning Star candlestick pattern consists of a bearish candle followed by a small bearish or bullish candle, followed by a bullish candle which is larger than half of the first candle. The Evening Star candle pattern is the opposite of the Morning Star pattern. It starts with a bullish candle, followed by a tiny bearish or bullish candle, followed by a bearish candle which is bigger than half of the first candle.

The image below will illustrate the two formations: Both of these candlestick groups have reversal character, where the Evening Star indicates the end of a bullish trend and the Moring Star points to the end of a bearish trend. Three Soldiers reversal The Three Soldiers candlestick pattern could be bearish or bullish. The Three Bullish Soldiers consists of three bullish candles in a row: A smaller bullish candle A bigger bullish candle, which closes near its highest point An even bigger bullish candle, which has almost no candle wick At the same time, the confirmed Three Bearish Soldiers should have the following characteristics: A smaller bearish candle A bigger bearish candle, which closes near its lowest point An even bigger bearish candle, which has almost no candle wick The image below displays a valid Three Bullish Soldiers and Three Bearish Soldiers: The Three Soldiers candlestick pattern has a reversal character.

The Three Bullish Soldiers candlestick pattern can end a bearish trends and can bring about a new bullish movement. At the same time the Three Bearish Soldiers could be found at the end of bullish tendencies, signaling an upcoming bearish move. Candlestick Chart Analysis Now that we have gone through some of the more reliable candlestick patterns in Forex trading, we can now see how some of these patterns look on a price chart and how we can use them as part of a price action trading strategy!

Our candlestick chart analysis shows three successful bearish chart patterns. The first one is an evening star. As we already mentioned, the Evening Star candlestick chart pattern has a bearish character. This is exactly what happens on our chart.

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