Crypto-Trade-Academy-CANDLESTICKS.pdf

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- CANDLESTICKS -
BASICS
highest price
wick / shadow
closing price
body
opening price
wick / shadow
lowest price
SHORT WICKS
most trading was done near
open/close price
LONG WICKS
price extended way pass
the open/close price;
the market was very volatile
lowest price
closing price
opening price
highest price
LONG GREEN
CANDLESTICKS
strong buying pressure;
the price is bullish
LONG RED CANDLESTICKS
significant selling pressure;
the price is bearish
Most used in cryptocurrency trading:
•
DAILY CANDLESTICKS - Used for recognizing market trends and pinpointing the
current position in the observed long term pattern (the longer the period the more-
accurate we can predict the future movement)
•
1 HOUR CANDLESTICKS - Used for recognizing short to mid term patterns (note:
they are less reliable than the long-term patterns)
•
5 MINUTE CANDLESTICKS - Used for determining optimal trading entry point and
change in volume
When observing candlesticks, the chart should be as wide as the pattern observed.
Usually we start with 6 months chart but beware, the pattern can be a few years long.
Always check price patterns that cover longer periods.
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- CANDLESTICKS -
DOJI
•
can signal the market reversal
•
they convey a sense of indecision
•
a turning point can be developing
Price moves above/below
the open price but closes
at or near the open level.
Neither bulls or bears were
able to gain control.
STAR
DRAGONFLY
GRAVESTONE
Candlesticks have some more significance when they form at the major support or re-
sistance area.
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