Candlestick Strategy in PFOREX Assist
Eightieth session – PFOREX Assist Tutorial
Welcome back to Forex professional training.
In this session we will review;
- The available candlestick patterns in PFOREX Assist
- The Candlestick patterns examples on price chart
Available candlestick patterns in PFOREX Assist
The candlestick patterns that we will review are as follows;
There are more than 114 candlestick patterns with different performance and characteristics. PFOREX R&D team has selected and developed the most reliable patterns with the best performance. Traders can find the detailed courses about implemented candlestick patterns inside education section, hence it is strongly recommended that traders study those courses before this session.
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Trading with candlestick patterns
There are two main classes of candlestick patterns, Continuation and Reversal. On Trading signal strategies, only the reversal candlestick patterns are implemented. Now let’s check the specifications of candlestick patterns strategies:
- Market State: Range & Trend market
- Market Symbols: All
- Time-frames: Above H1 (1 Hour)
- Entry Price
- Buy Order: Over High price of Hammer, Engulfing, Piercing Line & Tweezer
- Sell Order: Below Low price of Dark Cloud, Engulfing, Shooting Star & Tweezer
- Take Profit Price
- Buy Order: The length of candlestick over Entry price
- Sell Order: The length of candlestick below the Entry price
- Stop Loss
- Buy Order: Below the candlestick
- Sell Order: Over the candlestick
- Confirmations: Support/Resistance lines and levels, Fibonacci levels, overbought/oversold conditions by Stochastic & RSI
And now we will check some examples of each pattern.
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Shooting Star candlestick
This pattern was formed at the end of a bullish trend and the ratio of upper shadow to main body as well as ratio of main body to lower shadow indicate ideal condition of this candle pattern. Considering the Shooting Star course in education, the entry is determined just below the Low price of this candlestick. It is speculated that price would follow reversal direction, toward down, with specified Entry & Exit prices, Time-frame, time and date of generated signal. The signal will become active if the price touches the Entry price.
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Hammer candlestick
On this signal, after trend had increased toward top it bounced back and a Hammer candlestick pattern formed. Considering the ratio of lower shadow to main body in addition to ratio of main body to upper shadow, a good signal is generated by ideal candlestick. The Entry & Exit prices with other signal information are specified. It is speculated that if price crosses the Entry price then it would go up until Take Profit price at least.
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Tweezer Bottom candlestick
Although this pattern is formed rarely, but it has tremendous performance and it is highly probable that price trend would follow the speculated direction. Two ideal hammer candlestick patterns in this pattern is highly suitable for both Forex & Options signals.
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Tweezer Top candlestick
This pattern is formed after two consecutive Shooting Star patterns appeared. It is speculated that price would fall after the Entry price of this signal is touched. All major data of this signal is determined in the screenshot of this signal.
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Dark Cloud pattern
One of the most popular trading pattern that is formed on a bullish trend to indicate a reversal spot for a bearish trend. The generated signal will become active after the Entry price is touched.
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Piercing Line candlestick
This pattern is formed on the bearish trend to shows a speculated reversal spot on which trend may change its direction towards top. Hence if the Entry price is touched by the market price, then the generated signal will become active.
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Bearish Engulfing candlestick
On a peak, after a bullish trend, a bearish candle pattern is formed and it engulfs the previous candlestick. It is speculated that the price would fall downwards.
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Bullish Engulfing Candlestick
After price decreased, a bullish reversal candle pattern is formed on the valley to show the probable upward trend.
Summary
The candlestick patterns are detected by our high tech monitoring system whenever a reliable candle is formed. Considering traders’ customized settings, PFOREX will deliver the desired patterns only.
The candlestick patterns in this section are all reversal with which other confirmations can be used for higher success rate.
There are numerous number of analysis from this pattern in various time frames on all assets that can be used as the confirmation for an order.
You can download PFOREX Assist app for iOS and other platforms devices to receive these signals instantly, however I have to insist that all the services provided PFOREX are as information, not as suggestion nor advice.
That concludes this session, until next time and another session, take care.