Morning Star Candlestick Pattern - Forex Opportunities

Price Action Trading- The Greatest System.

When I first started trading, I used to add all indicators on my chart. MACD, RSI, super trend, ATR, ichimoku cloud, Bollinger Bands, everything!
My chart was pretty messy. I understood nothing and my analysis was pretty much just a gamble.
Nothing worked.
DISCLOSURE- I've written this article on another sub reddit, if you've already read it, you make skip this one and come back tomorrow.
Then I learned price action trading. And things started to change. It seemed difficult and unreliable at first.
There's a saying in my country. "Bhav Bhagwan Che" it means "Price Is GOD".
That holds true in the market.
Amos Every indicator you see is based on price. RSI uses open/close price and so does moving average. MACD uses price.
Price is what matters the most.
Everything depends on the price, and then the indicators send a signal.
Price Action trading is trading based on Candlestick patterns and support and resistance. You don't use any indicators (SMA sometimes), use plot trend lines and support and resistance zones, maybe Fibs or Pivot points.
It is not 100% successful, but the win rate is quite high if you know how to analyse it correctly.
How To Learn Price Action Trading?
YouTube channels- 1. Trading with Rayner Teo. 2. Adam Khoo. 3. The Chart Guys. 4. The Trading Channel (and some other channels including regional ones).
Books- 1. Technical Analysis Explained. 2. The trader's book of volume. 3. Trading price action trends. 4. Trading price action reversals. 5. Trading price actions ranges. 6. Naked forex. 7. Technical analysis of the financial markets.
I think this is enough information to help you get started.
Price Action trading includes a few parts.
  1. Candlestick patterns You'll have to be able to spot a bullish engulfing or a bearish engulfing pattern. Or a doji or a morning star.
  2. Chart Patterns. The flag, wedge, channels or triangles. These are often quite helpful in chart analysis without using indicators.
  3. Support or Resistance. I've seen people draw 15 lines of support and resistance, this just makes your chart messy and you don't know where the price will take a support.
You can also you the demand and supply zone concept if you're more comfortable with that.
  1. Volume. There's a quote "Boule precedes price". Volume analysis is a bit hard, but it's totally worth learning. Divergence is also a great concept.
  2. Multiple time frames. To confirm a trend or find the long term support or resistance, you can use a higher time frame. Plus, it is more reliable and divergence is way stronger on it.
You can conclude everything to make a powerful system. Like if there's a divergence (price up volume down) and there's a major resistance on some upper level and a double top is formed,
That's a very reliable strategy to go short. Combinations of various systems work very good imo.
Does this mean that indicators are useless?
No, I use moving averages and RSI quite frequently. Using price action and confirming it through indicators gives me a higher win rate.
"Bhav Bhagwan Che".
-Vikrant C.
submitted by Vikrantc2003 to Daytrading [link] [comments]

32.How to Trade the Morning/Evening Star Candlestick ... Candlestick Charting - Volume 16 - Morning Star - YouTube Episode 250 : Morning StarTrade Setup  Best Candlestick Patterns  Forex Trading Tips Morning Star Candlestick Pattern Trading Tips 🏯 - YouTube Candlestick Pattern Trading #11: What is a Morning Star by ... Candlestick Patterns  Bullish Morning Star The Morning Star Candlestick Pattern - Forex 101

Alternatively the middle candle can be a black (bearish) candlestick. On the daily forex chart this configuration is actually more common than a white middle candlestick since the market doesn’t close overnight during the week. The third candlestick in the pattern is the trigger candle, and this is a long white bodied candle. This candle suggests that the immediate trend has turned bullish ... The candlestick patterns are patterns that take place on the Japanese candlestick charts. The candlestick chart is a type of chart that changes color based on whether price closed higher or lower than the open price. In other words, the candlestick charts are a technical tool that gathers data for multiple time frames into single price bars. This makes them more advanced and useful than ... Morning Star Candlestick: A Forex Trader’s Guide. 2019-09-10 16:34:54 Richard Snow, Markets Writer. Advertisement. The Morning Star candlestick is a three-candle pattern that signals a reversal ... These three candles can frequently emerge in the forex market. After the reversal, we can observe higher highs and higher lows. Here’s what the pattern looks like on a chart. Morning Star Candlestick Pattern on a chart. The Morning Star has one variation; Morning Star. Sometimes traders can observe the Morning Star Doji. It represents indecision in the market. This uncertainty paves the way ... 10 Price Action Candlestick-Chartmuster für Trader (Doji, Harami, Marubozu, Engulfing, Piercing, Hammer, Morning Star, Three White Soldier) Kerzenmuster A morning star is a bullish candlestick pattern in a price chart. It consists of three candles and is generally seen as a sign of a potential recovery following a downtrend. Day 1 of the Morning Star pattern for the Midcap 400 (MDY) chart above was a strong bearish red candle. Day 2 continued Day 1’s bearish sentiment by gapping down. However, Day 2 was a Doji, which is a candlestick signifying indecision. Bears were unable to continue the large decreases of the previous day; they were only able to close slightly ... As you can see in the below image, the overall trend of the CAD/CHF Forex pair was down. Find out the Morning star pattern on your trading timeframe. As you can see in the below CAD/CHF chart, the market prints the Morning Star pattern by following all the rules of our strategy. The first red candle was with low volume, and the second one was a ... Evening star reversal pattern on a candlestick chart. From the above chart, we can all identify the evening pattern as indicated in a circle. The appearance of a small candlestick after the first large bullish candle signify that buyers are losing control. Therefore cannot push the prices higher. When the third large bearish candlestick forms, it shows that sellers have now taken over the ... Chartanalyse Morning Star: Hier finden Sie die Erklärung zu dem Börsen-Begriff Morning Star

[index] [20014] [15331] [21581] [26754] [2614] [10530] [26185] [23562] [24557] [16883]

32.How to Trade the Morning/Evening Star Candlestick ... - Candlestick Charting Volume 16 - The Morning Star Candlestick Patterns Bullish Morning Star #Forex #Forex_strategy #Candlestick source: ★★Best Binary Broker List★★-----RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK Practice these concepts with a free practice charting and trading account here: For the full lesson with images, text, links, an... We are talking candlestick patterns - in this video we are talking about the Morning Star This is how I use the morning star formation! Need trading capital? Check out :) ***** Disclaimer: This video should i... Welcome to video #11 of TradingwithRayner’s candlestick trading course! This is a free (step by step) candlestick trading course that teaches you the essenti... Morning Star candlestick is a reversal pattern that usually occurs at the bottom of downtrends. The pattern consists of three candles and investors watch closely for it in order to capitalize on a ...