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Thus, this pattern usually indicates a reversal following an indecisive period. You should wait for a confirmation before trading a doji star. Bearish Candlestick Formations Long Bearish Candle - A long Bearish candle occurs when prices open near the high and close lower near the low. Hanging Man - This pattern is bearish if it occurs after a significant uptrend. If this pattern occurs after a significant downtrend, it is called a hammer.
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A hanging man is identified by small candle bodies and a long wick below the bodies can be either clear or filled in. Dark Cloud Cover - This is a bearish pattern. Bearish Engulfing Lines - This pattern is strongly bearish if it occurs after a significant uptrend it may serve as a reversal pattern. It occurs when a small bullish empty candle is engulfed by a large bearish filled-in candle. Evening Star - This is a bearish pattern signifying a potential top.
The star indicates a possible reversal and the bearish filled-in candle confirms this. The star can be a bullish empty candle or a bearish filled-in candle. Doji Star - This star indicates a reversal and a doji indicates indecision. One should wait for a confirmation like a evening star before trading a doji star. Shooting Star - This pattern suggests a minor reversal when it appears after a rally. Neutral Candlestick Formations Spinning Tops - This is a neutral pattern that occurs when the distance between the high and low, and the distance between the open and close, are relatively small.
Doji - This candle implies indecision. The open and close are the same. Double Doji - This candle two adjacent doji candles implies that a forceful move will follow a breakout from the current indecision. Harami - This pattern indicates a decrease in momentum. It occurs when a candle with a small body falls within the area of a larger body.
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This example a bullish empty candle with a large body is followed by a small bearish filled-in candle. This implies a decrease in the bullish momentum. It occurs when the open and close are the same, and the range between the high and the low is relatively large. Dragonfly Doji - This candle also signifies a turning point. It occurs when the open and close are the same, and the low is significantly lower than the open, high and closing prices. Gravestone Doji - This candle also signifies a turning point.
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It occurs when the open, close and low prices are the same, and the high is significantly higher than the open, close and low prices. Stars - Stars indicate reversals.
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A star is a candle with a small real body that occurs after a candle with a much larger real body, where the real bodies do not overlap the wicks may overlap. Answers to the Exercises. Exercise 1: Circle and identify the candlestick formations in the following Charts. Exercise 2: Circle and identify the candlestick formations in the following Charts. The two primary orders used for entering and exiting the market are a Limit Order and a Stop Order. Properly executing orders and understanding these procedures are a vital step to profitable trading.
Remember: all good carpenters carry a toolbox. The sharper the tools and the more skilled he is at using them, the more effective he is. The sharper you become as a trader the more efficient and lucrative you will be. What orders do: A clear understanding of what each order does is essential before executing orders. Market Orders: A Market Order is an order that is given to a broker to buy or sell a currency at whatever the market is trading for, at that moment. It can be an entry order into the market or an exit order to get out of the market. Traders use Market Orders when they are ready to make a commitment to enter or exit the market.
Caution should be exercised when using Market Orders in fast moving markets. During periods of rapid rallies or down reactions gain or lose of many points may occur due to slippage before receiving the fill. Trading is an auction where there are buyers bidders and sellers offerers.
The bid is the "buy" and the "ask", or offer is the sell.
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Slippage is defined as: A trade is executed between a buyer and seller and the resulting buy or sell transaction is different than the price seen just prior to order execution. On average one to six pips will be lost with Market Orders, perhaps more, due to slippage. Market Orders are rarely filled at the exact anticipated price. Limit Orders: Limit Orders are orders given to a broker to buy or sell currency lots at a certain price or better. The term Limit means exactly what it says.
You will buy at that exact limit price or better a large majority of the time.
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Limit Orders are used to enter and exit the market. They are generally used to acquire a specific price, avoiding slippage and unwanted order fills execution price which can happen with Market Orders. When selling above the market, it is a Limit Order. When buying below the market, it is a Limit Order. A limit order will be executed when the market trades through it. The market must trade through you specified Limit Order number to guarantee a fill.
The trading software will provide notification within seconds of the fill. A trader does not have to call his broker to see if his order has been filled.
Stop Orders: Stop Orders are orders placed to enter or exit the market at a desired specific price. When buying above the market, it is a Stop Order. When selling below the market, it is a Stop Order. Stop Orders turn into Market Orders when the market trades at that price. It is the order placed with an entry order to insure an exit when the market goes against you. A good trader never trades without a protective Stop Loss Order. They are orders executed to get you out of the market when your trade has gone against you. Protective Stops are discussed separately as one of the 10 Keys to Successful Trading.
An OCO order is a procedure and means one-cancels-the-other. Upon entering the market, place a protective Stop Loss Order and establish a projected profit target. That projected profit target can be your Limit Order. Updated: October 14, Aw Snap! If you Updated: October 31, SmartTrader: How to Save Custom Indicators Custom Indicators are collections of your favorite indicators and settings stored together for easy access.