Tweezer top forex strategy

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11: A bar chart has limited information. Note the triangle formation in the bar chart of figure 6. A triangle formation often is a continuation pattern, but sometimes it can be a reversal pattern. The bar chart does not give any clue about which side of the triangle pattern will be broken. 12: The candle chart tells you more.

But in the candle chart in figure 6. 12, you see only candles with rising power in the last couple of weeks. The break to the upper side was, therefore, no big surprise, and you got a continuation of the uptrend. Basic Patterns Different basic patterns offer an indication about what kind of price evolution can be expected.

The closing price closed higher than the opening price. The white body has a normal average size compared to recent prices. The black body has a normal average size compared to recent prices. A long white body with little or no shadows compared to recent prices.

High price and closing price are close together, and low price and opening price are also close together. If there is no other support nearby, you can use the midpoint of the white body as a support level. A long black body with little or no shadows compared to recent prices. High price and opening price are close together, and low price and closing price are also close together.

If there is no other resistance nearby, you can use the midpoint of the black body as a resistance level. Opening price and closing price are very close together with upper and lower shadows. Doji’s are part of many candlestick patterns. A doji with bigger shadows is more important.

A doji in an up-move with a closing price below the previous closing price is a strong reversal indication. A doji in an up-move with a closing price above the previous closing price needs confirmation for a reversal. A doji or any other reversal pattern followed by a candle with a window mostly is a sure reversal indication. There is extra pressure on the market when more doji’s appear together. A doji during a flat, neutral trading period has no meaning. A doji or any other candle pattern confirms existing support or resistance. A doji with big upper and lower shadows is also called a big wave doji.

A warning signal for a reversal. This is an indication of big uncertainty in the market. Theme: Daily Magazine by AF themes. AXIOM business books awards, bronze medal for my book! AXIOM Business Books Awards, bronze medal. 11: A bar chart has limited information. Note the triangle formation in the bar chart of figure 6.

A triangle formation often is a continuation pattern, but sometimes it can be a reversal pattern. The bar chart does not give any clue about which side of the triangle pattern will be broken. 12: The candle chart tells you more. But in the candle chart in figure 6.

12, you see only candles with rising power in the last couple of weeks. The break to the upper side was, therefore, no big surprise, and you got a continuation of the uptrend. Candlestick charts are one of the most powerful technical analysis tools in the trader’s toolkit. They are also one of the most prevalent.

Most technical analysis programs use candlesticks as the default mode of charting. Used correctly, candlesticks can give a signal in advance of much other market action. They can be a leading indicator of market activity. But familiarity doesn’t necessarily breed expertise.