Guide line how to I gether a proper candlestick price action
Thanks for your replay . Sir please give me a guide line how to I gether a proper candlestick price action.
I am very kind of you. And I want to consistently profit.
here is guide line
not gather candlestick price action
sit back and wait
use daily time frame
do not predict last bar up or down
candlestick price action is wait other people failed trading
Some Important Price Action Components
For price action traders it is very important to be aware of the price action components frequently used in the market.
Here some of these components are given for the beginners.
A trend or price channel can be created by plotting a pair of trend channel lines on either side of the market.
The first trend channel line is the trend line, plus a parallel return line on the other side.
Trend channels are traded by waiting for break-out failures.
So, banking on the trend channel continuing, in which case at that bar’s close, the entry stop is placed one tick away towards the centre of the channel above/below the break-out bar.
Trading with the break-out only has a good probability of profit when the break-out bar is above average size.
An entry is taken only on confirmation of the break-out.
The confirmation would be given when a pull-back from the break-out is over without the pull-back having retraced to the return line, so invalidating the plotted channel lines.
Shaved bar entry
When a shaved bar appears in a strong trend, it demonstrates that the buying or the selling pressure was constant throughout with no let-up.
It can be taken as a strong signal that the trend will continue.
If a trend line is plotted on the lower lows or the higher highs of a trend over a longer trend, then a microtrend line is plotted.
Just as break-outs from a normal trend are prone to fail as noted above, microtrend lines drawn on a chart are frequently broken by subsequent price action.
They can frequently fail and such a failure is traded by placing an entry stop order 1 tick above or below the previous bar.
Microtrend lines are often used on retraces in the main trend or pull-backs and provide an obvious signal point where the market can break through to signal the end.