How do you see the take profit
Could you please explain it? Price is 116.92 and how do you see the take profit will close at 119?
Important information about Candlestick charts
Before the traders start technical trading by using candlestick charts, they should know the basic important information about the candlestick charts.
Candlestick charts were first invented in Japan and Japanese use them for rice trading.
Candlestick chart is mainly the visualization of any market’s price movement.
It depends on the investors’ sentiment and their trading trend.
Candlestick charts are valid for a short period.
The trends can change at any time.
A day candlestick chart includes one candle for the activity of each day in the market.
The candle’s shape depends on the activities of the market and the investors’ flow of investment.
The candles can be red and green or white and black.
Red and black are for bearish candles.
Green and white represent bullish candles.
The body of the candle sits between the open and the close price.
A long candle indicates large price movement and short candles indicate small price movements.
The wicks of the candles in upward and downward direction indicate the highest and the lowest price of the market.
Candle graphs have two trends: Uptrend and downtrend.
Bullish candles show that the buyers are increasing and bearish candles show the sellers are increasing.
An uptrend shows the buyers winning and downtrend shows that the sellers are gaining power.
Reversal patterns are the indicators of a possible trend change.
Reversal patterns can also indicate the continuation of the previous trends in a parallel way.
Candlestick charts cannot show the reason of the price movement.
They cannot even specify the time gap between the trend changes.
While trading with candlesticks, following a day’s trend is better.
Short interval candlesticks are not as accurate as the day’s candles.
Confirmation of candle patterns is one of the most important steps while trading.
Otherwise, the candle patterns can mislead a trader.