FOREX 24 Candlesticks Trade 


FOREX 24 Candlesticks Trade

reader’s message
Hello Mr Long,

Im using much strategy scalping but i lose much time and lose money.
Can you show me please a simple and good strategy for scalping and where put stop loss and take profit ?

Thank you for your time.


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FOREX 24 Candlesticks TradeFOREX 24 Candlesticks Trade

Are intraday Candlestick patterns useless?

Many people ask this common question is intraday candlestick patterns are useful or not.
The main crux behind candlesticks is the relationship between the open and the close and how that conveys investor sentiment.
While that makes sense for a daily chart, an intraday chart, 15 minute say, is something totally different.
What I mean by this is that the “opens” and “closes” on these bars are not true market opens and closes.
Rather they are arbitrary points during the day where that particular bar happened to open and close.
So while on a daily chart, an open represents the fact that investors are starting a fresh new day.
The close represents that the day is ending, thereby giving significance to these times and influencing investor perceptions and actions towards them.
Investors are totally unaware of the opens and closes on a 15 minute bar.
And thus the 15 minute bar (or any other intraday bar) is really a significant time period that keeps the effectiveness of candle patterns intact.

If traders see a pattern on a 15 minute bar, they know they could get a completely different pattern simply by changing the time limit.
The main issue is that even though it seems there are opens and closes that form the 15 minute bars, in reality it is just continuous trading.
They are unlike daily bars which are interrupted by true opens and closes that mark actual perceivable timeframes for the bulls and bears to battle.
So without perceivable time frames, why does it matter if you wait for a candle to actually close to show if the pattern was formed or not?
After all, the close was just an arbitrary time point with no significance.

Thus the question remains the same, if they really help the traders for making the right choice or not.
The answer is in many cases no, but again there are always some hidden facts inside each candlestick patterns, so it is not proved by every situation.

I think that CAC40 or DE30 is easier, the DAX show good Intraday moves