I want to know,in taking trading decision do you focus only on a particular timeframe
I want to know,in taking trading decision do you focus only on a particular timeframe eg 4 hours,or do you also check other timeframes like 1 hour,30 minutes etc before taking a decision.
Before taking a decision daily time frame
I check only daily time frame
because daily time frame include short time frame
1 hour,30 minutes etc price action
Some Complex Patterns of Candlesticks
Candlestick patterns can predict possible market variation.
There are two types of candlestick patterns- simple patterns and complex patterns.
Complex patterns are made of more than one candle.
Here are some complex patterns traders need to know about.
Evening Star consists of a large white body candlestick that is followed by a small body candlestick that gaps above the previous.
The second candle can be of any color.
The third is a black body candlestick that closes well within the large white body.
It is considered as a reversal signal when it appears at top level.
Falling Window is a window that is created when the high of the second candlestick is below the low of the preceding candlestick.
It is considered that the window should be filled with a probable resistance.
Morning Doji Star consists of a large black body candlestick followed by a Doji that occurred below the preceding candlestick.
On the following day, a third white body candlestick is formed that closed well into the black body candlestick..
It is considered as a major reversal signal that is more bullish than the regular morning star pattern because of the existence of the Doji.
Morning Star consists of a large black body candlestick followed by a small body that occurred below the large black body candlestick.
On the following day, a third white body candlestick is formed that closed well into the black body candlestick.
It is considered as a major reversal signal when it appears at bottom.
On Neckline consists of a black candlestick followed by a small body white candlestick with its close near the low of the preceding black candlestick.
It is considered as a bearish pattern when the low of the white candlestick is penetrated.
The complex patterns are often more accurate signs of any condition than the simple ones.