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To win on Binance using the candlestick chart (Japanese candlesticks), you need to know how to adjust them and understand them well. We will explain simply:
1. Change the time frame:
If you are doing scalping (quick instant trading), consider working on 5 minutes or 1 minute.
If you are doing normal trading, use 15 minutes, 1 hour, or 4 hours.
2. Use the appropriate type of candlesticks:
Stick with classic Japanese candlesticks (Candlestick), do not change them to Heikin Ashi unless you understand them well.
3. Color of the candlesticks:
To clarify the view:
Green candle = up.
Red candle = down.
You can enlarge the borders of the candle to see it more clearly.
4. Add indicators that help you:
For example: moving averages (Moving Averages), Bollinger Bands, or RSI.
This helps you know where to enter and exit.
5. Use the zoom in and out feature on the chart:
You should always see the big picture (Zoom out), then examine the small details (Zoom in).
6. Learn to read the candlesticks themselves:
When you see a candle with a long wick on top = selling pressure.
Candle with a long wick on the bottom = buying pressure.