๐ฅ๐ Technical Analysis for Beginners ๐ฅ
Hello, dear trading friends! ๐
Today we will transform candlestick patterns into an exciting story that you can easily read and benefit from in your decisions! ๐
1๏ธโฃ What is a โCandlestickโ?
Body: the distance between the opening and closing price.
Wick: the upper and lower lines that represent the highest and lowest price during the period.
๐ฟ Bullish Candle: the body is filled/green, and the close is above the open.
๐ด Bearish Candle: the body is empty/red, and the close is below the open.
2๏ธโฃ Steps to Read Candlesticks Easily:
Determine the overall trend โก๏ธ Is the market in an uptrend or downtrend?
Monitor the body size ๐
Long body = strong and clear movement.
Short body = hesitation or weakness in momentum.
๐ Study the wicks ๐ต๏ธโโ๏ธ
Long wicks indicate strong rejection of the price moving up/down.
๐ Identify popular patterns ๐
๐ ๏ธ Hammer: often a bullish reversal.
๐ Shooting Star: often a bearish reversal.
โ๏ธ Doji: balance between buyers and sellers, and may indicate a change in direction.
3๏ธโฃ Practical Tips for Beginners:
Do not rely on a single candle; combine it with other indicators.
Test the patterns on a demo account before actual trading.
Choose the time frame that best suits your strategy (minute, hour, day).
โจ Summary: Reading candlesticks is like reading the language of the market; each candle tells a story, and with practice, you will become a pro at extracting signals at lightning speed! โก
๐ Let's fly together in the world of cryptocurrencies! ๐
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