The basic candlestick shape is a rectangular "candle body" with two vertical "wicks" – one top and one bottom – protruding from the candle body. You draw candles on charts where price is the Y-axis and time is the X-axis. The candle body top and bottom represent a currency pair's ...
A MarubozuCandlestick patternis a candlestick that has no “wicks” (no upper or lower shadow line). A green Marubozu candle occurs when the open price equals the low price and the closing price equals the high price and is considered very bullish. A red Marubozu candle indicates that ...
cTrader Forum. Suggestions. Discussions about developing indicators and automated trading strategies, cBots, in Algo API and csharp.
It looks as though we are forming a triple top which also happens to be at a previous 2009 resistance level. Each time this level has been reached sellers take control and send the market sharply lower. There have been several long upper wicks formed in the past few sessions telling me th...
Let’s a look at the EUR/USD hourly chart below. Our trade rules for this particular pair are as follow: Determine a major trend (in this case an uptrend) Insert indicator (RSI) Sell only when RSI is above 70 Wait for a bearish candle as further confirmation ...
You will find that some forex traders even trade “naked”. This doesn’t mean that they trade with no clothes on but rather they trade just price action and nothing else. To test this theory, open a 1 hour EURUSD chart and try to see if you can identify the overall direction of ...
Something used to carry a thing, especially a frame for wicks in candle-making. Port (archaic) The manner in which a person carries himself; bearing; deportment; carriage. See also portance. Port (military) The position of a weapon when ported; a rifle position executed by throwing the wea...
The same chart is now shown again without the wicks which represent the high and low. This should be a lot easier to understand now. Below, you can see yet another illustration of how renko bars form, comparing them to Candlestick charts (and removing the wicks). ...
A candlestick pattern on charts consists of rectangular "bodies" that show the opening and closing prices, with thin vertical lines called "wicks" or "shadows" extending above and below to indicate the high and low prices for the period. The body is typically colored differently (often green/w...
The pattern includes a gap in the direction of the current trend, leaving a candle with a small body (spinning top/ordoji) all alone at the top or bottom, just like an island. Confirmation comes on the next day’s candle, where a gap lower (abandoned baby top) signals that the prior...