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A hammer can be a pretty handy tool, which is more profitable forex or binary options, ask anyone from a construction worker to a farmer and even Thor. It turns out that hammer candlestick formations are also very handy when it comes to trading the markets, especially binary options trading.
In fact, it is the most profitable candlestick pattern for Forex and binary options. These are the candlestick patterns that are deemed to be the most reliable and the most profitable candlestick patterns by traders, whether it be Forex, stocks or indices:. These are all strong bullish candlestick patterns when found at the end of a bearish downward move:.
Well, what that means is if the market has moved down and you see one of these close to a support which is more profitable forex or binary options, you should expect the market to start moving up again. And these are their equivalent bearish candlestick patterns that are strong when found at the end of a bullish upward move:.
Just like the bullish patterns mentioned previously, these bearish patterns are also part of the small group that form the most profitable candlestick patterns. The problem with all this is that it is great information, but I know it can be a little overwhelming too! Can we do that? What about those other awesome patterns that are so strong at predicting the market? The really cool thing is that the hammer candlestick pattern is all we need. Yup, you read that right. When the candles for the Harami, Engulfing and Piercing candlestick patterns are combined using some candlestick math, they all end up being hammer candlestick patterns on one time frame higher.
Look at that!!! The most profitable candlestick pattern is also the easiest to spot and remember. Remember that a candle body consists of the open and closing prices, and in this case, we are combining two candles, and the dotted lines indicate the opening and closing prices of the first and second candles, respectively.
When they are combined, they all end up being hammer candlestick patterns. Using the power of candlestick match is pretty cool! Still a bit confused? The new bar consists of the starting level of the first and the ending level of the second, and they form a hammer. Awesome and easy! The great thing about these patterns are that they all clearly show the market movement and struggle between the bulls and bears in the market.
For the bullish candles the market moved down initially, and then the bulls took over and pushed the price back up. It means that there is a which is more profitable forex or binary options more upward pressure in the market than downward, and when you combine that with the fact that you are looking at market extremes where prices are likely to reverse in any case, you get a strong signal. The most profitable candlestick patterns are the ones that you can read easily, that tell you what the market is doing, and where it is going.
Here are some examples of bearish hammers taken straight off real charts, these also referred to as inverse hammer or shooting star candlestick patterns. One of the easiest ways of determining if you are at a point where the market is at a potential extreme is to look at Bollinger bands. Typically when prices are outside of the outer Bollinger bands, they are either in an area where they are trending or going to reverse soon, which is more profitable forex or binary options.
When you combine that, with the fact that we have a hammer-based pattern where we clearly had the bulls and bears fighting for supremacy in the market, we know that we have a very good potential trend reversal.
In some cases, the price reversal might be short-lived, so be on the lookout for that and take at least some profits as you wait for it to move higher.
Another little trick you can use here in cases where the market is obviously ranging, you will see which is more profitable forex or binary options we had about three candlesticks before it hits the other side of the Bollinger bands, so we could expect it to take roughly the same time to complete the reversal — which it does.
Here we have a lot of noise in the market, but the moment we see hammer, we know that the market will move up. Realizing that these candlestick patterns are basically just different versions of the hammer candlestick pattern, makes it much easier to identify what the market is doing.
It also makes it a lot clearer why they are the most profitable candlestick patterns. These candlestick patterns such as the dark cloud cover and piercing candlestick patterns act to indicate market reversal points, giving you an edge in your trading.
Hopefully this has helped you to make more sense out of candlestick patterns and how to identify the most profitable candlestick patterns and how to use them in your trading! Trade easy! Share this: Twitter Facebook. Next Post: AstraZeneca approached Gilead about potential merger.
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