Although literally thousands of technical analysis strategies exist, we avidly believe in applying the K.I.S.S. principle to trading.
Why? The more complex the trading system, the greater the risk of human error while following the system.
However, there are easy ways to improve your existing trading strategy without complicating it.
Continue reading to find out why candlestick patterns are an excellent tool to improve your trading success in a simple way.
Candlestick Patterns For Confirmation
Like other types of stock charts, a candlestick chart displays the high, low, opening and closing prices of a stock for a specific time period.
However, candlestick patterns give valuable clues about the short-term momentum of a stock that are not as easily derived by traditional line or bar charts.
As such, candlestick chart patterns are excellent for confirming any type of pattern you normally trade.
When doing nightly scans to find breakout and pullback setups for the Daily stock picks, we use candlestick charts to help confirm bullish or bearish patterns.
We use candlestick patterns as well as candlestick charts in a complimentary way to help improve our trading accuracy.
Specifically, candlestick patterns are great for confirming the timing of a new trade entry into a breakout or pullback chart pattern.
To see how candlestick patterns can improve your trading success by supplementing your existing trading strategy, check out the video below:
While watching this video, I highly recommend you keep a notebook handy because you may want to jot down some notes on the various candlestick patterns.
Since the video is 20 minutes long, I also suggest you kick back with your favorite coffee, tea, water before getting started.
The robotic narration voice is a bit annoying, but the content is worth it (you can also turn off the audio and read the subtitles instead).
After watching the video, please drop us a comment below to let us know what you think.
We value your opinion, so let us know if you enjoy this type of content and would like to see more in the future.
Candlestick Patterns Right Tool
Also we have software tools for such Patterns Scanning. Below is link for CandleStick Software for Indian Markets and not only Indian markets this software can be used on any market of the world. So click on below link:
brokeyforamibroker@gmail.com
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