How do you read candlesticks in forex?

Forex candlesticks explained

1. Open price: The open price depicts the first traded price during the formation of a new candle.
2. High price: The top of the upper wick.
3. Low price: The bottom of the lower wick.
4. Close price: The close price is the last price traded during the formation of the candle.

How do you identify a forex candle pattern?

The body of the candlestick indicates the difference between the opening and closing prices for the day. Candlesticks are generally coloured, as it makes it easier to see whether the candlestick is bullish or bearish. The body of the candlestick is hollow, and the areas above and below the body are called shadows.

Why do we use a candlestick pattern in forex?

Forex price movements are perceived more easily on candlestick charts compared to others.

Do candlestick patterns really work?

Traders think candlestick patterns work because they see a pattern form and the price does what the candlestick pattern suggests, this make them believe it was the pattern which caused the market to do whatever it did and any pattern they see in the future should do the same.

What are the best candlestick patterns for shorting stocks?

Shooting Star. This is my all time favorite on the short side.

Is a candlestick chart useful for day trading?

Day traders will typically want to use a bar chart or candlestick stick chart as they show more information than a line chart. Bar and candlestick charts show the open, high, low and last/closing price for each bar. The amount of time or space a price bar covers is determined by its time frame, as discussed next.

https://www.youtube.com/watch?v=o65YF_xbmPs