Candlestick Patterns

Forex candlestick patterns are visual representation of the market prices in the currency market and the chart resembles that of a candle. If you want to make good trading decisions, here are a few forex candlestick patterns that you may want to familiarize with so you will also be guided on when to trade and when not to.

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Forex Candlestick PatternsDouble top candlestick patterns form after a strong price rally or strong bullish conditions. It is easily identifiable because the double top pattern looks like two mountain peaks that form an ‘M’ shape on the chart.

A double bottom signals bearish exhaustion and is formed when the bulls start to take control at a specific support level. The bears drive prices down into this support level where the bulls step in and drive prices back higher, this bullish rejection of support creates the first ‘V’ shape trough.

Candlestick Chart PatternsOne of the important and powerful tools in forex trading is the candlestick chart and knowing how to understand the candlestick chart patterns can help you a lot in making wise decisions in trading. Candlestick chart patterns will also help you predict future movements of the currency prices, which is essential in making wise decisions in forex trading.

Ascending triangles form when the market runs into a resistance level and stalls market movement. Bullish pressure is still strong and continues to build up underneath, compressing prices tighter and tighter with each attempted bounce of resistance.

Forex Candlestick Patterns

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Candlestick Patterns

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