6 Bearish Candlestick Patterns That Show Continuing Downtrend in Olymp Trade

What is Quick Turn?

“Quick turn” is a counter-trend strategy for trading.

It works best on time frames of 5 and 10 minutes.

When using the quick turn strategy to trade, your trade time should be 2 or 3 times longer than the time frame.

For example, if the time frame is 10 minutes, choose the trade time of 20 minutes or half an hour.

Which combination of trading tools form the quick turn strategy?

“Quick turn” is based on a combination of Stochastic Oscillator, Parabolic SAR Indicator and WMA line.

To set up each of these indicators, click on the indicator button on your trading chart as shown in the image below.

First locate the Stochastic Oscillator and click on it to activate.

The stochastic will be formed  below your chart. Click on the pencil sign next to its close button to edit its settings.

1. Change 2 indicator parameters: set %D = 5 and m = 5.
2. Leave the %K value as it is. It does not need to be changed.

Next, locate the Parabolic SAR Indicator and click on it to activate.

1. Click on its edit button as shown below and change the indicator period to 0.09.

Done that?

Lastly, locate the WMA line and click on it to activate.

1. Click on its edit button as shown below and set the period to 7 for Weighted Moving Average.

The overall results should be a replica of what we have here: –

With all the tools ready, lets jump to setting up the other parameters for a successful trade.

If you are using a chart other than the Japanese candlestick, switch to the Japanese Candlesticks.

You can activate a new chart in Olymp Trade by clicking on the candles icon as shown above.

How to Trade FTTs With The Quick Turn Strategy. 

Assuming your chart is now set to the Japanese Candlesticks with all the trading tools in place, select an asset to trade e.g EUR/USD.

Set a time-frame of 5 or 10 minutes.

Indicate the trade time, depending on the time frame.

Note: – If you choose a time frame of 5 minutes, the trade time should be 10 or 15 minutes.

If the time frame is 10 minutes, set the trade period to 20 or 30 minutes.

How to “Trade UP” and Make Profits Using The Quick Turn Strategy in Olymp Trade.

Only open an up trade when the chart has these 3 signals.

1. The chart has crossed the WMA from bottom to top.

2. The blue line Stochastic has crossed the red line from the bottom up, and the oscillator is in the oversold zone.

3. The parabolic SAR point has appeared below the graph.

Ideally, the signals should be as shown in the image below before you open an up trade.

How to Open Downward Winning Trades in Olymp Trade with this Strategy.

On the flip side, only open a down trade when the chart has these 3 signals.

1. The chart has crossed WMA from top to bottom.
2. The blue line Stochastic has crossed the red line from top to bottom, and the oscillator is in the overbought zone.
3. The parabolic SAR point has appeared above the chart.

In a nutshell, all the three signals should look like what you see in the image below.

Important Tips for Trading With this Strategy.

Do not apply “Quick turn” during a sideways trend and at the time of the release of important economic news.

This is because, during these times, indicators can give false signals which may lead to you losing your money.

Only use the strategy if the market has a clear uptrend or downtrend.

You can also combine “Quick turn” with support and resistance levels to help confirm the signals.