These Are The Best Candlestick Patterns Trading Strategy for 2023

It is common for new traders to open trading accounts and to bounce off almost immediately because either: –

1. They don’t know how to trade profitably.

Or…

2. Because they don’t know how to trade at all.

And it is just so sad trying to analyze that opportunity cost.

But, what if I told you that there was an easy trading strategy for making quick money with these trading platforms, would you consider using your account?

Well, there is this simple trading strategy that isn’t much talked about but is as much useful in making money online as both the quick turn and the trio trading strategies.

It is known as the candlestick pattern trading strategy.

What is the candlestick pattern trading strategy?

It is a trading strategy based on identifying candlestick models.

The signal to open a trade with this strategy is dependent on the appearance of a candlestick in a different color that covers previous candlesticks.

TO begin trading with this strategy you will need to: –

1. Login to your trading account or register here if you don’t already have an Olymp Trade account.

Once logged in, you will see either an area chart or a candlestick chart. If you see an area chart, switch it to Japanese candlesticks.

You can do that by clicking on the candlestick button as shown below and choosing Japanese candlesticks. Done that?

Now set your candlestick charts to 5 or 15 minutes time frame and your trading time to 10 or 15 minutes.

The series of alternating red and green candlesticks you see above represent price charts.

If an asset price has risen over the selected period, the candlestick is colored green; if it has fallen, red.

If several candlesticks of the same color form one after another, you have a trend.

Defining Candlestick Models in Olymp Trade.

By watching both how the candlesticks’ color changes and their size, you will get a signal to open trades.

In this strategy (the candlestick pattern trading), you need to learn to identify two candlestick models.

1. The first is when 1 candlestick appears and its body covers the previous candlestick(s) of the opposite color.

For example, the body of a red candlestick covers the bodies of green ones.

This indicates the possible start of a downtrend.

If a green candlestick is covering the length of red ones, upward price movement is most likely to follow.

2. The second model is when not 1, but 2 candlesticks are covering the body of a candlestick of the other color.

For example, when 2 small red candlesticks have covered 1 green one. This indicates that the downtrend will likely continue.

Or when 2 green candlesticks cover the previous red one, this indicates the probable continuation of an uptrend.

How to Open a Winning DOWN trade with the candlestick pattern trading strategy.

Wait until the body of the green candlestick is completely covered by 1 or 2 red candlesticks.

The expiry time must either equal or be twice as great as the specified time frame.

Open a Down Trade.

How to Open a Winning UP trade with the candlestick pattern trading strategy.

Wait until a red candlestick is covered by 1 or 2 green ones.

The expiry time must either equal or be twice as great as the specified time frame.

Open a UP Trade.

How to Make $15 an Hour With this Strategy.

1. Deposit $30 to your Olymp Trade account.
2. Follow this strategy as it is.
3. Only trade when you see a signal.

How not to lose money trading with this strategy.

• Make sure the candlestick time frame exactly matches your trade time exactly.
• The strategy works best with currency pairs, commodities, and stock indexes.