How to Trade Using Quotex Two Candlestick Patterns

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Recap: Single candlesticks can be used independently to open successful trades in Forex.

Some of the most common single candlestick patterns include: –

  1. Doji
  2. Hammer
  3. Shooting star

If you have time, you might also want to learn about Price Doji, Gravestone Doji, Long-legged Doji, Spinning Top, Spinning Botton, and Morubozu.

Having this knowledge and the thirst to the scalp either the Forex or Binary Options market goes a long way.

In today’s post, we will expand on 2 candlestick patterns.

And what are 2 candlestick patterns you ask?

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These are red and green Japanese candlestick patterns that can be paired to give either BUY or SELL signals.

While it is not advisable to trade with signals from candlestick patterns alone, trading with 2 candlestick patterns gives more accuracy than trading with single candlesticks. Of course, especially when the market is trending.

Some of the most common 2 candlestick patterns include: –

1). Bullish Engulfing Candlestick Patterns.

Bullish Engulfing candlestick Pattern

A bullish engulfing pattern is a strong bullish reversal signal

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It forms when the body of the first candle (red) is covered by the body of the second candlestick (green).

The body of the first candle should be small with a short upper shadow and no lower shadow, while the second candle should have a large body that engulfs the entire range of the first candle.

Should you spot the bullish engulfing candlestick pattern after a downtrend, open a UP TRADE.

Why?

Because the bullish engulfing candlestick pattern signals an imminent change it trend.

It shows that buyers were able to push the price much higher from where it opened, overcoming any resistance that was put up by the sellers.

In most cases, trades opened with this signal end up winning.

2). Bearish Engulfing Candlestick Pattern

Bearish Engulfing candlestick Patterns

A bearish engulfing pattern is the opposite of a bullish engulfing candlestick pattern.

It is a strong bearish reversal signal that forms when the body and shadows of a green candlestick is covered by the body of a red candle.

The body of the first candle should be small with a long upper shadow and no lower shadow, while the second candle should have a large body that engulfs the entire range of the first candle.

If you spot this 2 candlestick patterns on the charts, trade DOWN.

Bearish engulfing candlestick patterns signal that sellers were able to push the price much lower from where it opened, overcoming any resistance that was put up by the buyers.

The bearish engulfing pattern is a very reliable signal but should be traded with caution. Add confirmation indicators/oscillators like the RSI for more reliable outcomes.

3). Piercing Line Pattern

Piercing Line Pattern

A Piercing Pattern is a combination where the body of a green candle starts below the body of the previous candlestick (red) and closes on the upper body of the red candle.

Should you spot this pattern in the charts, know that an uptrend is about to begin, and get ready to trade UP.

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Just like with the Bullish engulfing candlestick, you should trade with caution with this 2 candlestick patterns.

Use indicators or oscillates to confirm the viability of signals from this pattern.

4). Dark Cloud Cover.

Dark Cloud Cover.

Dark cloud cover is the opposite of a piercing line pattern.

It forms when the body of a red candle starts below the body of the previous candlestick (green) and closes on the lower body of the green candle.

Should you spot this pattern after an uptrend, know that a downtrend is about to begin, and get ready to trade down.

Like with all the other single and double candlesticks patterns, trading with caution goes a long way.

Find another signal confirmation mechanism like the use of indicators and longer timeframes to increase the possibility of winning.

5). Bullish Harami Candlestick Pattern

 

Bullish Harami Candlestick Pattern

A harami (which means pregnant in Japanese) is a reversal candlestick pattern that forms when the security’s open, high, low, and close prices are all within the range of the preceding candlestick.

Like all the other patterns preceded by red candlesticks, it shows the beginning of an uptrend.

Use support levels to be sure of reversals.

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6). Bearish Harami Candlestick Pattern

Bearish Harami Candlestick Pattern

Bearish harami is a combination where a long green candle is followed by a shorter red candle.

It forms at the end of an uptrend and it can be used to open DOWN trades.

Use support and resistance levels to increase your chances of success.

SELL when the bearish harami appears at the resistance level and/or when an oscillator you are using is in the overbought zone.

Conclusion.

These are some of the most common patterns that we see every day when trading.

Should you come across them from today onwards, trade them as per the recommendations of this post.

Good luck with your next trade.

Kenn Omollo

NEXT >>> How to Trade With Three Candlestick Pattern Signals

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