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Showing posts from November, 2017

Japanese Candles for Beginners

This article explains Japanese Candles for Beginners. We'll discuss their history, their types, and also a little bit into the analysis of Japanese candles.
What are Japanese candles?
Japanese candles are a universal type of charting, which displays not only the course of the price trend but also interval (one candle is a certain time interval (timeframe) during which the price moved). In other words, the Japanese candles show how the price moves on the time scale, but also the course of the price within a certain specific time interval (minute, 5, 15, 30 minutes, 1, 4 hours, 1 day, 1 week, 1 month, and sometimes even a year ). Most often, Japanese candles are used in the technical analysis of the market.

[caption id="attachment_1467" align="aligncenter" width="336"] Japanese Candles[/caption]

Where did this type of graphics come from, and why are Japanese candles called exactly?
It's very simple, we'll find the answer on the pages of history. Japa…

EURUSD Daily Technical Chart » 07-Nov-2017

Below is the technical chart of EURUSD. Previously, I'd discussed technical charts with Doda DonchianDoda-Bollinger BandsIchimoku and ADX Candles technical indicators, but this time, for a change, I've not used any technical indicators.
I've just used Japanese Candlestick Chart. Time Frame taken is Daily.


[caption id="attachment_1464" align="aligncenter" width="700"] EURUSDDaily-chart[/caption]


As seen clearly on the chart above, a Bullish Hammer has been formed on yesterday's chart. That means EURUSD will rise from these levels in a day or two. 
Now, watch EURUSD technical chart on H4 time frame and wait for Buy signal by Doda Donchian, MACD and Doda Bollinger Bands. When they confirm buy signal, take a long position in EURUSD.
Note: There is a complete tutorial on MACD on ForexTradingKit.com. Go through that and download MACD indicator for MetaTrader 4. You'll love that indicator.