Candlestick Chart Patterns

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Anticipating Reversals With Candlestick Chart Patterns

There are perhaps hundreds of books written on candlestick chart patterns featuring several hundred of the different candlestick chart patterns. Although there are these many, do not get pinned down by the sheer number of candlestick chart patterns a trader has to learn. : 

There are perhaps hundreds of books written on candlestick chart patterns featuring several hundred of the different candlestick chart patterns. Although there are these many, do not get pinned down by the sheer number of candlestick chart patterns a trade r has to learn.

There are only a few basic candlestick chart patterns to get started off with and this write-up will showcase one area of candlestick chart patterns and that is anticipating reversals.  These candlestick chart patterns will cover most reversal scenarios and a trader has just to get really good with them. : 

There are only a few basic candlestick chart patterns to get started off with and this write-up will showcase one area of candlestick chart patterns and that is anticipating reversals.  These candlestick chart patterns will cover most reversal scenarios and a trader has just to get really good with them. Get Comfortable With Candlestick Chart Patterns

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Recognizing Candlestick Chart Patterns with Ease

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The most common and powerful candlesticks chart patterns to indicate reversals are:

Dojis are formed when price opens and closes at the same level in a candlestick, indicating price indecision. They are most significantly seen after extended periods of rally with long bodied candles. A trader should only placed importance on doji occurring on long rallies with big moves and not on dojis found in range bounds.: 

Dojis are formed when price opens and closes at the same level in a candlestick, indicating price indecision. They are most significantly seen after extended periods of rally with long bodied candles. A trader should only placed importance on doji occurring on long rallies with big moves and not on dojis found in range bounds. Doji

Spinning tops indicate that buyers and sellers have clear sense of what the market direction will be from the small bodied candlesticks formed. The forces of supply and demand are equally balanced and they will normally show up at the end of a long run. : 

Spinning tops indicate that buyers and sellers have clear sense of what the market direction will be from the small bodied candlesticks formed. The forces of supply and demand are equally balanced and they will normally show up at the end of a long run. Spinning Tops

It is a clear sign that the current trend is running out of steam. It is also a good idea to use it in conjunction with other indicators for confirmation of trend reversal.: 

It is a clear sign that the current trend is running out of steam. It is also a good idea to use it in conjunction with other indicators for confirmation of trend reversal.

An evening star forms when the signs of first candle showing a long bodied candlestick followed by a candlestick with short body with a long wick and lastly a long bodied candlestick in the opposite direction which covers much of the first candle length. The reversal signal will even be stronger if the second and third candle has a huge price gap. The formation of the morning star is the exact opposite of the evening star.: 

An evening star forms when the signs of first candle showing a long bodied candlestick followed by a candlestick with short body with a long wick and lastly a long bodied candlestick in the opposite direction which covers much of the first candle length. The reversal signal will even be stronger if the second and third candle has a huge price gap. The formation of the morning star is the exact opposite of the evening star. Evening and Morning Stars

These two formations are very common and very powerful combinations. It occurs when price his a support/resistance level, retreats and attempt to break the level once again. The price fails and thus indicates a huge signal that the trend is reversing.: 

These two formations are very common and very powerful combinations. It occurs when price his a support/resistance level, retreats and attempt to break the level once again. The price fails and thus indicates a huge signal that the trend is reversing. Triple and Double Tops

These five simple candlestick formations should be sufficient to cover most reversal scenarios. The main idea is to not get overwhelm by the patterns and just sticking to trading them only. It provides the trader an idea of a potential trend reversal and to prepare for it with a combination of signals from indicators as confirmation to trade the chart pattern.: 

These five simple candlestick formations should be sufficient to cover most reversal scenarios. The main idea is to not get overwhelm by the patterns and just sticking to trading them only. It provides the trader an idea of a potential trend reversal and to prepare for it with a combination of signals from indicators as confirmation to trade the chart pattern. Candlestick Chart Patterns Conclusion

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