Reversal candlestick patterns are an excellent way to enter or exit a trade. There are a quite a few candlestick patterns you can use and the best way to find them is to use a candlestick pattern indicator which you can download below. It is a free candlestick pattern recognition indicator for Metatrader that will show: There are a lot of Japanese candlestick patterns but only a handful are worth looking for.

If you are looking for a reversal pattern, our minds often can make patterns out of nothing like seeing animals in clouds.

The Best Forex Strategy Based on Technical Analysis

A chart pattern indicator can help take the subjectivity out of your trading and ensure you are only looking at chart patterns that matter. The meaning of these candlesticks will become clear when you see them on a chart.

Keep in mind that candlestick patterns are a legitimate form of technical analysis and you should put some time into learning how to trade with them. How this candlestick pattern indicator works is pretty simple once you upload onto your MT4 chart:.

Which Candlestick Patterns Are the Best and Most Reliable to Trade?

You could actually use these weekly candlesticks to have a bias for the coming week on lower time frame charts. You can be trading in any time frame using this candlestick pattern indicator and it will still show any reversal candlestick that forms in the time frame your chart is on.

You may want to focus on support and resistance zones for trading any candlestick reversal the indicator shows. These are previous market turning points and could act in that manner again.

Even using a technical indicator in a strategy like our Bollinger band trading strategy would work well with this indicator. The standard trend line trading strategy could also be used as a reversal area and you would only trade if the pattern recognition software plots one of the 10 candlestick patterns.

But it would be really good indicator if you are beginner trader learning about candlesticks etc. Menu Simple Forex Trading Strategies Price Action Trading Course Price Action Trading Strategies FX Trading Signals. This chart is a weekly I prefer higher time frame charts and only shows 2 different types of candlestick reversal patterns:.

Prev Article Next Article. Hi RKay, Do you use this indicator in your trading?

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The Best Forex Signals - Price Action Trading Patterns

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