Candlestick Patterns You Need to Know

Forex candlesticks are part of a technical analysis when trading, be it forex trading, stocks, gold, or other commodities. Forex candlestick formations or price patterns are used by traders as entry or exit points in the market. It can also be said, this forex candlestick is used as part of a technical analysis to analyze the current market.

Individual forex candlesticks will form candle formations, such as hanging man, hammer, shooting star, and other candle formations. Here are some candlestick patterns:

Hammer

Hammer has the meaning of a hammer, which means that this candlestick pattern does have a shape like a hammer. The hammer pattern itself has a small body, and also has a long axis that will point downwards. This pattern will indicate a bullish signal when market conditions are bearish or a price reversal from falling to rising. It should be noted when taking buy action when looking at this type of candlestick pattern is to pay attention to the length of the lower shadow, whether it is twice or three times the length of the original candle body or not. It should also be noted about the upper shadow of this candlestick pattern. Hammer patterns will usually have an upper shadow that should be very small and usually not visible at all or not there.

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