Frontline FX: Key Candlestick Strategies for Profitable FX Trades Candlestick Essentials and Beyond for FX www.nisonforexacademy.com 1 Frontline FX: Key Candlestick Strategies for Profitable FX Trades With Steve Nison, CMT President: Candlecharts.com
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Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 1
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
With
Steve Nison, CMTPresident: Candlecharts.com
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 2
• Easy to Understand • Early Reversals• “Safety First”• East + West• All FX markets• All Time Frames • Accelerates Analysis
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 3
"Forex trading is highly speculative in nature and Forex market should only be conducted with risk capital you can afford to lose"
• Current volatility in FX very high. Especially good time to trade
• Almost purely technical • Largest financial market • No “insider” information• Longer running trends• Far fewer instruments• Trade all hours while the market is open
(5 ½ days a week)• Trade just as easily in up or down
markets• Provides an alternative • Easy entry: $50 minimum account size
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 4
Nison Candlesticks for FXNison Candlesticks for FX
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 5
Quick review of candlestick essentials Doji essentials Using real bodies to gauge force of trend Importance of shadows Correctly using single, double and triple
candlestick patterns Avoiding “Profit Leakers” Helping to avoid buying on false
breakouts Candlestick pattern variations for FX When to use a candlestick signal for a
new trade and when to use to exit an existing trade.
Using candlesticks as protective stops Importance of short term trend
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 6
Candlestick Charting
Techniques
Candlesticks +Western Indicators
Candlesticks + Trade Management
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 7
Using candlesticks + West for increased trade confidence
Candlesticks with moving averages
Candlesticks with Bollinger Bands
Candlesticks with trendlines
Change of Polarity
Falling off the Roof
Crack and Snap
Candlesticks with Oscillators
Candlesticks with Retracements
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 8
Candlesticks in context
Adapting to the market
Candlestick confirmation
Steve’s most important trade
management rule
Avoiding #1 mistake made by FX
traders
If… Then trading rule
Importance of Trend
Adapting to the Market Identifying is support/resistance is
strong or weak
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 9
FX Profit Leaker
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 10
Candlestick Charting
Techniques
Candlesticks +Western Indicators
Candlesticks + Trade Management
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
www.nisonforexacademy.com 11
FX Profit Leaker
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Hanging Man with bear confirm
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Hanging Man without confirm
Why is this not a hanging man
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Hanging Man without confirm
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Shooting star
Hammer
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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High Wave Candles
Criteria: very long shadows and lower small real body - color not important
Implication: Trend is losing force
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Criteria: very long shadows and lower small real body - color not important
Implication: “Market has lost it’s sense of direction”
Long Legged Doji – “Rickshaw Man”
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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High Wave Candle
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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High Wave candles
Market is confused
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Review of FX and candle benefits Using real bodies to gauge force of
recent move How candles can preserve trading
capital
How candles can be used not only for early entries, but also for exiting
Shadows as part of your candle
analysis Importance of short term trend to define
candle signals
Single candle signals Why the hanging man and inverted
hammer need price confirmation
Using candles as support or resistance
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
www candlecharts com
“Combinations of bullish and bearish candle lines indicate the direction of the market and investors psychological conflicts at important turning points.”
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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closeopen
Criteria:• White real body wraps around preceding black real body• Market in down trend
•Implication: Market bottoming out
Non FX Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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close
open
Criteria:• White real body wraps around preceding black real body• Market in down trend
•Implication: Market bottoming out
FX Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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BULLISH ENGULFING PATTERN
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Getting into the market before it makes its move
Another bullish engulfing pattern confirming support area
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing Pattern as Support
www.nisonfx.com
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing Pattern as Support
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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FX Profit Leaker
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Power of Education
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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close
open
Criteria:•Black real body wraps around preceding white real body•Market in up trend
Implication: ‘Bulls have been constrained”
Non FX Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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close open
Criteria:•Black real body wraps around preceding white real body•Market in up trend
Implication: ‘Bulls have been constrained”
FX Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Bullish Engulfing Pattern to Bearish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bearish Engulfing
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Bearish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Bearish Engulfing
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Bearish Engulfing Pattern
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bearish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Bearish Engulfing Pattern as resistance
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Topoutside reversal
Bottomoutside reversal
Western Outside Reversals
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Engulfing Patterns compared to Outside Reversal
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bearish Engulfing near resistance
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Reading the Market’s Message: Quickly and Accurately
If I had only known this!
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Bearish
Engulfing Patterns
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Engulfing Patterns
Bullish Bearish
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Both are Bearish Engulfing
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bullish Engulfing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Misinformation can cost you
?
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Is it a valid Nison candle?
Not Bullish Engulfing Pattern!
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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1. What gave us a hint bulls losing force during rally?
FX Chart Challenge
2. What pattern is this?
3. What candle signals gave u a hint the market was basing out even before the bullish engulfing?
www.nisonforexacademy.com
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Non Forex Dark Cloud Cover
Criteria:• Opens above prior high (or close) • Black real body closes deeply into prior long white candle • Market moving north
Implication: “Advance is exhausting itself”
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Forex Dark Cloud Cover
Criteria:• Opens at (or within few pips) of prior close • Black real body closes deeply into prior long white candle • Market moving north
Implication: “Advance is exhausting itself”
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Cover
Not dark cloud covers
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Cover
Close – open 1 pip
Didn’t get deeply into white candle
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Cover
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Cover as Resistance
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Covers
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Dark Cloud Cover as Resistance
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Criteria:• Market moving south• Opens below prior low (or close) • White candle closes more than halfway into prior long black candle
Implication: “hint that the decline is exhausting itself”
Non Forex Piercing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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www.nisonforexacademy.com
Criteria:• Market moving south• Opens at (or near) prior close• White real body close more than halfway into long prior black candle
Implication: “hint that the decline is exhausting itself”
Forex Piercing Pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Piercing Pattern
Chart courtesy of Genesis FT
Piercing pattern
Not a piercing pattern
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Piercing Pattern Confirming Support
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Piercing pattern at support
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Piercing Pattern as support
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Non Forex Harami
white or black
white or black
Criteria:• First candle is unusually long• Second real body spinning top or doji• Second real body within prior real body• Second real body can be black or white
Implication: ‘Change in flow of market”Bearish
Bullish
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Forex Harami
black real body
white
Criteria:• First candle is unusually long• Second real body spinning top or doji• Second real body within prior real body• Second real body opposite color
Implication: ‘Change in flow of market”
Bearish
Bullish
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bear Harami
Chart courtesy of Genesis FT
Not harami
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bull Harami
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Bull Harami
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Harami
Bearish
Bullish
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Harami confirms resistance
Chart courtesy of Genesis FT
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Candles in Context: Increasing your confidence
We have two harami – where would you be confident?
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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white or black
Criteria:• Market in down trend • First candle long black• Second real body (spinning top, black or white) doesn’t overlap first session’s real body• Third candle (white) closes deeply in first black real body
Implication: Bulls are taking control
Non FX Morning Star
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Most time black or doji
Criteria:• Market in down trend • First candle long black• Second real body is black or doji• Third candle (white) closes deeply in first black real body
Implication: Bulls are taking control
FX Morning Star
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Morning Star Confirms Support
Chart courtesy of Genesis FT
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Morning Star variation
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Candlestick Essentials and Beyond for FX
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Morning Star at support
Frontline FX: Key Candlestick Strategies for Profitable FX Trades
Candlestick Essentials and Beyond for FX
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Evening Star
Chart courtesy of Genesis FT
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Evening Star
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Evening and Morning Stars
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Early Reversals
Chart courtesy of Genesis FT
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Variation of Evening Star
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Evening Star
Chart courtesy of Genesis FT
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Evening Star as resistance area
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Candlestick Essentials and Beyond for FX
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Go in the direction of the window
Corrections stop at the window
Windows
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A rising window is support
Support Zone
Corrections stop at the window
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A falling window is resistance
Corrections stop at the window
Resistance Zone
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Large and small windows
Small window
Large window with the bottom of this window as pivotal support
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Small Window
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Closed over resistance
Windows
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Closed under the window’s support
Breaks the rising window‘s support area
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Candlestick Essentials and Beyond for FX
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Windows
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Candlestick Essentials and Beyond for FX
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How education saves you money
Bearish engulfing pattern, but you must not sell here!
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Candlestick Essentials and Beyond for FX
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How it all comes together – The highs in the NASAQ
1
5
4
321- Rising Resistance Line
2- Shooting Star
2a – Bearish Engulfing
3- Falling Window
4- Bearish Divergence
5- High-Wave Candle
Frontline FX: Key Candlestick Strategies for Profitable FX Trades