Mastering 15-Minute Candlestick Patterns for Daily Profits

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1. Engulfing Patterns

- Bullish Engulfing: A green candle engulfs a previous red candle, signaling a potential bullish reversal near support zones.

- Bearish Engulfing: A red candle overtakes a previous green candle, indicating a possible downtrend near resistance levels.

2. Star Patterns

- Morning Star: Signals a bullish reversal after a downtrend.

- Long red candle

- Small-bodied candle

- Green candle pushing higher

- Evening Star: Signals a bearish reversal.

- Long green candle

- Small-bodied candle

- Red candle dropping lower

3. Hammer and Shooting Star

- Hammer: Bullish reversal signal with a long lower wick, indicating buying pressure.

- Shooting Star: Bearish reversal signal with a long upper wick, indicating selling pressure.

4. Doji Patterns

- Doji: Signals indecision or reversal.

- Long-Legged Doji: Indicates strong indecision.

- Gravestone Doji: Signals bearish reversal.

Strategies for Success

1. Combine with Support/Resistance: Enhance accuracy by identifying key zones.

2. Confirm with Indicators: Use tools like RSI, Moving Averages and Bollinger Bands.

3. Risk Management: Set stop-losses and monitor trade volume.

4. Market Sentiment Analysis: Consider news, trends and market mood.

5. Practice and Adaptation: Continuously refine your strategy.

Resources

1. TradingView (charting tool)

2. Investopedia