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