Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom:...
Transcript of Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom:...
![Page 1: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/1.jpg)
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Candlestick Charts
Types of Orders
Price Action Examples
Change Your Mindset
Trading Styles
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▪ Most common chart in the trading world
Basic Topics - Forex
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Basic Topics - Forex
Open Close
Open
High
Low
Close
Low
High
Bullish
Candle
Bearish
Candle
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▪ Market Orders
▪ Orders that are placed in the current price and are executed immediately depending on the broker execution speed
▪ Limit Orders
▪ Orders that set the maximum or minimum price you are willing to pay for a security or pair
▪ Stop Orders
▪ Only are triggered when a certain price is reached not before that
▪ Essentially become Market Orders once the price reaches the set price
Basic Topics - Forex
![Page 5: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/5.jpg)
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▪ Market Orders
▪ Method 1: One-Click Trading
Basic Topics - Forex
Click this arrow to
open/close
One-Click Trading
Select lot size, click
buy or sell
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▪ Market Orders
▪ Method 2: New Order Window
Basic Topics - Forex
Open Order Window
Or press F9
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▪ Limit Orders
▪ Method 1: On-chart Trading
Basic Topics - Forex
Right-click below the current price
Buy Limit Order
Right-click above the current price
Sell Limit Order
Lot size determined by
one-click trading panel
![Page 8: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/8.jpg)
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▪ Limit Orders
▪ Method 2: New Order Window
Basic Topics - Forex
Select Pending Order
Open Order Window
Or press F9
Select Limit Buy or Limit Sell
Specify Price
Can be modified as long as
not executed
![Page 9: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/9.jpg)
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▪ Stop Orders
▪ Method 1: On-chart Trading
Basic Topics - Forex
Right-click above the current price
Buy Stop Order
Right-click below the current price
Sell Stop Order
![Page 10: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/10.jpg)
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▪ Stop Orders
▪ Method 2: New Order Window
Basic Topics - Forex
Select Pending Order
Open Order Window
Or press F9
Select Stop Buy or Limit Sell
Specify Price
Can be modified as long as
not executed
![Page 11: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/11.jpg)
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▪ Modify orders on chart
Basic Topics - Forex
Drag the Limit or Stop Order up and
down to modify manually
Right-click on the order and modify
the price
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▪ Stoploss (SL)
▪ A set price specified by you to protect yourself and define risk
▪ A type of Stop Order which is triggered when the price reached a certain level
▪ Target Profit (TP)
▪ A set price specified by you that defines your profit
Basic Topics - Forex
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Basic Topics - Forex
For a Buy Order: Drag Down and place
manual SL; Drag Up to set the TP
For a Sell Order: Drag Up and place
manual SL; Drag Down to set the TP
SL and TP setting
Right-click and modify to set the TP
and SL
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▪ NO Indicators
▪ Read the Trader’s Behavior from the [Result=Candle Shape]
Basic Topics - Forex
Candle Body
Large Body, no tails: Strong
consensus among traders
about the move
Small Body, large tails on
both sides: Trades are
split, indecision in control
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Basic Topics - Forex
Candle Tail
Large Tail at the bottom:
strong close far up from the low
of the candle. Lots of order
filled and price left the low,
but…
Large Tail at the top: strong
close far lower from the high
of the candle. Lots of order
filled and price got rejected
from the high, but…
![Page 16: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/16.jpg)
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Basic Topics - Forex
Create a Story: Use Candles Before or After
Bullish Engulfing Candle: a
strong change in the consensus
to the upside, but…
Bearish Engulfing Candle: a
strong change in the consensus
to the downside, but…
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▪ Pay full attention to the facts! A good story contains all the facts not only part of the facts.
Basic Topics - Forex
Bearish Engulfing Candle: a
strong change in the consensus
to the downside, right??
Bullish Engulfing Candle: a
strong change in the consensus
to the upside, right???
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▪ Heuristics and Biases
Basic Topics - Forex
Your Eyes See What You Want Them To See!
![Page 19: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/19.jpg)
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Basic Topics - Forex
▪ Heuristics and Biases
Your Eyes SeeWhat You Want Them To See!
![Page 20: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/20.jpg)
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▪ Heuristics and Biases
Basic Topics - Forex
Your Eyes See What You Want Them To See!
![Page 21: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/21.jpg)
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Basic Topics - Forex
▪ Heuristics and Biases
Your Eyes See What You Want Them To See!
![Page 22: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/22.jpg)
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▪ Heuristics and Biases
Basic Topics - Forex
Your Eyes See What You Want Them To See!
![Page 23: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/23.jpg)
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Basic Topics - Forex
See What Is Important To See
![Page 24: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/24.jpg)
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Basic Topics - Forex
See What Is Important To See
![Page 25: Most common chart in the trading worldBasic Topics - Forex Candle Tail Large Tail at the bottom: strong close far up from the low of the candle. Lots of order filled and price left](https://reader033.fdocuments.us/reader033/viewer/2022060910/60a4f2d27ebe0e1bbb734383/html5/thumbnails/25.jpg)
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▪ Timeframe differentiates us
▪ And also “How Much Money You Have”
Basic Topics - Forex
Short Term
Daily/Hourly/Min profits
Get in and out in a jiffy
Heavily Technicals
Use Indicators
News are important
Price Action is important
Loss and Wins
Retail Traders
Long Term
Monthly,Weekly profits
Cant’s get in and Out in a jiffy
Heavily Fundamentals
Use Indicators …haha
News are important
Create Price Action
Only Wins
Institutional Traders