Matrix Moments, by Matrix Partners India, is a podcast series dedicated to the founders, startups and all those within the ecosystem, through candid conversations on what we think it really takes to survive in this wild, wild startup world. In a world where we are endlessly engulfed with information in all its forms and sizes, this is our attempt to create, curate and bring to you the insights and reflections that we have had the luxury of having learned the hard way, through all the years s ...
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Why I Trade Using Candle Patterns Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #459: Why I Trade Using Candle Patterns In this video: 00:26 – Why I use candle patterns 01:01 – Brokers offer you multiple indicators 01:41 – I deleted everything and started again 03:13 – Not all candles are equal 04:08 – Candles show you what’s happening in the market 05:05 – Blueberry Markets as a good broker option I'm going to explain why I trade using candle patterns. Let's talk about that and more, right now. Hey, traders. This is Andrew Mitchem here at the Forex Trading Coach with the video and podcast number 459. Why I use candle patterns This video is really important because it explains why I use candle patterns and why I believe you probably should do too, and how it will massively help you with your trading. You see, there are different ways of trading. You can be a fundamental trader, where you're predominantly looking at news events, political events, those type of things, or a technical trader. I'm a technical trader. But even when you become a technical trader, there are still so many different ways of trading. And most people unfortunately get caught up in the hype and the glitz and the glamour of too many indicators. Why I use candle patterns You see, the Forex brokers are very, very good at offering you just an enormous basket of indicators. And everybody makes the same mistake when they start trading, as they think they are going to find this magical formulation of indicators that no one else has found. There's a magical combination, the right settings, that just no one else in the history of trading's ever discovered before. And this is what's going to make it work for you and why you should have lines all over your charts. Look, I fell for it years and years ago as well. And it's something that pretty much everybody who decides to be a technical trader will do so at some stage in their trading journey. So it brings me back to candles. I deleted everything and started again The reason that I became profitable is I got rid of all that mess on my charts, all those lines and arrows and stars and all those different things. You know what I mean if you've been trading with any form of indicators in the past. And I got back to candles. Why? Well candles tell me what's happening in the market. They tell me where the price has reached to as a high, where it's been as a low. So therefore natural support and resistance levels. It tells me there's momentum. Is it moving upwards? Is it moving down? Is it indecisive? It tells me, when I look at what part of the chart the candle is in, whether there's room to move. Do I have the ability to get to my profit target before hitting resistance levels as buy trades? And also the thing that so many people fail to do is they fail to look at the actual price. Now we're trading Forex pairs, or you might be trading commodities or cryptos, whatever it might be. If you don't look at the price on the right hand side of the chart, then all you're doing is basically following lots of squiggly lines on your charts if you're a technical trader, with too many indicators. You have to look at the right hand axis of your chart and look at the price. Why did that candle get up to that level? Oh, it's because it was a round number. Oh, look, it happened several candles ago, or several days ago, or weeks ago, it hit that level and it reversed. And so all those type of things are really important for you to consider when you're trading with candles. Not all candles are equal Now, another great thing with candles is, like I've said, they can show you indecision. They're not all equal. They're not all saying you have to buy here or sell there. You could be in an up trend and all of a sudden there's an indecision candle. And that then gives me two messages. One, if I'm already in a buy trade,