Best guide for understanding Candlestick for a complete beginner?

Duhh
Duhh Posts: 12 ✭
in Beginners Questions
I have watched a couple of videos on it and read some articles, i know a few basic shapes like hammer, shooting stars, dijo and spinning top.
I have learnt a bit about some candles representing traders emotions such as fear or regret.
But i want to be able to identify it live on the trading charts. Is there a video that shows that ?
I want to trade base on technical analysis rather than relying on signals.
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  • BryanMac
    BryanMac Posts: 851 ✭✭✭
    edited March 2015
    Great video series to help you understand how to read candlesticks, it can really assist you in understanding the overall "sentiment" of a candle and to identify momentum. It is a completely free YouTube series that will help grow your trading skills.

    http://www.yourtradingcoach.com/

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  • Okane
    Okane Posts: 1,282 admin
    Candlesticks are just a part of everything else on the charts.
    Try to see the big picture, candlesticks, price movement, patterns,
    trends etc. It's only when everything comes together that you get the
    best signals to trade on. Also, as someone who trades regularly, I don't
    think you need to know all the patterns, the ones you mentioned are good enough
    but learn how to understand wicks. Because that indicates if price is hitting resistance/support.
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  • Duhh
    Duhh Posts: 12 ✭
    Okane said:

    Candlesticks are just a part of everything else on the charts.
    Try to see the big picture, candlesticks, price movement, patterns,
    trends etc. It's only when everything comes together that you get the
    best signals to trade on. Also, as someone who trades regularly, I don't
    think you need to know all the patterns, the ones you mentioned are good enough
    but learn how to understand wicks. Because that indicates if price is hitting resistance/support.

    Thanks for the tip. What else would you recommend learning to be able to figure out the charts?
    Also, do you know any books or videos that are good for learning the trade?
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  • BryanMac
    BryanMac Posts: 851 ✭✭✭
    Candlestick And Patterns

    https://www.dropbox.com/s/w9ppz9vvige9dzk/Technical Analysis-Forex Trading With Candlestick And Pattern.pdf?dl=0

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  • Duhh
    Duhh Posts: 12 ✭
    BryanMac said:

    Candlestick And Patterns

    https://www.dropbox.com/s/w9ppz9vvige9dzk/Technical Analysis-Forex Trading With Candlestick And Pattern.pdf?dl=0

    Thank you very much. This is really good! :smiley:

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  • Okane
    Okane Posts: 1,282 admin
    Most books are meant for Forex trading and the ones I have come across
    were old ones. Nothing I liked. I read mostly on babypips but we have great
    articles here on the site. Look under "Guide". Takes time to master but the best
    thing to do is to start with a very simple strategy and study the charts. Look in the
    strategy room, I just posted a simple strategy + video! ;)
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  • jerry
    jerry Posts: 9 ✭
    Learning candlesticks is the basic block of chart studying. You can view the free study material offered by various brokers to learn the basics as well as various strategies.
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  • bob3000
    bob3000 Posts: 9 ✭
    Thanks for the information guys. I'm new as well.
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