Episode Details

Podcast:

Not all candle patterns are equal

In this video:
00:32 – Why are the candles not making me money?
01:10 – Understanding technical analysis to help your trading
01:55 – Taking the high probability trade setups
02:24 – What are we looking for?
02:55 – Further in-depth analysis
03:54 – The extras we look for and teach our traders to do
04:50 – Trading from the right hand side of the chart is when you make money from trading
05:30 – Moving house and Cyber Monday sale
06:25 – Register your interest in the Cyber Monday sale

Not all candle patterns are equal. There’s a big difference between what works and what doesn’t work. Let’s talk about that and more right now.

Hey forex traders, it’s Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 344.

I want to talk about candle patterns and how I can help you to select the best patterns.

Why are the candles not making me money?

You see, I’ve received an email just this week from a guy who said, “Hey, Andrew, done lots of research online. I’ve been looking everywhere. I understand candle patterns. There’s 12 that I’ve identified. I spent a lot of time at my charts looking at them, taking trades off them, but the problem is I’m still not making any money. Can you help me and identify what my issue is?” Now, when I delved further into this, I realised that this guy six months ago started looking at candle patterns and he spent a lot of time looking at YouTube videos and just looking at sites online and forum sites, et cetera.

Understanding technical analysis to help your trading

He had done a lot of research in defining these 12 patterns, the problem is that not all candle patterns are equal. You need to understand that, and you need to understand a lot more information about technical trading rather than just saying, “Oh, here’s a pin bar, or here’s an engulfing candle, and I’m just going to trade it because it’s a pin bar