Learn how to determine price action and make trading decisions by looking at candlestick patterns, including long wick, engulfing, and inside bar.

The Importance of Candlestick Patterns in Day Trading

Understanding Candlestick Patterns
– Introduction
– Price Action is King
– Candlestick Patterns: What are They?
– The Ultimate Tool for Predicting Price: Candlestick Patterns

Naked Chart Analysis
– Start with a Naked Chart
– Identifying Key Support and Resistance Levels
– Using Support and Resistance Levels as Take Profit Areas

The Long Wick Candle
– The Most Important Candlestick Pattern
– Identifying a Long Wick Candle
– Waiting for the Price to Return to Previous Rejection Points
– Using Long Wick Candle for Entry and Short Position
– Targeting Take Profit Areas

The Engulfing Candle
– Momentum Candles
– Identifying an Engulfing Candle
– Significance of Engulfing Candle at Previous Support and Resistance Level
– Setting Trades at Key Support and Resistance Levels
– Targeting Take Profit Areas

The Inside Bar Candle
– The Opposite of Engulfing Candle
– Identifying an Inside Bar Candle
– Significance of Inside Bar Candle as Loss of Momentum
– Keeping an Eye Out for Long Position

Multiple Long Wick Candles
– Weaning Down of Momentum
– Identifying Multiple Long Wick Candles
– Loss of Momentum as Potential Reversal Indicator
– Keeping an Eye Out for Multiple Long Wick Candles

Conclusion
– Summary of Candlestick Patterns
– Importance of Using Candlestick Patterns in Day Trading
– Continual Learning and Improvement

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