This is the Fourth lesson in our Basic Price Action Trading Course series.
In this Lesson, we will see why you shouldn’t use candlestick patterns!
Price Action traders rely on Candlesticks to read the Price action and understand the market behavior. But there’s a major difference in how price action traders use candlesticks – They don’t use candlestick patterns! All those fancy names like doji, engulfing, harami etc. has little to no relevance for a Professional Price Action Trader. If you use candlestick patterns, most of the time you may end up with low probability trades! Surprised?
Checkout the Video, you’ll learn how to use candlesticks like a Professional Price Action Trader and avoid the mistakes made by most of the other traders.
Important Topics covered in the Trading Lesson
1. Candlestick Patterns can Fail | 2. Only Two types of Candlestick Patterns you need ! | 3. How to Use Candlesticks like a Pro Price Action Trader ?
Test your Knowledge
1. Here’s the Assignment on Ranging and Trending Candles
Have you gone through the Video ? After Completely going through the Video, Take this Assignment to Test your Knowledge.
Take any chart of your choice, Mark all the Ranging and Trending candles you see on the Chart. Once you’ve completed the marking, try to read the Price action and market sentiment only by looking at Ranging and Trending candles. Try to understand what’s going on in the Price and if possible guess who’s controlling the market sentiment, whether its bulls or bears.
If you’ve have any questions or queries, Leave it in the comments. I am more than happy to discuss…
Previous Lesson – Lesson 3 | How to Properly Draw Trend Lines or Parallel Zones
Next Lesson – Lesson 5 | Reading Price Action Bar by Bar
