Basics of Candlesticks & Patterns

Now you probably see chart with candlesticks. Are you ready to learn how these candlesticks signs or mark to you market pricing? Let us join candlesticks learning here....

Bullish / Bearish candlesticks: Suppose you want to trade in 1 Hour time frame. Notice when 59 minutes and then 00 to a new candle is starting. Now watch if the market price  upping then you see candlesticks is growing up.So after 1 hour later your watching candle will be ended. Now questions where is the open and close price 1 hour time frame? Yeah if  the candlesticks are bullish then 1st is the open price and last is the close price. (Look at the attach chart) If the candlesticks are bearish then vice versa. Have you ever eaten an ice cream ? Has it any stick ? Yeah right candle has a stick like that and it  is called shadow. So open & close price is varying from time to time frame. Mostly uses daily open and close price. Remember it... Most important>>>>>

Watch please please candlesticks carefully. You will be learning Forex market sentiment dramatically if you stick with candlesticks on your chart.

Do candlesticks mark us market movement? Yes of course. At the first stage  Japan trading Forex with candlestick chart. They didn't use bar or graph chart. They are trying to understand for price movement now or near or future price movement with these  sticks while eastern countries just use bar charting in the meta trader.

Today this market you have found many types of candlesticks with formation or figure. So many candlestick patterns now used for trading or market analysis better. It is mostly used.

In the above my chart I just recognize some of them. You have to learn more candlesticks patterns and about their behaviors.

I will be attaching a couple of famous books for only candlesticks (Reference book ) learning. Be happy. Enjoy learning....

*1st book link https://www.dropbox.com/s/4eadfkk62pezhkg/Profitable%20Candlestick%20Trading.pdf

*2nd book link https: //www.dropbox.com/s/nva6ftv5ub1vspt/Japanese Candlestick Charting Techniques [1991 330p  S. Nison] [Trading ebook].pdf

Type of Forex Trading Orders

Trading currency business you only buy or sell currency. So you just buy or sell if you determine these and of course instant execute trades. But there are some trading order you have to  learn. These are called pending orders.
1. Buy & Sell stop : If the market is gone certain pricing level you wish enter buy or sell currency then these types are right for you. So at a certain price level you believe that the market will move up or down and you have to  execute buy or sell stop order. If you are not in front of a computer no problem meta trader executes trade even if you are not live...
2. Buy & Sell limit : These orders are opposite of buy and sell stop order. Suppose you notice that the price is upping and you believe that after a while market will be turned down at a certain price level and again it up. Now your marking down  price level where  you have buy limit order. And your analysis that the market now down but will be up and  again it will be down now your marking up price level where you have sell limit order.
3. OCO ( once cancels other) : 2 orders at a same time (above & below current market price)  but execute one which touch or reach firstly and at the same time other order cancel.
4. Trailing stop order: Suppose you enter a buy or sell then if the market go in your favour, you  wish to lock up some profit / pips / points then trailing stop order you have to be  set off. Generally it is set by pips or points. O.. Oh.. Sound like good yeah meta 4 just lock your profit and if locking profit price is  trying  to break then meta 4 close your trade and lock / save your profit.

How to use Trading Platform Meta Trade 4

Before learning Forex deeply let us familiar your trading platform or software that called Meta Trade 4  or 5 .The Meta 4 platform is generally used most of the traders in this market and Meta 5 has been just some upgrading. But before choice Meta 5 you have to know that many Forex Indicators or EA's (Expert Advisor useful for automated trading)  are based on the Meta 4 version. However Meta 5 also has those. And finally it is your choice. Here I am going to show to you Meta 4 trading platform and its uses......
Candlesticks / bar / graph chart : You earlier know market price up or down but how does it measure you buy points but points by which symbol? Yah this is by candle sticks ( 1st uses in  Japan) or Bar (Eastern countries use ago or now ) and Graph chart (this may be you learn school books). So if the price rise up the graph or candle stick or bar grows up and right hand scale you see the points how much price for a certain time or place..
Time Frame : From 1 Minute to Monthly  time frame you can use for trading and analysis mean if you choice 1 hour time frame all candle sticks or bar or graph will be finished that period so for trading day you have only 24 candlesticks on your meta 4. You will be learning more details after some periods.
Expert Advisor: This section is for automated trading with coded some scripts. One need not stay on the monitor you can do your work while EA enter trades and close the trade on your favor. But you must have to know this deeply or you will be suffer of your capital or burn of your account deposit. I will be writing about  EA one of  the other lesson deeply.. Ok.
Data window : Here you will find different pairs with different pricing up and downing and you can drag any pair in your meta 4 for trading if you wish.
Tools: Here some line tools that are helping for drawing the trade line .
Templates: This section is suitable for your saving templates that you may be settled with different indicators or drawing. Once you have  save them you have not drawn or settled any in future trading, just open a click and see your saving templates for start trading.

Others way of trading Forex

You have already learned that Forex market lives 24 hours but Forex can also trade in the different way ... Sound like horrible yeah not it is. Let be learn some way..

* Spot market : Currency is traded instance or on the spot using current market price. This type of trading generally we do.

* Future : Trading currency  upcoming date at a specified price. It is created by CME ( Chicago Mercantile Exchange ).

*Options: It is traded through an Exchange. When you buy or sell as options mean you want to trading a certain price on an expiration date. For example International Securities  Exchange, Chicago Board Option Exchange.

Who is the biggest in the Forex market

In the Forex market big players are the Super Banks, Large Commercial companies, Gov. Central Banks, and individual participants.

1. Super Banks : As you know fx market is decentralized so these banks act biggest play transaction in favor of their clients with huge capital. They are also known as Interbank such as UBS, Barclays, Citigroup etc.

2. Large Companies: These companies take part in the Forex market in order doing  business. They also play a role but they are typically smaller than super banks.

3. Gov. & Central Banks: They play  in the market with currency supply and control  inflation such as ECB (European Central Bank), BoE (Bank of England), Fed R ( Federal Reserve).

4. Individual : Like you and me or others who just enter the market to jump some making cash no matter they are joint or single or huge or small capital.....