Forex Trading Strategies – Guessing the Mysteries of Charts and Candlestick Patterns

If you use technical analysis as one of your foreign exchange trading strategies, you are probably using candlestick charts. Candlestick charts are one of three options (along with bar charts and lines) and are most popular with modern traders as they give the most vivid picture of what is happening in the market. But do you use them to the fullest?
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By studying the candlestick charts, you can immediately imagine the opening, closing, low and high prices for their chosen period. But that’s not all that candles can show.
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An experienced candlestick reader can gain a deep understanding of the mood, power and momentum of the market by simply studying the shapes and patterns of candles. Some successful traders abandon all metrics and simply focus on what the candlesticks show about the price action.
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Candlestick charts date back to the 18th century in Osaka, when the legendary rice trader Homa Munehis used them to spin the market. Japan’s long isolation meant that candlestick methods remained hidden from the rest of the world.
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But then merchant Steve Neeson explored the method of charting candlesticks in the 1990s from old Japanese documents. Nissan quickly appreciated the Zen-like beauty of the way candles are traded and continued to fight for the system in a series of popular books.
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Nissan’s books show in great detail many candles, including a dark cloud, a hanging man, morning and evening stars, and the famous doge with various incarnations such as dragonflies and mastiffs.
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You may be overwhelmed by reading such books, but in reality you just need a small group of candlestick patterns that can be used with confidence and clarity on a daily basis. You just need to know which models to focus on and how to correctly interpret what they tell you.
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Candles never lie, but predicting their message is not always easy. You need to take some time to understand what they are telling you. Make reading candlesticks one of your forex strategies and get ready for success in currency trading.
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