Candlestick Double Block Trade Strategy TP & SL
Reader’s message
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Sir,
Thanks for give me to this video ( https://youtu.be/q5bePlLgLOQ )
Sir which time frame i used this strategy also where i set TP & SL.
PLEASE tell me.
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Daily.
Strategy#1
Next bar close
No target
No stop-loss
strategy#2
No target
Stop-loss
3rd candlestick high (sell) low (buy)
next bar close and move stop-loss to next bar high (sell) or low (buy)
strategy#3
No target
Stop-loss
4th candlestick high (sell) low (buy)
next bar close and move stop-loss to next bar high (sell) or low (buy)
use stop-loss for target
you can maximize your profit.
Some price action tips for a better swing traders Analyze swing points
Price action for swing traders is the art of looking at individual candles to determine the probable direction of a stock – without using any technical indicators.
Ultimately, analyzing price action tells you who is in control of a stock.
It also tells traders who is losing control- the buyers or the sellers.
Once traders are able to determine this, they can pinpoint reversals in a stock and make money.
Identify support and resistance levels
Identifying support and resistance levels is one of the first things you learn in technical analysis.
It is the most important aspect of chart reading.
But, not many traders really pay attention to it.
Some traders think that a support or resistance level is a specific price.
But they are wrong.
Analyze swing points
Swing points are those areas on a stock chart where important short term reversals take place. But not all swing points are created equal.
In fact, trader’s decision to buy a pullback will depend upon the prior swing point.
Look for wide range candles
Wide range candles mark important changes in sentiment on every chart – in every time frame.
They mark important turning points and can often be used to identify reversals.
Narrow range candles lead to explosive moves
Narrow range candles can also tell you that a reversal is imminent.
This low volatility environment can lead to explosive moves.
Find rejected price levels
On candlestick charts, lower or upper shadows on candles usually mean that there is a hammer candlestick pattern or a shooting star candlestick pattern.
Regardless of the name, these shadows mean one thing- price level has been rejected.
The gap and trap price pattern
All gaps are important “tells” on any stock chart.
But, there is one type of gap that is especially important when analyzing price action (and pinpointing reversals).
This is called a gap and trap.
Candlestick Engulfing Bar Strategy
