Trade with Rebound and Breakout Trend line in daily frame
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Trade with Rebound and Breakout Trend line in daily frame
What Does Changes in candlestick pattern over several days signify?
It is important to understand that the candlestick patterns are followers of previous actions or events.
The actions or events are namely how the price changes in the last time intervals.
The signals shown by the candlestick patterns are just that a signal that something might happen in the future based on the past.
As traders become more familiar with candlesticks they can realize that patterns can only be used properly if traders learn to look beyond the patterns.
So that they can understand what has happened in the market to produce the pattern.
Essentially this involves learning to understand the internal forces of price, demand and supply which create the changes in price.
It is simplistic but most people describe the events that generate the candle pattern as a shift in the balance of power between the bears and the bulls.
Understanding how the candlestick pattern changes and what causes these changes is the key to using candlestick patterns and signals in trading.
Like trends there is a very subjective side to it.
Most traders develop a bias towards which way the price will move based on trends, lines of resistance and the candle patterns themselves.
Traders continually reassess the bias as like trends.
They are reluctant to alter that bias or beliefs until they get the right signals and other information to change their mind.
One a reversal or trend-following patterns occurs traders are locked-in to this new bias and are reluctant to change their mind once again.
This is what following a trend and bias, or belief, is all about.
Market analysis is simply analyzing the new information and deciding whether it supports your existing bias.
Or, if this is adequate to change your mind as adopt a new bias.