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Being able to spot patterns forming early on and getting in on trades before they breakout has proven to be a profitable strategy for many successful traders.The beauty of this is that the more traders use these patterns, the more self-fulling the future moves become.If its an hourly chart, each candle represents one hour of trading, a 5-minute chart means each candle is 5 minutes and so on.Regardless of time period, each candle is made up of two components and can be used in exactly the same way to conduct the analysis. Each candle here is represented as one day’s price action shown under “Time Frame”. If the candle is green, the price closed above the previous time period, if red, the price closed below the previous time period.Recognizing candle patterns is one of the first skills you should learn in your trading journey, but it’s not just about seeing the pattern, understanding what it is showing you and how you can develop profitable candlestick trading strategies is key.The value in all the patterns that are commonly used for trading is that they can be used to potentially predict future price action.
By contrast, a red candle body indicates the price is trading below the previous close.
Candles can be drawn in any colors you choose using modern trading software.
However, the most common are green bodies for a rising price and red for a falling price but most software will let you change to whatever color arrangement you want.
As many of these patterns can be grouped into subgroups, we will explore each group below and explain their significance.
The hammer pattern describes a candle that has a long wick underneath (the shadow) and a small body at the top that is at most half the length of the shadow.