All Candles Pattern Setups
Bullish Candles Patterns & Bearish Candles Patterns & Candlestick Continuation Patterns PDF
Brief History
Candles were developed in 18th century by the famous rice trader known as Homma Munehisa to give the overview of the opening, high, low and closing market bitcoin price over a given period of time.
They were used by the legendary rice trader for predicting future market bitcoin prices. After dominating in the rice market, Munehisa then eventually moved to Tokyo exchanges where he then gained and earned a huge fortune using this trading analysis. It's said that He made over 100 consecutive winning trade positions.
Types of Bitcoin charts
There are 3 types of charts used in BTCUSD Crypto: Line, bar and candlesticks.
Line - draws a continuous line connecting closing bitcoin prices of bitcoin crypto.
Bars - illustrated as sequence of O-H-C-L bars. OHCL represents OPEN HIGH LOW & CLOSE. Opening bitcoin price is displayed as a horizontal hyphen on the left and closing bitcoin price as a horizontal hyphen on the right.
Main disadvantage of a bar charts is that they aren't visually appealing and identifiable, henceforth most traders don't use them.
Candles Patterns - Best Candles Book - these use the same bitcoin price data as bar crypto charts (open, high, low, & close). However, they are displayed in a more visually appealing way that looks like a candlestick with wicks on both its ends.
How to Interpret and Analyze Best Candles Book
Rectangle section is called the body.
The high and low are described as shadows and drawn as poking and protruding lines.
The color is either blue or red
- (Blue or Green Colour) - Bitcoin Prices went up
- (Red Colour) - Bitcoin Prices moved down
Most bitcoin softwares such as the MetaTrader 4, use colour to mark direction. Color used are blue or green: when bitcoin crypto price moves up, red: when btcusd crypto price moves down.
Candles Vs. Bar Bitcoin Chart
When candlesticks are used it is very easy to see if the bitcoin price moved up/down as compared to when the bars are used.
The Best Candles Book also have very many formations that are used to trade the Bitcoin market. Best Candles Book - candles setups have different trading analysis explanation and the most common Best Candles Book are:
The above Best Candles Book and Patterns is what makes the Japanese candles patterns popular among traders and it's why this type of analysis are most commonly utilized when it comes to analyzing the btcusd market. The analysis for these Japanese candlesticks pattern setups in bitcoin trading is the same as that one used in stocks trading - Best Candles Book.
Drawing japanese Candlesticks BTCUSD Charts on MT4 Software
To draw Candlestick Bitcoin Charts on the MT4, select MT4 charts drawing tools within the "MT4 Tool Bar" - shown below.
To view this toolbar on MT4 navigate to the 'View' Next to file on the top-left corner of MT4 Software, Click 'View', Then Click 'Tool bars', Then check 'Charts' Button. Above Charts toolbar will appear.
Once the above toolbar, appears you as a trader can then choose & select the type you as the trader want to convert to, If you as a trader want to view using the bar format, click the bar chart tool button such as shown above, for line format click the line chart tool button, for Japanese candlesticks format click "candlesticks chart tool button".
All Candles Pattern Setups. Advanced Candles Patterns Book PDF - Advanced Candles Pattern Setups. Bullish Candles Patterns & Bearish Candles Patterns & Candlestick Continuation Patterns PDF - How to Read and Interpret Candlestick Bitcoin Chart for Day Trading
Study More Lessons & Topics:
- How Do I Interpret Different Types of Divergence Trade Signal?
- How to Set Up When to Open What are the Best Bitcoin Intraday Trading Times to Open Best Time for Trading BTC/USD
- MT5 BTCUSD Trade Platform/Software MT5 Setup
- Why Traders Need Learn Bitcoin Trade Lesson Guide
- How Do I Interpret a BTCUSD Candle Pattern?
- Where Can I Find Trade BTC/USD Indicators?
- How Do I Analyze BTCUSD Support Resistance Levels in BTC USD Trade?
- BTC USD Analysis of the Continuation Setups
- BTC USD Trade Live Account Opening Guide Tutorial
- How Do I Draw Downwards BTCUSD Trend Line on MT4 Platform/Software?
