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Forex candlestick cheat sheet
pairs that move against each other. In such cases, you can check a correlated currency pair and look for a continuation or reversal signal. Finally, the third candle should be the same size or larger than the second candles body with a very short or no lower shadow. It goes up when the first currencys value goes up OR the second currencys value goes down. Another Important Example: If eurusd goes up and gbpusd goes down at the same time, eurgbp goes up strongly. The third candlestick acts as a confirmation that a reversal is in place, as the candle closes beyond the midpoint of the first candle.
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This triple candlestick pattern indicates that the downtrend is possibly over and that a new uptrend has started. The reason is that if any of these positions goes against me, the other one will do the same as well. So when you buy eurusd, it means you pay USD to buy Euro. For example, eurusd and usdjpy go up at the same time, whereas they usually move against each other. On the other hand, you dont see any sharp signal on that currency pair to help you to decide if you want to keep the position or close. The second candles body should be bigger than the first candle and should close at or very near its low. Accordingly, usdchf martingale strategy forex and usdjpy behave so similar, but not as similar as eurusd and gbpusd, because in usdchf and usdjpy, money is different. It is because eurusd and gbpusd move in the same direction most of the time. Swiss Franc and Japanese Yen have some similarities because both of them belong to oil consumer countries. Therefore, eurgbp doesnt show any significant movement, because when both of the currencies of a currency pair go up or down at the same time, that currency pair doesnt show any strong movement and direction. Lets start with the four major currency pairs: eurusd ; gbpusd ; usdjpy and usdchf. I will not take the short position with eurusd or gbpusd and the long position with usdjpy at the same time.
In this example, if eurusd and usdjpy go up at the same time, eurjpy will go up much stronger (see the below chart). Generally, when you analyze the four major currency pairs, if you see buy signals in eurusd and gbpusd, you should see sell signals in usdjpy. The commodity of these pairs are both related to two big European economies.
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