The Hikkake pattern is a simple price action or candlestick pattern that is used to find market turning points. The pattern is essentially an inside day with a fake breakout and is originally credited to Daniel Chesler CMT.
Japanese candlestick patterns are useful because they allow traders to quickly visualise price action in the market. There are many different patterns and many different opinions on their effectiveness. In this article we will look at a trading system that attempts to dynamically select the best performing candlestick pattern from the previous six months and […]
Several months ago I was thinking about candlestick charts and whether or not these classic patterns had any predictive ability for trading. I had a look around but all I could find were vague speculations and cliches. I couldn’t find any solid evidence of whether they actually worked or not. So… I thought I would casually […]
With the fear and uncertainty of a possible Brexit, GBP/USD has been one of the worst performing currency pairs this year, falling as low as 1.38 in late February. However, recent weeks has seen the currency stage a comeback, taking the market back to the important 1.4600 level as traders bet the pessimism was overdone.
In a recent article we looked at the shooting star candlestick pattern and we found that it wasn’t a particularly successful signal for spotting reversals. In this article we will look at another bearish reversal signal in the form of the gravestone doji candlestick pattern.
In this article I look at some of my favourite intraday trading patterns including naked price action patterns and Japanese Candlestick patterns.