For those of you who have been reading my blog post, you should have read about the Multiple Candlestick Technqiques.
The purpose of this post is to show you the Multiple Candlestick Techniques at work on the 7th Sep 2018. For those of you who do not have a reliable strategy on hand, this is one technique that you can learn and use in your trading.
Did you see a spike of 140 pips on the 7th Sep on the GBPUSD?
This is mainly due to the Multiple Candlestick at work.
Take a look at the picture below, you can see that the candlesticks have tested the same support level for nearly 23 times and finally it spike up.
One more thing I want to share with you here is the multiple EMAs. Can you see the 3 EMAs that I have ploted here. They are the 100, 200 and 400 EMAs.
The EMAs are stacked one after the other showing a good up trend which is accompanied by the multiple candlestick formation.
These 2 confluence of events is a good signal for you to enter a trade to profit from the repulsion of the support level.
The Concept Behind Multiple Candlestick Techniques
When the price test the same level more than 10 times, it shows how strong that level is and then when the trader give up trying to break the level, they will go the other direction which causes the price to spike up
With this post, I hope that you have learned a valuable strategy