I have received a number of emails from my blog readers asking me to teach them how to interpret the market movement?
Actually the best way to read the forex market is the candlestick itself. I will like to take this post to share with you a way I use to tell the market movement.
To most new traders, a candlestick is just a time indicator meaning if you look at the 15 minutes chart, a candlestick represent 15 minutes.
But to an experienced trader, a candlestick actually tells you what the market is doing and the thinking behind the traders in the market at the moment.
Ways To Read The Candle
Let us take a look at the picture below
You can see that for every up candle forms, the price will produce down candle that cancel out the up move.
This will tell you that the market is going to move downward as the down move is pretty strong
Let me give you an example of the trade that I have done yesterday
If you take a look at the video, you can see that the market is moving down sharply on the EURUSD but I am confident that it will move up.
In the end, the price move up 30 pips after the video is done. This goes to show the effectiveness of this technique that I teach you.
As for the USDJPY, you can see that the price also move 30 pips in our favor as well after the video. The red horizontal line is the point where the market is when I do the video recording for you above. The price moved down 30 pips after the video
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