How to Use Candlestick Patterns in Forex Trading

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This video explains seven powerful candlestick patterns used in Forex trading, emphasizing their accuracy and psychological aspects for better trading results.

Here's a breakdown of the patterns discussed:

Hammer (0:20): This is a bullish candle that signals a potential upward price movement. It forms near a support level, indicating that buyers have overcome sellers.
Shooting Star (1:48): A bearish candle, it suggests a downward price movement. This pattern typically appears near a resistance level, showing sellers' dominance.
Three White Soldiers (3:06): A bullish pattern consisting of three consecutive green candles, each closing higher than the previous one. It indicates strong buying pressure and is highly accurate when formed near a support.
Three Black Crows (5:30): The bearish counterpart to the Three White Soldiers, this pattern has three consecutive red candles, each closing lower than the previous one. It signals strong selling pressure and is accurate when formed near a resistance.
Bullish Engulfing (6:56): This two-candle bullish pattern occurs when a large green candle completely engulfs a smaller red candle. It signifies a shift from selling to buying dominance, especially when it appears near a support.
Bearish Engulfing (8:07): A two-candle bearish pattern where a large red candle completely engulfs a smaller green candle. It suggests a shift from buying to selling dominance, particularly when it forms near a resistance.
Doji (9:17): An indecision candle with a very small body and long shadows. It can signal either a reversal or continuation, depending on its location (support or resistance) and requires confirmation from the next candle.