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Tell tale signs of a
turning market
Dear Subscriber,
Can you imagine if you could spot when the market was about to change direction?
It could stop you placing a trade just before the market turned against you.
And it could seriously reduce your losing trades.
Well, I'm going to show you how to spot tell tale signs when the market is about to change.
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How to spot when the market is
about to turn
A few weeks ago I showed you a bearish candle stick, which often signals further price falls.
So, today I want to show you a simple candle stick pattern that often forms just before the market changes direction.
The first thing to note is that these candlestick patterns work best in longer time frames...
Such as 1 hour, 4 hours or daily candlestick charts.
I've found 5 minute, 15 minute and 30 minute candlesticks tend to be too erratic to mean much.
So, what do you need to look out for?
Remember last time, I showed you a bearish candlestick with a full 'red' body with hardly any wick.
Well, some candlesticks are not as clear cut as the bearish one.
Some candlesticks show indecision in the market.
They show neither buyers nor sellers are in control.
And this is the point when the market direction can often change.
Let's look at a chart...
This is the EUR/USD 1 hour candle stick chart.
The EUR is rising at the left hand side of the chart, then it hits an indecisive candle stick.
And it changes from being bullish to bearish.
Can you see the bullish green candle stick at the high point, then the indecisive one, followed by the bearish red candlestick on the other side?
The 'indecisive' candlestick has a small body and a long wick underneath.
This 'indecisive' candlestick is sometimes called a 'Hammer'.
It's easy to remember as it looks a bit like one...
As you can see, it has a very short candle body and a very long wick underneath it.
This means the price has moved down far below the body, and then back up closing near to the opening price.
As I say, if you're able to spot a candlestick like this it gives you a heads up that there is indecision in the market.
Because it shows you the price went much lower than the opening and closing prices.
And that's why this is often a bearish signal in an uptrend.
It tells you the market could be about to change direction, and head down after the upward move.
So, when you see one it's often best to wait for the next candle stick to confirm the market direction.
Obviously, candlesticks patterns like this should only be used as part of a disciplined trading plan, which includes strong risk management.
But that said they can give valuable pointers as to what the market may do next.
And they could stop you from placing a trade just before the market turns against you.
So why don't you see if you can spot 'hammers' on your chart, and then watch out for them in your trading.
Best wishes,
Richard Hill
Editor
Forex Round-Up
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07:08
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