Message from @RedbirdOctober, CBP
Discord ID: 809235701656059924
isnt this interesting
until today most of those were showing like
50% up to 80%
something like that
lets have a look at the wayback machine
how true that is idk
I know this isn't all of them but for beginners like me this is what I was looking for
I guess that's the basic, I've seen where they have like 200 different patterns of candles but they didn't bother explaining what they mean, just decided to put some japanese naming onto it instead of determining probability of next candle pattern
just use your gut
Today with 1 minute intervals
Rather than looking at patterns seems that you'd want to just look at the wicks/tails on top and bottom to see what the next candle is going to be
what is it?
got some really large tails on top that result in the next candle being red
stock or crypto?
that particular one was apple
I am just looking at random high volume stocks to get a gauge on how to read these better
Look up what a hammer candle looks like. That’s your bottom indicator.
I know what one is (shared a picture of one earlier)
Oh, ok, I’m still catching up
Yeah there were some good candle formations in that image
I would suggest RSI, MACD, Bollinger Bands, TD Sequential, and Heikin Ashi as some stuff to check out
obviously the candle will be in the middle of forming as you're making purchases so you won't know what your exact candle is, but trying to figure out what it will be doing based on what I see real time
best indicator there would be the length of the wick/tail
a really tall top line would tell me there's a ton of selling going on, that's the direction/trend it'll do next. The opposite end would mean it's bullish on next candle
Then there’s looking for larger structures too.
and hammers are usually a reverse direction
Symmetrical triangles, wedges, flags, pennants, channels, etc
I look at those for longer term holding
Then there’s also Fibonacci retracements and extensions
Here's one with two different hammer examples
very first green hammer makes sense, lots of resistance from top pushing down
5th candle is sort of a hammer?
15th candle is a red hammer, but didn't swap, very deceptive.. Very last green hammer on the right held true with it's swap though
Hammer can be red but it’s better if it’s green. Hammer should have very little wick on top if any at all. The bottom wick should be substantially long. Probably at least twice a tall as the wax or longer.
I'm thinking it might just be the tool I'm using
that first green hammer, if I swap it to OHLC, it's red. The only thing that's accurate is the highest/lowest points and open/close positions
Oof on the Ada spike