Forex Candlestick Patterns Cheat Sheet! - YouTube

This a Forex Candlestick Patterns course plus Cheat Sheet video by Forex Elite .com

What you see on the screen right now is a preview of our Forex Candlestick Patterns

Cheat Sheet.

What's missing, are the labels to all of these patterns.

And that's exactly what we're going to cover in this course.

We'll go through each one of these patterns, one by one, we'll label them, and we'll explain

them in more detail.

And by the end of the course, you'll have a complete version and understanding of Forex

Candlestick Patterns.

So with that being, let's get started!

First things first.

Candlestick Anatomy.

It's important for you to know the anatomy of a candlestick, because it will help you

understand the patterns better.

The variations of the Candlestick Anatomy creates the variations of the patterns themselves.

So take a good look at the Candlestick Anatomy on the screen right now.

It's important to know the components to a candlestick.

As you can see in this illustration, the Bullish and Bearish Candlesticks both include a High,

an Upper Shadow, an Open and Close, the Body, the Lower Shadow, and the Low.

These are the fundamental elements that comprise a candlestick.

And the patterns are simply a variation of these elements.

Now, let's discuss Neutral Candlestick Patterns.

This includes the Doji and the Spinning Top.

The Doji Candlestick pattern has an upper and lower shadow, with either a very small

body, or no real body.

The distinguishing characteristic of the Doji Candlestick is that it has approximately the

same Open and Close, which creates no real body, or a very small body, as you can see

in this illustration.

In even more simple terms, there is no green or red in the Doji, because the Open and Close

were approximately the same.

The second Neutral Candlestick Pattern is the Spinning Top.

This pattern has a small Body, and the body is usually centered between the upper and

lower shadows.

The Open and Close are very close to each other, and therefore the body is small.

Also, the body is somewhere around the middle of the upper and lower shadows.

Now let's discuss Bullish Candlestick Patterns.

The first one here is the Hammer.

This pattern was appropriately given its name because it really looks like a hammer.

The Hammer Candlestick Pattern has a small body, a long lower shadow, and a small to

no upper shadow.

Also, the long lower shadow is usually at least twice the size of the body.

Inverted Hammer.

As the name suggests, this pattern is an inverted version of the previous Hammer Candlestick

Pattern we just discussed.

The Inverted Hammer has a small body as well, but a long upper shadow.

This upper shadow is usually at least twice the size of the body.

This pattern also usually does not have a lower shadow.

If it does have a lower shadow, it's usually very small.

However, typically, no lower shadow at all.

The main thing is that the Inverted Hammer has a small body, with a long upper shadow,

that's usually twice the size of the body.

Dragonfly Doji.

As the name suggests, this pattern resembles a dragonfly.

More specifically though, the high, the open, and the close, are the same.

Followed by a long lower shadow.

In a simpler form, The Dragonfly Doji usually looks like the Letter "T".

Long Lower Shadow.

No Body.

High, Open and Close are the same.

Bullish Engulfing.

In a Bullish Engulfing pattern, the body of the Bullish Green candlestick completely engulfs,

the body of the Red Bearish candlestick.

In this illustration, the body of the Green candlestick engulfs the body of the Red candlestick.

This is known as the Bullish Engulfing Candlestick Pattern.

Bullish Green engulfs Bearish Red.

Piercing Line.

The Piercing Line pattern is similar to the previous Bullish Engulfing pattern that we

discussed.

Except, that the Bullish Green candlestick doesn't engulf the Bearish Red candlestick.

However, the close of the Bullish Green candlestick is above the midpoint of the body of Bearish

Red candlestick.

The key element to this pattern is the close of the Green candlestick, above the midpoint,

of the Red candlestick.

The Bullish Green doesn't completely engulf the Bearish Red.

But the close of the Bullish Green is above the midpoint of the Bearish Red body.

That's the main thing about the Piercing Line.

The close of the green candlestick is above the midpoint of the body of the red candlestick.

Morning Star.

The Morning Star pattern is a Bullish Candlestick Pattern.

It consists of three candlesticks.

The first is a large Bearish Red candlestick.

Followed by a candlestick with a small body.

Followed by a large Bullish Green candlestick.

These 3 candlesticks are known as the Morning Star pattern.

Large Red.

Small Middle.

Large Green.

Morning Doji Star.

This pattern is a slight variation of the previous Morning Star pattern.

The key difference is in the middle candlestick.

With the previous Morning Star pattern, the middle candlestick had a small body.

In this pattern, the middle candlestick is a doji.

Hence the name, Morning Doji Star.

Again, we have a large Bearish Red Candlestick, followed by a smaller candlestick.

In this case, the smaller candlestick is a doji, with no real body.

Followed by a large bullish green candlestick.

These 3 candlesticks are known as the Morning Doji Star pattern.

Large Red.

Doji.

Large Green.

Three White Soldiers.

Three white soldiers is a bullish candlestick pattern that consists of 3, consecutive, medium

to large bodied, Bullish Green candlesticks.

The 3 candlesticks usually don't have long upper or lower shadows.

Again, the 3 bodies are medium to large.

In other words, no small bodies.

Fairly straightforward pattern.

3 Consecutive Greens.

Now let's discuss some Bearish Candlestick Patterns.

The first on our list is the Shooting Star.

The distinguishing feature of a Shooting Star is a Long Upper Shadow, a small to no lower

shadow, and a small body.

Also, the long upper shadow is usually at least twice the size of the body.

Hanging Man.

The Hanging Man is a Bearish Candlestick Pattern.

The candle has a small body, a long lower shadow, and a small to no Upper Shadow.

Also, the long lower shadow is usually at least twice the size of the body.

Gravestone Doji.

The Gravestone Doji is a Bearish Candlestick Pattern.

The low, the open, and the close, are the same or they're very near each other.

In other words, no real body.

Also the Gravestone Doji has a long Upper shadow.

To recap, Long Upper Shadow.

No Body.

Low, Open and Close are the same or very near each other.

Bearish Engulfing.

In a Bearish Engulfing pattern, the body of the Bearish Red candlestick completely engulfs,

the body of the Green Bullish candlestick.

In this illustration, the body of the Red candlestick engulfs the body of the Green

candlestick.

This is known as the Bearish Engulfing Candlestick Pattern.

Bearish Red engulfs Bullish Green.

Dark Cloud Cover.

The Dark Cloud Cover pattern is similar to the previous Bearish Engulfing pattern that

we just discussed.

Except, that the Bearish Red candlestick doesn't engulf the Bullish Green candlestick.

However, the close of the Bearish Red candlestick is below the midpoint of the body of Bullish

Green candlestick.

The key element to this pattern is the close of the Red candlestick,

which is below the midpoint of the Green candlestick.

That's the main thing about the Dark Cloud Cover.

The close of the red candlestick is below the midpoint of the body of the green candlestick.

Evening Star.

The Evening Star pattern is a Bearish Candlestick Pattern.

It consists of three candlesticks.

The first is a large Bullish Green candlestick.

Followed by a candlestick with a small body.

Followed by a large Bearish Red candlestick.

These 3 candlesticks are known as the Evening Star pattern.

Large Green.

Small Middle.

Large Red.

Evening Doji Star.

This pattern is a slight variation of the previous Evening Star pattern.

The key difference is in the middle candlestick.

With the previous Evening Star pattern, the middle candlestick had a small body.

In this pattern, the middle candlestick is a doji.

Hence the name, Evening Doji Star.

Again, we have a large Bullish Green Candlestick, followed by a smaller candlestick.

In this case, the smaller candlestick is a doji, with no real body.

Followed by a large Bearish Red candlestick.

These 3 candlesticks are known as the Evening Doji Star pattern.

Large Green.

Doji.

Large Red.

Three Black Crows.

Three Black Crows is a bearish candlestick pattern that consists of 3, consecutive, medium

to large bodied, Bearish Red candlesticks.

The 3 candlesticks usually don't have long upper or lower shadows.

Again, the 3 bodies are medium to large.

In other words, no small bodies.

Pretty straightforward pattern.

3 Consecutive Reds.

Now you have a complete version of our Forex Candlestick Patterns Cheat Sheet.

This Cheat Sheet is available for you to download and save, absolutely free, on our website

at ForexElite.com.

The exact link is available in the video description.

Click on the link to access our Cheat Sheet.

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