Trading Consultants Inc Discusses Reading a Forex Candlechart
Trading Consultants Inc uses monthly charts to make decisions about pairs that should be considered for trading and Lower Time Frame charts for entry and close decisions.
While we are pleased with our results , we are always studying and seeking improvement . We are convinced the successful trader is not only academically sound but also capable of interpretation.
Recall also that the whales that move the markets are trying to entice smaller fish into the water to devour your assets. They know the candle patterns traders use as well as the indicators they use. They simply program their computers to create those patterns and indicator results and therefore you must be vigilant. So more experience means better results as long as you never are convinced you know it !
Below is a recent close from an H4 with two numbers indicated
1. shows the candle used for entry also please note that for some period of the 4 hours it was an up candle and had no indication that it was to be used for entry so we waited for the next to confirm the direction . Yes we gave up some pips but it was a safer trade .
2. shows we closed due to the look back where the last time price really moved upward was in this area so we closed and reopened a smaller sized trade. Some traders close a partial but for accounting purposes this is cleaner for our team.