Doji & Pin candles on 1 hr chart are important in trading!!!
When trading binary options, always remember the whole picture (1 hour time frame charts), not just the small piece that you are currently trading, especially when trading short term. Short term trading in my view are under 15 minutes in length of time. The higher time frame chart's will show you direction of current trading, which helps.
*How to set yourself up for success in trading is when markets are closed, do some reviewing of charts to set up plan "A" for this coming trading week. On 1 hour chart with the USDCAD pair, I see Elliot impulse waves 1-5 uptrend which lasted for around 24 hour period that has concluded, so now the trend is downward. Beginning of next week after opening of trading for around approximately 5 hours (my guess), this major pair should remain in a downward trend. Also, remember that correction's generally have an ABC wave, so "A" part of wave down is going on now, then a short retraction wave up "B" will happen, then conclude with a finally wave down "C" wave.
Tip: If an upward trend take 24 hours, downward trend should take half as long or around 12 hours total to finish up.
On larger time frame chart like either 1 hour charts or longer, special candles mean more then on shorter time frames. Noted on USDCAD chart are 1 hour doji or pin candles that should get your attention for a possible major trend line change. If you see these on your charts & anticipate a trend reversal, you will stay on the right side of trades even of small time frame trading. These doji's or pin candles are happening both on RSI overbought or oversold zones & upper or lower edges of Bollinger bands. Please review & memorize the top 10 candlesticks.
*How to set yourself up for success in trading is when markets are closed, do some reviewing of charts to set up plan "A" for this coming trading week. On 1 hour chart with the USDCAD pair, I see Elliot impulse waves 1-5 uptrend which lasted for around 24 hour period that has concluded, so now the trend is downward. Beginning of next week after opening of trading for around approximately 5 hours (my guess), this major pair should remain in a downward trend. Also, remember that correction's generally have an ABC wave, so "A" part of wave down is going on now, then a short retraction wave up "B" will happen, then conclude with a finally wave down "C" wave.
Tip: If an upward trend take 24 hours, downward trend should take half as long or around 12 hours total to finish up.
On larger time frame chart like either 1 hour charts or longer, special candles mean more then on shorter time frames. Noted on USDCAD chart are 1 hour doji or pin candles that should get your attention for a possible major trend line change. If you see these on your charts & anticipate a trend reversal, you will stay on the right side of trades even of small time frame trading. These doji's or pin candles are happening both on RSI overbought or oversold zones & upper or lower edges of Bollinger bands. Please review & memorize the top 10 candlesticks.