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Once you have signed up with Olymp Trade now, you will land on the Olymp Trade dashboard.
Now, click on the Chart button. and select Japanese Candlestick from the given menu.
That’s it the basic setup is over!!!
Now, talking about How to Read Candlestick Chart? well, it’s damn very easy
The candles are commonly formed as High, Low, Open, & Close.
There are basically 2 types of Japanese candlesticks:
1.RED or Bearish Candlestick
2.GREEN or Bullish Candlestick
The basic funda of Candlestick says:
If the opening price is above the closing price then a RED or SELLER Candle is formed
Similarly, If the Closing price is above the Opening Price then a GREEN or BUYER Candle is formed.
To understand this concept more clearly, let me tell you an example,
Suppose, The price of Rice today is 20 Rs per kg which is more than yesterday’s price which was 17 Rs per Kg.
Now, If you are an intelligent seller you will get excited and try to SELL more & more, and thus Bearish Candle or SELLER Candle is formed.
Similarly, Suppose, The price of Rice today is 20 Rs per kg, and the next day the price drops down to Rs 16 per Kg.
Now, If you are an intelligent Buyer you will get excited and try to BUY more and more. thus a GREEN Candle or Bullish Candle (BUYER Dominated Candle) is formed.
How to Read Candlestick Pattern?
Now, In this section, I will teach you the most easiest Cheatsheet on How to Read Candlestick Pattern?
I bet no one will ever teach you this easy trick.
Firstly, note these important points before we begin:
Each Candle represents a fight between BUYER and SELLER.
Bull = Buyers or Green Candle
BEAR = Sellers or Red Candle
The longer the body more is the clarity
The longer the wick more is the confusion.
To be honest there are only three Common Candlestick Patterns that most appears.
1. Small Wick with Long Body
As said earlier, the Longer the body more is the clarity.
This means, that either the BUYERS or SELLERS are really confident therefore a strong green or red candle is formed.
Price Action: If we see a continuous strong green candle then we should take a buy trade.
Similarly, If we see a continuous strong red candle then we should take a sell trade.
This article was all about How to change chart type in Olymp Trade, How to use Japanese candlesticks in Olymp Trade, How to change to Candlestick on Olymp Trade.
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