Key Candlestick Patterns
1. Bullish Engulfing
Indicates a potential reversal to the upside. Look for a small red candle followed by a larger green one that "engulfs" it.
2. Bearish Engulfing
Signals a possible reversal to the downside. Watch for a small green candle followed by a larger red one.
3. Hammer
A single candlestick with a small body and a long lower wick, suggesting a potential upward reversal.
4. Shooting Star
A single candlestick with a small body and a long upper wick, indicating a possible downward reversal.
5. Doji
Shows market indecision. If followed by strong candles, it could signal a breakout direction.
Strategy to Earn $40 Daily
1. Start Small
Use a capital of $100-$200. Trade pairs with high liquidity, like BTC/USDT or ETH/USDT.
2. Set a Risk-Reward Ratio
Aim for a 1:2 ratio. For example, risk $20 to gain $40.
3. Trade Breakouts
Use candlestick patterns near support/resistance levels or during trend consolidations.
4. Apply Stop Loss and Take Profit
Protect your capital by setting a stop loss slightly below the support or above the resistance, and take profit at the next level.
5. Stick to 2-3 Trades Daily
Overtrading can lead to losses. Focus on quality setups.
Tools for Confirmation
Moving Averages (e.g., 9 EMA): To confirm the trend.
Volume Indicators: Higher volume near the pattern increases reliability.
RSI: Ensure the market isn’t overbought or oversold.
Practice in a demo account before trading live to gain confidence.
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