Candlestick patterns are reliable signals for you to enter a trade. In this article, I will list the top 4 must-know candlestick patterns with high accuracy in Olymp Trade. At the same time, I will also go in detail on some entry points I traded last week with Retest and these candle patterns strategies.
Review video about Olymp Trade entry points and our withdrawal proof
Earnings statistics for the 2nd week of June 2020
Earlier last week, I deposited $300 with a remaining balance of $77 from the previous week. My capital was $377 (There is specific evidence in the video).
Earlier this week, I withdrew $250 and withheld $300 as capital.
My earned profit is: $550 – $377 = $173.
Top 4 Must-Know Candlestick Patterns When Trading In Olymp Trade
These are the 4 reversal candlestick patterns with the highest accuracy when trading in Olymp Trade.
There are 2 conditions to increase the accuracy of these top 4 candlestick patterns.
– The longer the candlestick chart is, the better it becomes.
The 5-minute Japanese candlestick chart is more reliable than the 1-minute Japanese candlestick chart. The reason is simple: The price reflects through the pattern of the candlestick. The longer the time, the more accurate the candlestick becomes.
– These 4 candlestick patterns must be placed in a specific trend.
Olymp Trade trading strategy: The T.S method
T.S stands for Trend and Signal. In this strategy, you only need to focus on 2 things: (1) What is the market trend? and (2) Waiting for entry signals (Reliable candlestick patterns).
If you do not know how to identify an uptrend or a downtrend trend, please read these 2 articles carefully:
Requirements of the T.S method
A 5-minute Japanese candlestick chart. The expiration time is 5 minutes. Often with this strategy, the candle time period is equal to the expiration time.
How to open orders in Olymp Trade
Open an UP order when: The market is in an uptrend. Entry signals are reversal candlestick patterns from bearish to bullish such as Bullish Pin Bar, Bullish Harami, Bullish Engulfing, and Morning Star.
Open a DOWN order when: The market is in a downtrend. Entry signals are reversal candlestick patterns from bullish to bearish such as Bearish Pin Bar, Bearish Harami, Bearish Engulfing, and Evening Star.
I have included a specific example in the video above so you can check it out.
How to set trading goals
How much money do you want to make? You need to specify this number. Reason:
Most of the time, the market goes sideways. Only about 20% of the time, the market is in a trend (Uptrend or Downtrend clearly). Therefore, you need to wait for the right opportunity to complete the trading goals of the day.
For example, Your total capital is $500. So every day, you only need to earn from $30 to $50 (from 6% to 10% of the balance) => You just need to catch exactly 1 up or downtrend of the day. It is enough for you to achieve your goals.
Setting clear goals every day is extremely important. It helps you strengthen discipline. At the same time, do not get caught up in emotions during Fixed Time trading in Olymp Trade
How to manage your capital
If you have a clear goal in making money, managing capital during trading will be very easy. There are 3 methods suitable for the T.S strategy.
Trade with a fixed amount of investment
For example, your daily goal is about $30 to $50. Then you only need about 4 to 6 orders with $20 each. They are enough for you to reach your goal.
Trade with a descending amount of money
Trends exist only for a certain period of time. Therefore, the probability of a trend reversal is higher as time goes. Therefore, trading with a descending amount of investment will make your account safer.
Martingale capital management method
Martingale method is to increase the amount of investment for a trade after losing. This is not the right capital management method for newbies. You will be under a lot of pressure for later orders.
You can read about the Martingale method in detail in this article: What is Martingale? Why does it become a surefire method of making money?
Practice and verify
Now you have a temporary understanding of the T.S strategy and top 4 powerful candlestick patterns. Later, I will have more posts regarding this strategy because it can really help you make money.
But, that is my business. Now, open yourself a Demo account in Olymp Trade and verify this strategy. If there are any difficulties, please leave a comment below. How To Trade Team will support you.