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How to Read Olymp Trade Candlesticks for Beginners
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How to Read Candlesticks for Beginners to Profit
You can get real-time candlestick charts of any stock on your trading platform.
You just need to search for the inventory name from the search bar and then scroll through the stock titles to start the candlestick chart of that particular stock.
Understand the Timeframe
Candlestick displays have different time frames. For day trading, 5-minute, 10-minute or 15-minute candlestick charts are used, if you want to enter and exit a trade within minutes taking advantage of the slightest fluctuation in fees. This is known as scalping
For example, stocks like Reliance are constantly moving down and up 2-3 rupees almost all the time. If you want to catch this Rs. 1-2 price movements, you can use 5-minute or even 15-minute charts.
If you want to capture larger cost movements, you can use the 30 minute, 1 hour, 3 hour, and Day charts to check cost action.
On a candlestick chart, time is plotted on the x-axis along with costs on the y-axis. So, the candlesticks become plotted on the time scale according to the preferred trading rate.
Know What Price is – Action Analysis
You receive an understanding of cost action by studying candlestick charts. This implies that ‘Bhaav Bhagwan hai’. It is possible to generate stock price forecasts in the not too distant future by detecting current stock price fluctuations.
In day trading, the main objective is to see the trend of this inventory i.e. whether the stock will rise or return. A cost action evaluation can allow you to do this. If a stock appears to be moving up, it is in an uptrend.
If the inventory appears to be falling, it is reported to be in a downtrend.
As soon as you can see the trend of the inventory, you can enter a trade in the inventory to follow the trend. For example, if a stock is in an uptrend, it is possible to take a buy position (i.e. buy a trade) from the inventory and exit the inventory after capturing part of the upward movement.
Learn About Bullish and Bearish Candles
Potential sellers and buyers affect stock price movements. If the buyers are stronger, the candlestick will probably be bullish, and when the sellers are stronger, the candlestick will probably be bearish.
This is because the full body candle basically indicates that the stock has traded at any cost within a certain period range, which represents a strong buy or sell.
If the candle has very long upper and lower backs, it indicates volatility in costs as it implies that costs have gone up and down a lot but not held at any level.
Candles have a body at the upper end with a very long lower back indicating the bull is in control. In the same way, candles use the body at the end with a very long upper hairline signifying the bear is in control.
You will not be able to decide whether a stock is bullish or bearish just by considering 1 candle. You should examine a series of candles to assess the cost action of the inventory.
Understand Trends, Corrections and Consolidations
Candlestick charts tell a story about stock prices. If you can read the narrative well, you can get a winning deal.
How Beginner Traders Read Candlesticks
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