How to Read Candlesticks With Strategies

How to Read Candlestick Charts

For a beginner, it will be enough to learn most common trend continuation and reversal patterns. A bearish engulfing pattern is a combination of two candlesticks. The second one is red or black, bearish, and its greater than the first one; so the second, bearish, candlestick engulfs the first one.

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Reading the Parts of a Candlestick

The Evening Star pattern is opposite to Morning Star and is a reversal signal at the end of an up-trend. The pattern is more bearish if the second candlestick is filled rather than hollow.

What is candlestick trading?

Candlestick patterns all reveal information about how stocks are performing, with the different parts of the candlestick speaking to different indicators. While shapes, colours and directions of candlesticks can appear random, they can reveal patterns over time in order to build meaningful data insights for investors. This information then informs their investment strategies over the course of time.

In this section, I will demonstrate an example of candlestick patterns trading in Forex with the trade volume of 0.01 lot. The 4HWalt Disney Co. stock chart displays a series of the evening star patterns, following which the price starts to decline. Further confirmation of a soon downtrend is a series of the hanging man patterns. An evening star is a pattern composed of three candlesticks that signals a reversal at an uptrend’s high. The difference is that the harami cross forms within the range of the previous candlestick and has a small or no body. A bearish harami cross is a strong reversal pattern that means market uncertainty. The H4GBPCAD chart shows that the first signal of the bearish trend exhaustion is a bullish harami.

History of Candlestick Charts

Most bearish reversal candles will form on shooting stars and doji candlesticks. The harami is a subtle clue that often keeps sellers complacent until the trend slowly reverses. It is not as intimidating or dramatic as the bullish engulfing candle. The subtleness of the bullish harami candlestick is what makes it very dangerous for short-sellers as the reversal happens gradually and then accelerates quickly. A buy long trigger forms when the next candle rises through the high of the prior engulfing candle and stops can be placed under the lows of the harami candle. The shooting star is a bearish reversal candlestick indicating a peak or top.

How to Read Candlestick Charts

A long body followed by a much shorter candlestick with a short body indicates the market has lost direction. An open and close in the middle of the candlestick signal indecision. Long-legged dojis, when they occur after small candlesticks, indicate a surge in volatility and warn of a potential trend change.


Candlesticks build patterns were introduced to the Western world by Steve Nison in his popular 1991 book, “Japanese Candlestick Charting Techniques.” It’s quite simple actually, and it’s similar to the method for identifying charts on other graphed data. Let’s look at a few more patterns in black and white, which are also common colors for candlestick charts. The bullish harami is the opposite of the upside down bearish harami. A downtrend is in play, and a small real body occurs inside the large real body of the previous day.

What are candlestick charts?

In the present time, candlestick charts are used as a tool to track trading prices across financial markets, including forex, commodities, treasuries, indices and the overall stock. While stocks represent the largest kind of traded financial instruments, all of these markets are tracked alongside each other, with the prices these instruments are traded at recorded and visually displayed within candlestick charts. These tools have risen in prominence, and are now one of the most prevalent methods of representing prices across varying markets.

Look for longer upper shadows to see if buyers drove prices. Candlesticks with long upper shadows and short lower shadows show that buyers drove up prices during trading but sellers forced them down by closing time.

Bullish Engulfing Pattern

How one candlestick relates to another will often indicate whether a trend is likely to continue or reverse, or it can signal indecision, when the market has no clear direction. The doji candlestick occurs when the open and closing price are How to Read Candlestick Charts equal. The long white line is a sign that buyers are firmly incontrol – a bullish candlestick. A candlestick chart can indicate the emotional sentiment of actors in the market. Both the x-axis and y-axis on a candlestick chart are numerical.

How to Read Candlestick Charts

There are several types of doji patterns, such as Gravestone, Dragonfly, Long-legged doji, Rickshaw man doji, and a Tri-star. The genuine body of an inverted hammer candle is tiny, with a prolonged top wick and little or no bottom wick. It emerges at the bottom of a downtrend and typically indicates the possibility of a bullish reversal. The hammer candlestick is one of the most well-known candlesticks in the world of trading. It’s utilized to spot resignation bottoms, which are typically followed by a price bounce, which traders exploit to establish long bets. When the price begins at a given level and closes at a lower level, it makes a bearish candlestick. Bearish candles are typically represented as red or black colors.

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Best online casinos accept Skrill in Canada

Online casinos working with the Skrill payment system accept digital currency for payment. This privately held British company offers a range of services, including prepaid cards and digital wallets. The Skrill service focuses on low-cost international money transfers. The system is already a favorite of those who fund accounts at virtual casinos.

History of Skrill

This company was originally called Moneybookers. It registered its first domain name in 2001 and in less than a year launched its operations online. Within the first couple of years, more than two million customers registered with the system, and by 2008, the customer base had grown to 5.5 million users.

By 2010 Moneybookers was recognized as the fastest growing private business in the United Kingdom. The following year, the company announced a pending rebranding and a new name, Skrill. The rebranding procedure was completed in 2013.

Top 7 Online Casinos Skrill

  1. JackpotCity Casino;
  2. Spin Casino;
  3. Ruby Fortune Casino;
  4. Tonybet Casino;
  5. Betway Casino;
  6. Casumo Casino;
  7. Royal Vegas Casino.

We recommend looking at reviews of the best online Skrill casinos Canada.

By 2012, the company claimed more than 25 million accounts. Among these customers were such online giants as eBay and Facebook. The following year, the company was acquired for 600 million euros by CVC Capital Partners.

In 2014, Skrill became the only electronic wallet to be approved as a source of transactions for online gambling in New Jersey. This came after a law was passed allowing players physically located in New Jersey to gamble online.

Receiving a Skrill account

If you’ve never used Skrill before, creating an account is a simple process. All you have to do is come up with a name and password, register your deposit method and then confirm your details with a confirmation email. You can fund your account through your local bank, American Express, JCB, Discover, Visa or MasterCard. The whole process takes less than a minute if you have all the necessary information at hand.

Withdrawing with Skrill

If the recipient already has an account, you only need to enter their email and your date of birth (to confirm). The money will be sent immediately and the recipient can withdraw it to his/her bank account, Visa or at an ATM using a prepaid MasterCard offered by Skrill.

If the recipient does not have an account, he will receive an email. It will contain a link to the company’s website and they can quickly create their account. Once this is done, the recipient will find money waiting for them.

Transaction cost and fee

The cost to send money using Skrill is 1% of the transaction amount, with a limit of 10 euros. If you send money to a country that uses a different form of currency, the exchange rate starts at 2.99% (although this amount is reduced for high VIP members).

If you’re going to use this digital service to fund your online gambling, the first step is to make sure that casinos accept Skrill as a payment method. Fortunately, it’s available in 39 currencies and 200 countries.

European players shouldn’t have a problem, since the company is based in England and regularly appears in the “Cashier” section of casino sites in that part of the world. Most American players cannot use the company’s services, although New Jersey is a notable exception.

Skrill Loyalty Program and VIP Levels

When using Skrill services, users can be awarded different VIP levels, four in total. Each new level offers more benefits. You must meet certain requirements within three months to be promoted to the next level. Here we will take a look at all four levels and the benefits they offer.

First of all, the following benefits are available to users at each level:

  • 100% money-back guarantee;
  • Prepaid MasterCard works wherever a regular MasterCard is accepted;
  • Membership in VIP loyalty club;
  • Priority replenishment of your account;
  • VIP support 24/7;
  • Membership in the Ambassador program, the user receives a monetary reward for the new client who comes by his recommendation;
  • Access to exclusive offers, including cashback promotions and merchant offers;
  • 1% fee for sending money limited to one EUR/CAD.

In addition, participants with silver, gold and platinum levels get a personal manager. This condition doesn’t apply to the Bronze level, which means users with this status will have to settle for any customer service representative.

Bronze level – is the entry level to the Skrill VIP program. You will have to make transactions totaling at least 6,000 EUR/CAD in three months to get this level. By doing this you will receive the following benefits:

  1. 250 EUR/CAD daily limit for ATM withdrawals from prepaid MasterCard;
  2. Card replenishment fee 1.25%;
  3. Withdrawal fee 2.95 EUR/CAD. Be prepared that this number may increase over time;
  4. Foreign exchange fees of 2.49%, 2.99% and 3.49%.

Silver Level – If the turnover of transactions is at least €15,000 in three months, the customer is entitled to the Silver Level and the following benefits:

  1. 500 EUR/CAD daily ATM withdrawal limit for prepaid MasterCard;
  2. No fee for reloading the card;
  3. No withdrawal fee;
  4. Foreign exchange fee of 2.25%, 2.75% and 3.25%;
  5. One additional multi-currency account.

Gold Level – It is available with a transaction turnover of more than 45,000 EUR/CAD in three months and offers the following advantages:

  1. 2,500 EUR/CAD daily ATM withdrawal limit for prepaid MasterCard;
  2. No card top up fee;
  3. No withdrawal fee;
  4. Foreign exchange fee of 1.99%, 2.49% and 2.99%;
  5. Two additional multi-currency accounts.

Diamond Level – Users whose transaction turnover in three months exceeds 90,000 EUR/CAD receive this status and the following privileges:

  1. 2,500 EUR/CAD daily ATM withdrawal limit for prepaid MasterCard;
  2. No card top up fee;
  3. No withdrawal fee;
  4. Currency exchange fee 1.75%;
  5. Three additional multi-currency accounts.

Conclusion of the Skrill payment system review

Although most customers have no problems using Skrill, some users have reported questionable sales practices, poor customer service and unauthorized charges. Keep this point in mind when using their services. However, the company claims that 35 million people use their service, which means they still work correctly in most cases.

Online casinos that accept Skrill are widely available throughout Europe. But it will be difficult for American players to find such operators outside of New Jersey. Skrill account holders can make simple, hassle-free payments within seconds. And that’s great, because every minute you save can be spent playing slots or at the blackjack table.