The Importance of Closing Candlesticks in Forex

dang we're gonna building a swag Academy YouTube channel swaggy vlog keratitis I'm bringing you guys another video for my youtube channel that's not secured to swag or ax wag you see which I haven't started yet but I will be starting sometime this week right awesome I believe so sometime this week yeah this is just a regular you know video like I used to do on the market this video is about candlesticks the importance of candlesticks why people mess up when you look at candlesticks they think it's a shooting star but it's really something else or Mariposa or they don't even know what doji's are for they automatically think if they see a door you should be a reversal and it's like nah so I'm here to teach you guys give you some free game on the importance of candlesticks but before I go any further make sure you head below and subscribe down low I started this channel like got serious about it in February and I've gotten over 51 thousand subscribers awesome oh maybe three we only have 50,000 subscribers at 4 months man I'm very very excited about that so I'm gonna keep you know dumping out content subscribe below like I said to keep running it up so you guys can be notified when a video like this drops and tomorrow secure the swag episode 3 drops you don't want to miss it it's a lot of a lot of crazy stuff been going on in the last week like I mean very very stressful and they all got captured you know I'm saying own security swag so you guys would be very very interested in episode tomorrow let's get right into the candlestick video one more time make sure you subscribe below so you can be notified when a video like this drops like and make sure you comment below on how this video has helped you with your trading and what videos you'd like to see next cuz remember I'm on a schedule once a week secure the swag will drop once a week XY you see will drop when we you know officially start that up and once a week a regular video on meat trading the market and actually teaching you guys on how it all goes together we'll be dropping so three videos a week I'm trying to get it to four that's right now we're doing three videos a week and last but not least if you really like the content that I'm having here and you want to skip all of this YouTube information you want to learn directly from me and you know on a course level structural base a-to-z everything that I have in my mental brain go to www.carmensognonvi.com/newsletter there's a timeline where you know everybody the community in the community can talk and you know it's like a Facebook newsfeed but it's built in you know on the website so ww-why Khan Academy comm you get all the information but without further ado let's get right into the video closing we're not going to talk about what's a shooting star and what's a doji and what's a mere pose do an evening start now we're gonna talk about closing like the actual times it closes on if it closed on a key level if you're close in the middle of nowhere because you know you can know all the patterns in the world if you don't know what time the pair closed that or time we created that dojin and how big the wig is and comparison to the body or vice versa you don't really know too much about candlesticks and actually no a real real important topic so you know just a quick example over here let's just go to gbp/usd like I'm on you know only trade these three players anyway go GU and GA and the first thing you want to do if you're not an expert trader is make sure your support and resistance is plotted on here you don't see too much on my chart so I can go to GA there's only no I'm gonna one-hour but daily only two markings on my chart I'm on gold it's only you know one to about three markings on much I only have too much because once you become like you know more advanced trader you kind of you know diffuse your eyes but the first thing I would do is make sure my kilo is on here like here here here here here make sure all my key levels are all in place all in sync all good now let's say over here cuz I know one monkey those would be one two three four flat just flat right here I hear from your hair like I noticed be one my key levels off the gate right here and continuing this wick obviously on another one be 125 obviously which would be somewhere right here because of like I said I know this is why it's so important to master one pair and just trade one pair because I know Mikey that was like by heart so I have monkey that was on just in case but I can delete it right now but that's the first thing I do just so you know exactly where it's plotting on because for example you can see this candle right here look at this right here boom and you would have sold it because obviously on a 15-minute timeframe that may look crazy sold it and then price pushes back up another 30 or 40 50 pips and now you're negative and now if you have a small account you just lost that trade because you closed out and then it still went down the exact or like you predicted to do or even though we're here for example like this obviously a key level somewhere in the middle you know obviously have you know here to here and then I always have like a mid level as well if you don't know how I trade my support and resistance levels go back and watch you know some of my videos but um I would have one at 120 4 or 500 just a mid-level between here and here and you see obviously price guy here with above it still close below with Rick on right on top of it with with above close below so this is obviously a mid level and the reason why like I said it's not so important to have the support and resistance that was on because you could've easily bought this pair and think is gonna go all the way back up to 2025 not knowing it's just halting and retesting it's mid level before pushing and crashing back down that is so important and then with the actual candlesticks you got to look at this the closure of the candidacy this is a closure of a 1 hour time frame but look at this let me try to highlight this just for right here for example let's go down to a 15-minute time frame or even a 5 at a time frame you would have seen this candlestick right here look at this push up retesting the moving average push all the way up you see this big a scandal right here and I do a bar-replay take this off you see this what are you gonna do you're gonna buy right it's instinctive to just you know let me just buy get a right here long position closure does Candlestick right here take profit up here stop-loss in the right below the you know last week or every case maybe you click play and then what happens you're obviously immediately negative you really never go back to you know positive and then eventually if I can speed this up a little bit you end up losing that no trade and you're wondering what you did to go wrong what you did was you didn't wait for that hourly closure the hour is so important look at this you have WIC wait wait wait you have four weeks in a row to 120 for 500 and you take this one all you have three basically which is telling you hey price is not about the head up it's going back down and this is why it's so you know hard for some traders to put it all together because you have to know everything about trading what I mean everything I mean like you got to know where your key levels are you got to know what time frame you're trading on you got to know what period you're trading because it depends if you're trading gbp/usd and it's an aid in session it's consolidating or is it consolidating because London just opened or because London is closing and people are you know getting off of work in London but people are coming to work in New York like what time is it and also you got to figure out you know what trend is the market in the market is in a downtrend what makes you think this is just gonna reverse like the market just pushed up and reverse back down I mean if you think you're just gonna you know reverse and push back up you got to go with the actual overall trend and the market never like the moving average another one you gotta know never cross back over blue never cross no above the red oh no the one hour time frame if I go to a four-hour I don't have it here I know for damn sure didn't cross over there on the 4-hour because obviously it took a little bit longer and lags on a 4-hour and comparison to you know the lower timeframes we go back to the one-hour time frame I don't know why my computer is acting slow right now or being stupid get off the bar replay first of all and then go back to I'll get a cool perfect one hour alright so look at this you have to wait for the closure of the Candice thing if you'd have gotten a 15-minute time frame you would have lost now the one-hour time frame you see price the body here does not override the week though there's more WIC than body here whenever you see a situation where there's way more WIC than body be very careful because only one of two things is gonna be a reversal or just a plain old doji and prices consolidating you see price consolidate consolidate consolidate the moving average is together which shows you that price is not in a clear trend then we get a big push down then again you get a bunch of wicks and then price push it down but it's where you got to be careful we need a close like this is way more wick and I want to cross over because you can't see it this is way more weight right here then the body the body is probably 10% of the overall wick that's not what we want so we can back out clear today and see price is just simply but we can you know draw a consolidation around you know top to bottom basically and basically see this whole thing is consolidation and are waiting on is a break of consolidation price is just in the middle I mean the moving average scuse me middle middle middle middle middle and then finally we get some type of break this is not a break understand this if you're a new trader if price wicks below a support but it does not close the little support that support still held firm period end of story so you need to close so right here we get a closure do we trade this no we wait for confirmation cuz the moving average crossed over it's a little bit above and this is one of the you know the tricks I learned from our mentor a while ago you have no different scenarios you have price breaks out the same time you know the moving averages crossover or price breaks out and then a little bit later the moving average crossover after that or the moving averages crossover right before what you did right here and then price breaks out which is you know a more aggressive style approach so the moving average crossed over inside consolidation which it never did over here we're still together then we got some clear separation which is what we're looking for in an actual retest off this so understand a moving average is always a moving support or moving resistance or even a moving trendline for that matter it moves with it so over here price is not no rejecting the moving averages going above is going below does not respect it right here is this is way like I said you gotta pay attention to structure price action go back and watch my price action videos or to skip all that I go to my you know my Academy at the swag Academy calm and you know sign up for the course and learn all the videos because it's like these are little no ideas and tricks that you got to understand that hey price is not respecting this moving average you're still consolidating what do you get right here o price respects it bounces off the moving average process with the moving average bounces moving our bounce at the moment but the moving average Oh clearly this is going this is you know going down because it respecting it as a moving resistance and the same goes on the opposite way so right now clearly we get a break we get a retest of the moving average seems like the same thing of the trendline when you break a trendline and retest it or support of resistance we break the consolidation you retest the box and we come all the way down now your your your next take profit should be that one 2300 level if you don't parse it profit one 2,500 now Christ does not reach this level what do you do when price does not reach or take profit one of two things my first thing profit like I said I trading levels I alter a little bit but I trade a level so won't we need to do with my take profit from this and price didn't reach it I do one of two things I do one a either I move my stop loss to break-even and I'll let it hit it eventually because obviously if you see price goes down doesn't hit it comes up and then eventually hits it eventually but that's more of a relaxed approach and most shirts aren't like that most trades will see this and immediately get out guess what that is okay - I want you to understand my boys side told me when I first started trade in 2015 like you can never get mad at taking profit period so if your take profit is 123 and you see this you know kind of a reversal right here and then another confirmation right here or even a little bit of it and goes 40 pips up if you want to take profit right here guess what feel free to take profit even though we notice is just for tracing and the minute you see you know clear confirmation get back in so for example why do we know she's for tracing because first of all price moves in three levels the leg number one which is level number one consolidation like number two which retracement consolidation leg number three retracement consolidation and now price can easily just you know bolter back up but I don't think it's gonna bolt to back up I think you make it a fourth leg would you be PUSD because and this is turning into a candlestick slash market structure video because if price is reversing it what it gave us you know a higher low and higher high prices doing exactly what it's doing when it's just you know counter-trend trading which and i kind of trend if you don't know what it is go watch my other videos look at my Academy just right here just a counter trend line where price is just you know Biden bar just going above it before it finally makes a leg the price wants to reverse what it will do is this brush tool it will you know reverse boom boom boom and start creating you know higher highs and higher lows price is not doing that so I would not be surprised if gbp/usd tanks some more that is actually my prediction for this upcoming week that we can access the gbp/usd push even further down below this level but back to the original point of the video in terms of chess you know looking at candlesticks if you want to get out right here that is completely fine for those who for those who did get out right here what you would do is just wait for price to retrace because you no price is just retracing like all this doing when it's doing back like this it's just retracing because price has to you know continue the structure of the downtrend nothing here told me that price is gonna break this downtrend nothing and this is a one hour go to the four-hour just look at it like together the moving averages is steel like I'm like go to understand I'm on a one-hour which is where I don't even get the confirmations one hour is more for my entries same as its 15 minute the four hours where I look at pure structure and look at structure nothing here is telling us that price is going up absolutely nothing even here a retest of this resistance of the moving average and push back down so you gotta understand structure as well as the candlesticks and see how they're closing this is a shooting star you see a shooting star just like this close just like this and it bounced off of a moving average resistance you better sell like I don't care where it's at sell sell even further than 123 and go to 120 to like go to the next level because this is such a strong candlestick and guess what it closed but not only to close it closed on a 4-hour candlestick you can understand it like the hot like underpin is the higher the timeframe the kensic closes on the more aggressive you should be in your trading but also the more confirmation it gives you that it's clearly gonna do that like more of a signal like look at this like we get this a bunch of doji's on a Flora timeframe clear that's gonna reverse and push all the way down even over here consolidation consolidation we didn't get clothes no clothes bone push through push through you can easy get in right here stop-loss above here all the way down or even if you'd have gotten right here because you saw how it broken on one hour and how that for our you know piece got broken up into a couple of one-hour pieces easily get in right here stop-loss above here and guess what you're never negative and then pushes down retraces and put it back down if you got out guess what crisis comes up here and what you're waiting on is a break of structure but also not only just a break of structure these candlestick closes and look at what it actually does we get a bunch of dojis doji out one two three four five six basically seven i when it comes to the doji but seven dojis out of the last 13 14 candles so seven hours out of the last 14 hours half a day or half of the half-day I guess I don't know how to I want to clean it has been full of indecision that is telling us price wants to you know reject and push back down we know price is not gonna come all the way back up here and come to this consolidation level we know that why do we know that because then it would be considered okay some type of breaking structure price is no longer making lower highs and lower lows price is now back in the balance and the poor liquidity that it was over here a few days ago so we do know his price is gonna retest something what does it retest to a tee it retest this area where price and the broker with the market all the back down here stopped a bunch of people out you know I mean who are selling and then brought the no price way back up and now everybody who was selling is now losing money obviously and guess where bar to like you got to understand though not only just the fundamental announcements but also understand where these brokers are pushing price to so if the broker pushes price to here you better bet that price is gonna come back this is some type of level price the broker didn't bring to that level for no reason so if you bring this down a little bit or that means a little bit like take the consolidation out of it let me just clear my chart for a second so we can focus on the lower end of the screen I'm getting rode deep with this video to lower end of screen we can see clear as day rectangle from the top or we have it to right here look at this this is where I stopped at and to a tee price came right here again this was the break of the of the consolidation range that we had up here this is the break so where this price retest the break and then what does it do pushes all the way back down now your if you were to enter right here and why would you enter obviously would enter because one you see a retest right here to you see you see this little it's not even a evening star but it's called a pin bar formation top bottom and if you know the pin bar for making years like said go look at my Academy I kind of explain it in depth but look at this one two three the third candle breaks out and it breaks below the moving average red crosses you know above the blue this is one of those situations where it today at the exact same time get in enter and then you can also amuse this as well Fibonacci top right here to bottom and the bottom will be right here obviously so if I did bar we played this obvious over here this will be the bottom top bottom a b c and this is a 60 1.8 retracement to the tea remember fibonacci does you know 104 things it moves in one of these four levels and make this type of colors mixes right it does what it would reverse off of one of these levels you got to be mindful on where these levels is and this is why i don't really have too much no you know clutter on my charts i care try to keep it clear so my mind can look at it you know in its purest form you can look at it clear as day I know my levels I may have one level to remind me of 124 which is clear as day but other than that and make that back to my actual level cool other than that you see price 168 and then the opposite click play once you see price make this obviously an it closes obviously we need to close and obviously this is the closure once you see that closure not only is it a bearish engulfing but it's a bounce in a rejection off the sixty one point eight price will not make this candle break out of this you know pinball formation and this box close how it closes now and then be like oh I'm sorry psyche let me push all the back up it's not gonna do that that would be a break of structure and the market will not do that this is why like you got to figure out exactly where the market is going you click play and price is exactly where you wanted to do you get out at the 27 extension it's the same thing with my other pair ga-ga for a second back to my flower oh you can give you analysis on GA for example GJ is dropping dropping dropping so daily yesterday actually close below 180 which is kind of you know great for us because like I said we're looking at daily closures and for our closures even when our closures but we're looking at closures not you know a jolt movement or anything we're looking at actual closures so we got a you know shooting star bounce off the resistance which is a moving average another shooting star which bounced off the actual resistance at one point is there the key level and then we now we're having some type of no retraced 'men long story short I am still very bearish on GA I would be surprised the price you know came back up and retested this level we'd have a easy Fibonacci from you know a be 50 level will be to the dis little cooler right here and then drop back down I do think we can see GA push the levels of 177 5 100 which is a 60 1.8 level I'm skipping a 27 extending side I just know my pears in general I know how fast like to move if it does come here and give me some type of doji and you're hesitating yeah I will get out like always adjust your peers when you when you work around it by the end of the day I'll give me so much free content right now oh my gosh um I haven't gone to see 1.8 obviously because of the daily closures and just how I know my tea levels for GA are just why you gotta stick to one pair one or two pairs and just master them but yeah I hope this video you know helped you guys out a lot let me actually take this off remove the drawing tools and obviously you see a price got to the 27 extension clothes and obviously like I said remember what I said you know earlier look how it closes you know this comes down clip all the way down here close little bow up here now this candle a little bit smaller push it up a little bit that tells you 27 is done hit boom got the trade it's not gonna come back down in 6 1.8 until later now price is in the process of no retracing and creating kind of trend lines so like I said I hope this video helped you guys start focusing on the closure of candlesticks and not so much these impulse moves I will be making videos like this every Monday of course I'm just to help you guys out and give you guys some kind of insight to these actual pairs and what they're doing with the swag Academy right now we are also you know revamping the entire site and creating host like so much content for you guys so with the swag Academy I basically made all those videos in December and January and it is now in July so I'm taking all the videos off but right now like if you if you sign up free Kevin right now even next week it'll still be there cool learn the content connect with the members use the social timeline the news feed get access to the webinars and a daily breakdowns cool but there will be a day where you know the old content gets you know kind of removed and all the new content and this is not new content this is gonna go on on YouTube but content like this works all 20 minutes 30 minutes 25 minutes 15 minutes 10 minutes 20 minutes weird site you see how much detail I gave two guys right now for free imagine a detail I'm gonna go in on my academy especially when these new videos stop so I'm finished of my Academy and go to www.hsn me calm and you know watch the videos I have up there right now which is still very informative I have over 120 pieces of content on there you know split between Britain and video but most of it being video at the end of the day the new content should be up there sometime you know July 25th July 30th and understand is if you sign up for my Academy and the new content comes on there there's no fee like my program is a one-time payment so if you pay now and then you know the new content comes up later guess what you get access to that too if you pay later you'll get access to whatever you get so it's like that I mean I'm just doing a lot of examples swag Academy I'll go to right now so I can be calm there's a lot of content on there you know just in general you can go here to immerse content the courses and how we have it here and you know over 120 pieces of content here which is amazing but like I said I'm dropping videos like this that I just did like times 10 dropping like 100 110 new videos coming up in the next couple of weeks I'm doing like 5 10 videos a day and I had some time to make it YouTube video for you guys who know just can't afford my Academy right now you know something Tina dollars some people are really struggling just want to learn for free and if you do that like I said every Monday I come up with a video understanding surface level information but if you can you know study my YouTube and you're finding it a value definitely keep watching on YouTube through if you want to dive a little bit deeper go to my academy at www.att.com/biz

Channel: Chris "Swaggy C" Williams

Views: 184,711

Keywords: forex, stock market, forex Swaggy c, the swag academy, forex the swag academy, forex market swaggy, forex market the swag academy, forex closing candlesticks, importance of forex closing candlesticks, importance of market structure, market structure trading, price action trading

Id: 45UJS0T_dSA

Length: 23min 21sec (1401 seconds)

Published: Tue Jun 30 2020