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Strong reversal candlestick patterns that FOREX investors MUST KNOW

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What is day trading?

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Spike as Support and Resistance (S&R) Pattern

The "Spike as Support and Resistance (S&R) Pattern" in forex is a technical pattern where a sudden, sharp price spike serves as a temporary or long-term support or resistance level on a price chart. This pattern typically forms after a significant price movement, such as a single large candlestick (spike) caused by market news, economic data, or high-volume orders. Traders interpret these spike levels as zones where price has shown a strong reaction and may react similarly in the future.

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Spike Pattern

The "Spike Pattern" in forex is a technical pattern that indicates a sudden, sharp price movement, typically seen in volatile markets. A spike can occur in either direction, up or down, and often represents an extreme sentiment shift driven by major economic news, unexpected events, or significant orders from institutional traders. Spikes can signal the potential for a reversal or continuation depending on the context, and they provide insights into short-term price exhaustion or momentum.

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Fair Value Gap Pattern

The "Fair Value Gap" (FVG) pattern in forex is a concept derived from institutional trading theory, often associated with the work of traders who analyze inefficiencies in the price movement on a chart. It describes a gap that occurs when there is an imbalance between buyers and sellers, leading to a swift movement in price that leaves an area on the chart where few or no trades have occurred. This gap often indicates that the price did not fully "trade" at fair value during the initial move, leaving room for potential retracement to that area as the market seeks to fill the imbalance and achieve equilibrium.

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Inside Bar Pattern

The "Inside Bar pattern" in forex is a price action trading setup that signifies market consolidation and often indicates a period of indecision in the market. This pattern is characterized by a smaller candlestick (or bar) that is completely contained within the range (high and low) of the previous, larger candlestick. The inside bar pattern typically signals a potential breakout, allowing traders to anticipate when the market may resume its current trend or start a new one.

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Hikkake Pattern

The "Hikkake pattern" in forex is a price action trading strategy used to identify potential reversals in the market. The term "Hikkake" is derived from a Japanese word that means "to hook" or "to catch," reflecting the pattern's nature of trapping traders into false moves before the market reverses direction. This pattern is often associated with false breakouts and is utilized by traders to capitalize on sudden price movements.

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Outside Bar / Engulfing Bar

In forex trading, an "Outside Bar" (also known as an "Engulfing Bar") is a candlestick pattern that signals potential reversals in the market. This pattern consists of two consecutive candles where the second candle completely engulfs the body of the previous candle, indicating a change in market sentiment. Here are the key features and implications of the Outside Bar pattern:

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Larry Williams' "Oops Pattern"

Larry Williams' "Oops Pattern" is a trading strategy developed by trader and author Larry Williams that identifies potential reversals in the market, particularly after a strong price movement. This pattern is primarily used in forex and other financial markets and is based on specific price action and candlestick formations. Here are the key features and implications of the Oops Pattern:

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Shark Pattern

The "Shark Pattern" is a specific type of harmonic pattern used in forex and other financial markets for identifying potential reversal points in price movements. It is part of a broader set of trading strategies that utilize the Fibonacci sequence to analyze market trends. Here are the key features and implications of the Shark Pattern:

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NR4 Pattern

The "NR4 Pattern" (Narrow Range 4) in forex is a technical trading strategy used to identify potential breakout points by looking at periods of reduced price volatility. This pattern, popularized by trader Toby Crabel, signifies a consolidation phase that can lead to a breakout. Here’s how the NR4 Pattern works in the context of forex trading:

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One-Bar Reversal Pattern

The "One-Bar Reversal" pattern in forex is a candlestick pattern that suggests a potential reversal in the market's direction within a single bar (or candlestick). This pattern occurs when a bar has a higher high and a lower low than the previous bar, typically signaling a sudden shift in momentum and hinting at a potential reversal. The one-bar reversal pattern can represent either a bullish or bearish reversal, depending on where it appears in the trend.

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Dead Cat Bounce Pattern

The "Dead Cat Bounce" pattern in forex refers to a temporary recovery or short-lived reversal in the price of a currency pair or other asset, which occurs after a significant decline. This pattern is named after the phrase, "Even a dead cat will bounce if it falls from a great height," and implies that a small rally might happen in a downtrend, but it doesn’t indicate a long-term reversal.

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