Are candlestick patterns applicable in forex?

With almost no gaps between the candles and no definite daily close/open levels, traditional candlestick patterns are somewhat less applicable in Forex. The cheat sheet below summarizes candlestick patterns as they present themselves in FX trading.

What are Candlestick cheat sheets?

Candlestick cheat sheets are powerful tools to improve your trading skills and to be more efficient when identifying candlestick patterns in the Forex market. I am pretty sure you always wanted to know how to trade forex with candlesticks, but how many figures or candles do you have to memorize? As experience comes with time, memory too.

What is a candlestick chart?

Candlestick charts originated in Japan as an informative and compact way to track market prices visually. They later became popular worldwide since they show reliable candle pattern types that traders can incorporate into their trading strategies. A candlestick chart shows how the value of a stock, currency pair or security evolves over time.

Do Japanese candlesticks predict future price movements?

Japanese candlesticks often form patterns that predict future price movements. Some of them predict bullish price movements, and others suggest bearish price movements. They may appear as single, two, or three candlestick patterns. Forex candlesticks originated from Japan a very long time ago, and they have become popular since then.