The Candle Dashboard Indicator scans the forex market and detects candlestick patterns on all timeframes. In this guide, we’ll mention the indicator and how you can trade it.
What is the Candlestick Dashboard Indicator?
The Candlestick Dashboard Indicator is a tool that scans multiple currency pairs and timeframes to identify various candlestick patterns. The indicator can recognize over 30 candlestick patterns, including reversal, continuation, trend exhaustion patterns, and single, double, and triple candlestick patterns.
Reversal patterns like the Doji, Hammer, and Shooting Star can indicate a potential trend reversal.
Continuation patterns, such as the Bullish and Bearish Engulfing patterns, can suggest that the current trend is likely to continue.
Trend exhaustion patterns, such as the Tweezer Tops and Tweezer Bottoms, can signify that the current trend is losing momentum and may be about to reverse.
In addition to these patterns, the Candlestick Dashboard Indicator can also recognize single, double, and triple candlestick patterns.
Single candlestick patterns, such as the Spinning Top and Marubozu, can provide insight into the market’s sentiment.
Double and triple candlestick patterns, such as the Evening Star and Three White Soldiers, can provide additional confirmation of potential trend reversals or continuations.
Candlestick Dashboard Indicator Strategy
The Candlestick Dashboard Indicator is not a trading strategy but a tool that can be used with other trading strategies or indicators.
You can use the indicator to identify potential trading opportunities based on the candlestick patterns detected on the dashboard. Once a pattern is identified, traders can use their preferred trading strategy or an indicator to enter and exit trades.
For example, suppose the indicator detects a Bullish Engulfing pattern on a particular currency pair and timeframe. In that case, a trader who uses a trend-following strategy may decide to enter a long position to capitalize on the potential continuation of the trend.
Buy Signal
- The indicator must show a bullish continuation or a reversal candlestick pattern.
- Wait for the price to go upwards and then enter the trade.
- Set a stop-loss at the recent low.
- Place profit target at the recent high.
Sell Signal
- The indicator must show a bearish continuation or a reversal candlestick pattern.
- Wait for the price to go downwards and then enter the trade.
- Set a stop-loss at the recent high.
- Place profit target at the recent low.
Candlestick Dashboard Indicator Pros & Cons
Pros
- The Candlestick Dashboard Indicator can save time by scanning multiple currency pairs and timeframes.
- The indicator can recognize over 30 candlestick patterns.
- The indicator is easy to use.
Cons
- The indicator may lag behind current market conditions.
- It can only analyze candlestick patterns and may not provide a comprehensive market view.
Conclusion
The Candlestick Dashboard Indicator identifies potential trading opportunities based on candlestick patterns. Its ability to scan multiple currency pairs and timeframes for various candlestick patterns can save you time. However, using the indicator with other technical analysis tools and trading strategies is essential to confirm signals.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
