A candlestick cheat sheet is a great tool to have when you’re a new trader. In fact, even experienced traders can benefit from having a candlestick cheat sheet. We’ve created custom-made desktop wallpaper backgrounds of bullish candlesticks patterns, bearish candlesticks, as well as reversal patterns. Also, included is our free e-book breaking how to trade all of the most popular patterns. Click here to download.
Table of Contents
Candlestick Cheat Sheet
- Here’s what you’ll learn with our candlestick e-book and cheat sheet:
- Learn about the most popular candlestick patterns
- Find out how to trade reversals
- Why traders pay attention to candles
- Find out when to enter & exit trades
- Custom made desktop wallpaper backgrounds
There are a lot of candlesticks and patterns to try and remember when trading. There are so many to learn! Hence the need for a cheat sheet. It’s a great thing to be able to grab a piece of paper or look at something on your phone or computer when you’re not sure.
Let’s look at some of the candlestick patterns you should remember. For example, there are doji candlesticks, which are indecisive. Within the doji family, there are different kinds of doji’s. Knowing them all will help determine whether you place a trade or exit a trade and take profit.
The doji candlestick family is kinda of like a quilt blanket. There’s different patches that make up the quilt, also known as the different types of candles. They’re a patchwork that means the same thing while still being different. Another analogy would be a looking at a family tree. They are all related but slightly different.
Handy Candlestick Guides
Trying to remember what a dragonfly doji looks versus a gravestone doji when you’re in a hurry can result in a bad or missed trade. If you want a really cool tool to help you remember candlesticks, try using TrendSpider along with their candlestick recognition system.
Having a good candlestick cheat sheet helps you in a jiffy. You have something handy to look at when you have questions or need a reference. Our wallpaper background below is a handy guide and looks good on your desktop too.
The Goal of a Candlestick Cheat Sheet
A candlestick cheat sheet is a guide to help new traders make smart decisions. Candlesticks not only tell a story by themselves but they provide key support and resistance levels.
Trading, especially if you’re a day trader, is faced paced. You need to be able to make split second decisions. As a new trader, it’s smart to open a paper trading account with TD Ameritrade. That way you can practice using your candlestick cheat sheet.
Use your cheat sheet to read data that makes up candlestick charts. If you can’t read a chart, you can’t be a successful trader. Charts tell you a lot about a stock. However, it’s important to remember that there’s no fool proof guarantee with patterns and candlesticks.
What to Look for
When looking to find the right candlestick cheat sheet you want to make sure it has candlesticks along with patterns. Traders are creatures of habit. As a result, patterns are their best friends. Being able to recognize them is the difference between a winning and losing trade a lot of times.
In order to be successful, you need to be able to spot patterns as well. Which means you have to study.
You’re going to want a clear concise cheat sheet. Otherwise you’re going to be trying to find patterns in a messy cheat sheet.
Easy to post patterns and clear concise labeling is going to be extremely helpful is using a candlestick cheat sheet. The goal is to have it as a helping hand. Print it out! Have it hanging on your wall or as a mouse pad. Tape it to your desk. Keep it handy!
When it’s not up to par, you’re hurting your chances. Trading is fast paced. Hence you must be able to ready patterns and candles quickly.
You can also use your cheat sheet as a study guide after market hours. Studying is the most important part of learning to trade. As a result of studying, you’ll be able to spot and find different candlesticks as well as patterns.
We teach how to trade candlesticks patterns on our live daily streams. You’re going to learn a lot daily with us. Follow along on your charts when we live stream. We are pointing out candlestick patterns to you, and how different indicators fit into the big picture, and create movements in the market that we can capture daily!
Types of Candlesticks and Patterns
One of the goals of a candlestick cheat sheet is to have the different types of candlesticks readily available. That way you don’t have to try and remember what each one looks like and means. Eventually you won’t need it as much, but it’s going to take time. Maybe years to recognize them.
Also there are always patterns within patterns. Sometimes two patterns collide and only one wins. That’s what reading the right side of the chart is all about.
Having a tool you can find quickly to compare can help to ease the burden of trying to remember everything; especially as you start out. The more you trade the candlesticks and patterns, the better you’ll be at recognizing them.
However, even the best traders need to pull out a candlestick cheat sheet from time to time. Since candlesticks and patterns are so imperative to traders, learning them is the most important thing to learn as a new trader. Without them, you’ll have a difficult time buying and selling or reading charts. Make it easier on yourself and get in a good habit of using your cheat sheet.
The Pattern Recognition TrendSpider
Use Ours It’s Free
Here at the Bullish Bears we realized how important it is to have a candlestick cheat sheet. As a result, we came up with some of our own that you can use as a computer background, phone background or print them out to have.
Candlesticks and patterns are the name of the game in trading. It doesn’t matter whether you’re new or a seasoned trader, we all have to learn them. We encourage you to use our cheat sheets and download our Candlesticks eBook. With the right tools at your fingertips, you can become an effective trader.
