A candlestick cheat sheet is a great tool to have when you’re a new trader. Even experienced traders can benefit from having a candlestick cheat sheet. We’ve created custom-made desktop wallpaper backgrounds of bullish candlestick patterns, bearish candlesticks, and reversal patterns. Also included is our free e-book breaking down how to trade all the most popular patterns. Click here to download.
- 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 indecisive doji candlesticks. 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 a profit.
The doji candlestick family is kind of like a quilt blanket. Different patches 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 looking at a family tree. They are all related but slightly different.
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Handy Candlestick Cheat Sheet
Remembering what a dragonfly doji looks like versus a gravestone doji when you’re in a hurry can result in a bad or missed trade. If you want a cool tool to help you remember candlesticks, try using TrendSpider and its candlestick recognition system.
Having a good candlestick cheat sheet helps you in an instant. 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,
The Goal of a Candlestick Cheat Sheet
A candlestick cheat sheet is a guide to help new traders make smart decisions. Candlesticks tell a story by themselves and provide key support and resistance levels.
Trading, especially if you’re a day trader, is fast-paced. You need to be able to make split-second decisions. Opening a paper trading account with TD Ameritrade is smart for a new trader. That way, you can practice using your candlestick cheat sheet.
Use your cheat sheet to read data that makes up candlestick charts. You can’t be a successful trader if you can’t read a chart. Charts tell you a lot about a stock. However, it’s important to remember that there’s no foolproof guarantee with patterns and candlesticks.
What to Look for
When looking for the right candlestick cheat sheet, ensure it has candlesticks and patterns. Traders are creatures of habit. As a result, patterns are their best friends. Being able to recognize them is the difference between winning and losing trade, a lot of times.
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’ll be trying to find patterns in a messy cheat sheet.
Easy-to-post patterns and clear, concise labeling will be extremely helpful in using a candlestick cheat sheet. The goal is to have it as a helping hand. Please 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 read patterns and candles quickly.
After market hours, you can also use your cheat sheet as a study guide. Studying is the most important part of learning to trade. As a result of studying, you can spot and find different candlesticks and patterns.
We teach how to trade candlestick patterns on our live daily streams. You’re going to learn a lot daily with us. Follow along on your charts when we livestream. 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 remember what each looks and means. Eventually, you won’t need it as much, but it will 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 ease the burden of remembering everything, especially as you start. The more you trade the candlesticks and patterns, the better you’ll recognize 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 difficulty buying and selling or reading charts. Make it easier on yourself, and have a good habit of using your cheat sheet.
Bullish Bears Candlestick Cheat Sheet
Here at the Bullish Bears, we realized the importance of having 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.
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. You can become an effective trader with the right tools at your fingertips.