Let’s revise reversal candlestick patterns I’ve posted in iqtradingpro website. Through this article, I will review trading options on my Live account in IQ Option. And most of the entry points are found thanks to reversal candlestick pattern.
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Basic preparations before trading in IQ Option
(1) Currency pair: AUD/USD.
(2) Chart: Japanese candlestick at 5-minute candle time period.
(3) Expiration time is 15 minutes or more.
Entry signal: Trend reversal candlestick patterns.
Capital managemet: $20/Option.
Profit: 34% (earn $34).
Entry points on November 6, 2019 in IQ Option
5 options (4 win – 1 lose).
Entry signals in IQ Option.
(1) Evening Star, the candlestick pattern reversed the trend from uptrend to downtrend = Open a LOWER option.
(2) Morning Star, trend reversal candlestick pattern from decreasing to increasing = Open a HIGHER option.
(3) Pin Bar candlesticks (the shadow pointing upward and the body pointing downward) = Open a LOWER option.
(4) Dragonfly Doji candlestick + support zone = Open a HIGHER option.
(5) Doji + resistance zone = Open a LOWER option => Lose
If you do not know reliable reversal candlestick patterns when trading options in IQ Option, you can see here. Common candlestick pattern when trading in IQ Option.
Conclusion
Don’t trade only with Japanese reversal candlestick patterns. Combine them with support and resistance levels. Your winning rate will be higher.
In most of my options, the expiration time is 15 minutes or higher. Thus, the profit may be lower than when you trade short-term options (from 5 minutes or less). However, my winning rate is higher.
Each day, you only need to trade 5 options. The one who can earn money is the one who knows when to stop.