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Candlesticks are the foundation of any price action chart. And although I do not recommend to trade candlesticks blindly – because their predictive power is not strong enough – when combining candlesticks with other confluence factors of technical analysis, a trader may improve the odds for determining the right price direction.
How to use candlesticks?
There are dozens of use cases for candlesticks but the one that we found to be most reliant is to use a strong candlestick signal to determine your higher timeframe bias.
For example, if you find a strong candlestick signal on the Daily timeframe, you can establish a directional bias for the lower timeframes and use the candlestick information as a trading filter.
This works extremely well and helps traders pick the direction for their trading. In the following, we will show you how to determine the higher timeframe bias with the 13 case studies we prepared.
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