How to trade with IQ Option in Malaysia using Candlestick trading strategy?Candlestick patterns are easy to follow and understand. Try them while trading Fixed Time Return Investment with IQ Option and Olymp Trade
Candlestick Trading Strategy – How to trade successfully in Malaysia?
Most of the new traders in Malaysia open a trading account and stop trading in few days after losing money. This is because of two reasons –
- They don’t know how to trade profitability,
- They don’t know how to trade at all and manage risk.
And, sadly, people leave the trading platform after losing money.
Here is a simple to follow Candlestick Pattern Trading Strategy, that can help you trade better in Malaysia.
There are many easy to use Options trading strategies that have the potential of making money with online trading platforms like IQ Option, Olymp Trade, and Olymp Trade. Will you like to consider trying them by opening an account?
Here we discuss the Candlestick Pattern trading strategy and see its potential to make $100 per hour in Malaysia.
What is the Candlestick strategy and how to use this with IQ Option Platform?
Among so many trading strategies, this one is simple to use and effective strategy. It has the great potential of making money online. You can check out the other strategies like MACD Strategy and Bollinger Band Strategy.
The Candlestick pattern strategy requires identifying the formation of particular candlestick patterns. The trader should trade only when such patterns appear, otherwise, he should avoid trading.
This strategy does not require any other indicators except a candlestick chart. Look for the formation of a candlestick which is of a different color than the two previous candles and that covers the previous two candles.
To begin with this trading strategy, you need to access the trading platform. Sign up with any of the trading platforms below –
1. Sign up for a Free Demo Account or Live Account
Sign-in into your account or register for an account with IQ Option or Olymp Trade, if you don’t have an account yet.
2. Set your chart to display Candlestick Pattern
After login, you will find either an Area Chart or a Candlestick Chart on the trading platform. If you find the area chart, change to Candlesticks by clicking Japanese Candlesticks. You can bring in Candlestick charts by selecting the Candlestick symbol as shown in the below screenshot.
Similarly, you can select the Candlestick chart on the Olymp Trade platform. The process is almost similar to IQ Option.
Have you selected the Candlesticks chart on your trading platform? Now, set the time frame to 5 minutes in the chart. You have to click the candle time period button and select 5 minutes as shown below.
The trade expiry should be 10 minutes to 15 minutes while analyzing on a 5-minute chart. While trading with IQ Option, select the nearest expiry within 10 or 15 minutes. If you are trading with Olymp Trade, select the nearest 15minutes expiry.
3. Identify the pattern and place your trade
How to find the right Candlestick pattern setup to enter the market?
The series of candles in the above images are the representation of the price of the underlying asset, i.e., EUR/USD. A green candle indicates that the price has gone up in that particular time period, and a red candle means that the price has gone down. When several candles of the same color form in continuation, it is a trend. The trend is positive if a series of green candle forms; the trend is negative is a series of red candles formed.
The candlestick pattern trading strategy is based on watching the SIZE and COLOR of the candles. There are a few typical formations that indicate a potential trading opportunity. We discuss all these possibilities below –
Downtrends – Selling opportunity
1. Downtrend formation Type 1
When a Red Candle covers the body of the previous one or two candles as shown below. It is a SELL signal.
2. Downtrend formation type 2
Two small red candlesticks formed, and together, they have covered the previous green candle. This indicates a downtrend and a SELL Signal.
3. Downtrend Type 3
When two red candlesticks of different have covered the previous green candle. This indicates a downtrend and a SELL Signal.
Uptrends – Buying opportunity
Uptrend Formation Type 1
When a green candle covers the size of the previous 1 or two red candles, it is an uptrend. This gives a BUY Signal.
Uptrend Formation Type 2
When two green candles together cover the size of the previous red candle, it is an uptrend. This gives a BUY Signal.
Uptrend Formation Type 3
When a green candle covers the size of the previous red candle, it is an uptrend. This gives a BUY Signal.
How to open a profitable trade using the above Candlestick patterns?
Wait until a Red or Green candlestick formation takes place, as shown above. Then place a trade with an expiry of at least equal or double the candlestick timeframe. In this example, we have set the candlestick to 5 minutes timeframe; then, the trades should have an expiry of either 5, 10, or 15 minutes.
How to make $100 per hour in Malaysia using the candlestick strategy with IQ Option or Olymp Trade?
The above strategy has been tested by several traders. It has the potential to make you $100 per hour when you start trading while following the strategy. You can try it in a Free Demo Account and practice. Follow the following steps to get started.
- Open an account with IQ Option or Olymp Trade
- Fund your account with $500 or more
- Strictly follow the strategy on 4 charts
- Trade only when you see a pattern as above
Make sure to set the candlestick to 5 minutes or more. Place the trades with expiry equal to 10 or 15 minutes.