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There are many candlestick patterns in forex. It’s one thing to recognize them in theory and textbooks. But they don’t always look as perfect on live forex charts. If only there were an indicator that helps to identify candlestick patterns on the live charts.

There is. It is the Pattern Recognition Master indicator.

Pattern Recognition Master Indicator

The pattern recognition master indicator tells you what candlestick patterns are on your charts in real-time. It displays these details by placing letters on new candlestick patterns as they form. And on the top left corner of the chart, the indicator shows what each letter stands for. For instance, S_E stands for a bearish engulfing candlestick pattern on the indicator, and L_E stands for a bullish engulfing candlestick pattern.

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How Do You Use Indicators?

The pattern recognition master indicator displays candlestick patterns on the Forex chart. So, the best way to use the indicator is to know how to use the individual candlestick patterns in your forex trading.

It is also essential that a trader does not use this indicator in isolation. But instead, combine the indicator with other forex market structures and indicators to get a better idea of the direction of a currency pair. For instance, a hammer candlestick pattern, which often signifies an uptrend, may appear in a significant downtrend. Entering a buy order in a bearish market trend is risky, as you would be trading against the trend.

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So, to enter a bullish trade after a bullish engulfing candlestick, a trader must first confirm that the market is on an uptrend. For an ideal situation, other forex trading tools, such as indicators and market structures like resistances and supports, must confirm the trade. However, this rarely happens in forex, so you must follow the rules to enter your trades.

Who is the Pattern Recognition Master Indicator Best For?

Anyone who uses forex candlestick patterns in their trading would find pattern recognition a helpful indicator. The good thing about forex candlestick patterns is that anyone can trade them, irrespective of their trading style or timeframe. And by extension, any forex trader can use the forex candlestick patterns.

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