Spinning Top

A spinning top candlestick pattern reflects indecision in the market which simply means that buyer and sellers are pretty much at even. Spinning top is a candlestick pattern a substantially shorter body surrounded on both sides by two long candlestick wicks. I consider a spinning top candlestick as a potential reversal candlestick in the context of where it forms on a price chart.

This concept can be applied to trendlines, fibonaci retracment levels, price channels, chart patterns etc. Remember, in the beginning of this article, I said that a spinning top candlestick is considered a neutral candlestick?

What do I mean by that? Lets assume that on the first chart on the left, price is going up and hits a resistance level and moves down and the next chart to it on the right, price is going down and hits a support level and bounces up.

At each of these two situations, the turning point was the formation of a green spinning top candlestick pattern. Its all in the context of where the spinning top candlestick forms on your chart. So the color of the spinning top candlestick pattern does not matter. It is where it forms that matters. I totally ignore any spinning top candlestick that does not form in levels of significance.

What do I means by levels of significance? And If price reaches these important price levels, next thing I do is watch to see if any reversal candlestick forms, including the spinning top, which would give me a clue of the most likely direction price is going to take so I prepare to take a trade based on the clue I get from these reversal candlesticks.

Can you trade the spinning top candlestick on its own without considering other factors like support levels, resistance levels etc? The best way to trade spinning top earn cash doing surveys in my opinion is, as I said above, to trade them when they form in levels of significance.

The spinning top candlestick can be applied to Forex trading strategies like:. The amazing thing spinning top candlestick forex spinning top candlesticks too is that they can allow you to trade with forex signal 30 extreme indicator tight stop loss and this can make make your trading risk: In other words, the stop loss distance is fairly small in comparison if you are trading with other reversal candlesticks that have very long bodies where you have to place your stop loss a fair long distance away thus drastically reducing your risk: Consider the spreads when you place stop loss.

So there you have it, a bit of lesson on how to trade with the spinning top candlestick patterns. As usual, I will end this article with a request that you tweet, like, share etc with your friends and fans.

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Table Of Contents My Opinion On Spinning Top Candlestick Pattern Spinning Top Candlestick Formation: The Color Of The Spinning Top Candlestick Does Not Matter Not Every Spinning Top Candlestick Is Created Equal How To Trade The Spinning Top Candlesticks What I Really Like About Spinning Top Candlesticks Summary. Prev Article Next Article. Recent Posts Free Forex Trading Signals Published Weekly. Trading Confluence Input From A Blog Reader.

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The Most Important Price Action Formation is Indecision

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