Simple Strategy to Find Trend Reversals following the Three White Soldiers Candlestick Chart Patterns

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Assalam-o-Alaikum Steemians !

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I'm @moneyster, a professional level Cryptocurrency investor and an analyzer. As usual, today I thought to share another Crypto-related experience with you. I hope this article will be considerably beneficial for all the Steemians in this community

What is this Three White Soldiers Candlestick Chart Pattern?

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Three White Soldiers Candlestick Chart Pattern is basically a popular Candlestick Chart Pattern that demonstrates a bullish reversal pattern. It means if we can see a considerable downtrend in the Market and these 3 candles have occurred, we can take it as an opportunity to take a long entry.

Here the most important thing is that the opening price of the next candle and the closing price of the previous candle should be equal to each other. As an example, the first candle should be a bullish candle with quite small wicks and the next candle should be opened at the upper body of the 1st candle.

According to the above-explained concept, 3 candles should follow the same method and it is known as the Three White Soldiers Candlestick Chart Pattern. When the next candle breaks the Upper wick of the last candle of the Three White Soldiers Candlestick Chart Pattern, we can easily take our entry by placing the stop loss at the lower wick of the 1st candle in the Three White Soldiers Candlestick Chart Pattern.

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What are the benefits of following the Three White Soldiers Candlestick Chart Pattern?

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This Three White Soldiers Candlestick Chart Pattern is very easily recognized in the chart with any desired Crypto asset. At the same time, the success rate of this Three White Soldiers Candlestick Chart Pattern is very high as compared to many other major Candlestick chart patterns. Because the strength of the price movement is very high in such candle patterns. Interestingly, here we can easily place our stop loss point at the lower wick of the first candle and it will be a good risk management setup in our Trading plan. And also, here we can clearly see our entry-level as the 3rd candle of the Three White Soldiers Candlestick Chart Pattern demonstrates it nicely.

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How to analyze our Crypto Charts Practically with the help of Three White Soldiers Candlestick Chart Pattern?

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First of all, I will open BTC/USDT chart using the TradingView platform. Then we need to find the proper Three White Soldiers Candlestick Chart Pattern using the candlestick chart which consists of 3 candles with the opening price of the next candle and the closing prices of the previous candle should be equal to each other.

Here the next candle after the Three White Soldiers Candlestick Chart Pattern should be a Green(Bullish) candle and it should break the Upper wick of the last candle of the Three White Soldiers Candlestick Chart Pattern to take our entry. I will further demonstrate it through the BTC/USDT chart.

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Below I have demonstrated the Three White Soldiers Candlestick Chart Pattern as a result of a buy setup. Here we can see there are 3 candles that have been traded following the Three White Soldiers Candlestick Chart Pattern and the next candle has been traded above the upper wick of the 3rd candle of the Three White Soldiers Candlestick Chart Pattern. Then we can take our buy entry with the help of this trading setup. At the same time, we will be able to set the stop loss point by using the Lower wick of the 1st candle of the Three White Soldiers Candlestick Chart Pattern.

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In this way, we can easily use the Three White Soldiers Candlestick Chart Pattern to get better and more accessible trading opportunities. However, we can try to combine this strategy with some other indicators to increase the winning percentage.

At the same time, as I said in my previous article, we should remember that all the indicators and strategies are not efficient completely as nothing we can find 100% efficient in the world. So, we should depend only on these strategies and indicators to confirm our trading opportunities.

I have studied the below-sourced articles to study these topics further, and I have explained all the above facts in my own words and experience.

• Source 1

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Thank you all....!