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No-Trade
No-Trade Candles
Roughly 80% of candles will form a bottom wick and/or a top wick at some point during the forming period — that’s 4 in 5 every candles! This means that the 20% of candles that do not form bottom/top wicks are candles we stay well away from!. When there is no wick, price has a higher chance of flipping on the next forming candle. Due to this, they have a higher chance of hitting our stop losses before price makes its way to our take profit level
Rule of Thumb: no wick = no range = no entry.
Bull candle, no top wick = Would not enter if this bullish candle closed ABOVE a range.
Why? The lack of a top wick indicates there is no range to continue upwards and therefore makes for a low-quality long (buy) position to enter on
Bear candle, no bottom wick = Would not enter if this bearish candle closed BELOW a range.
Why? The lack of a bottom wick indicates there is no range to continue down and therefore makes for a low-quality short (sell) position to enter on
Bull candle, no bottom wick = Would not enter if this bullish candle closed ABOVE a range.
Why? There’s a high chance of the next candle breaking the lows of this candle before flipping back upwards — positions with this type of have a 50-60% win rate — which is too low for us to include in our playbook
Bear candle, no top wick = Would not enter if this bearish candle closed BELOW a range.
Why? There’s a high chance of the next candle breaking the highs of this candle before flipping back downwards — positions with this type of candle have a 50-60% win rate — which is too low for us to include in our playbook
We always want the probability of a position to be highly in our favor — candles breaking highs with no bottom wick in a bullish trend are likely to wick back down/flip bearish on the next candle to make up for the lack of a bottom wick.
This applies to bearish trends too, where candles may break lows with no top wick — these are also likely to flip bullish on the next candle to make up for the lack of a top wick.
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Welcome to Controller FX!

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Forex Trading: Understanding the Global Currency Market

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Technical Analysis

4
Taking Trades

5
Fundamental Analysis & Sessions

6
Psychology

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Choosing the Right Broker

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See You Tomorrow!

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Taking Trades
No-Trade Candles
Roughly 80% of candles will form a bottom wick and/or a top wick at some point during the forming period — that’s 4 in 5 every candles! This means that the 20% of candles that do not form bottom/top wicks are candles we stay well away from!. When there is no wick, price has a higher chance of flipping on the next forming candle. Due to this, they have a higher chance of hitting our stop losses before price makes its way to our take profit level
Rule of Thumb: no wick = no range = no entry.
Bull candle, no top wick = Would not enter if this bullish candle closed ABOVE a range.
Why? The lack of a top wick indicates there is no range to continue upwards and therefore makes for a low-quality long (buy) position to enter on
Bear candle, no bottom wick = Would not enter if this bearish candle closed BELOW a range.
Why? The lack of a bottom wick indicates there is no range to continue down and therefore makes for a low-quality short (sell) position to enter on
Bull candle, no bottom wick = Would not enter if this bullish candle closed ABOVE a range.
Why? There’s a high chance of the next candle breaking the lows of this candle before flipping back upwards — positions with this type of have a 50-60% win rate — which is too low for us to include in our playbook
Bear candle, no top wick = Would not enter if this bearish candle closed BELOW a range.
Why? There’s a high chance of the next candle breaking the highs of this candle before flipping back downwards — positions with this type of candle have a 50-60% win rate — which is too low for us to include in our playbook
We always want the probability of a position to be highly in our favor — candles breaking highs with no bottom wick in a bullish trend are likely to wick back down/flip bearish on the next candle to make up for the lack of a bottom wick.
This applies to bearish trends too, where candles may break lows with no top wick — these are also likely to flip bullish on the next candle to make up for the lack of a top wick.
Have you completed this module?
No-Trade
No-Trade Candles