Perfect Spinning Top Pattern

In this blog, we are going to see about the Spinning Top Pattern, which is one of the Japanese candlestick charting techniques. We will deeply describe the Spinning Top Pattern formation, structure, theory, and techniques to analyze and make profit with this pattern.

You will learn more about the Spinning Top Pattern in detail, which you could use in your trading technique. So read the full blog to get a better understanding of the pattern and techniques. Let’s dive into the concept.

Introduction of Spinning Top Pattern

The Spinning Top Pattern is a trend reversal pattern. It is formed on the High Trend in the chart. So the prior trend should be an uptrend. If this pattern is formed in the high trend, it has the possibility that this pattern will work 70% in the market.

The Spinning Top has a small real body and a long upper and lower shadow. The upper and lower shadow must be 1.5 times longer than the Spinning Top body. That is, if the body is 1 time the size means the upper and lower shadow must be 1.5 times longer or more than the size of the body. For the bearish candle, the open price will be greater than the close price.

Structure of Spinning Top Pattern

Now let’s see how the Spinning Top Pattern structure should be formed. 

Structure 1 – OLHC

This structure tells about the presence of buyers and sellers in the pattern. On the open price, the sellers pushed the price down to the low price and then the buyers took control of the market and pushed to the high price, and again the seller came in pushed a little down and closed below the open price. This structure forms like a Spinning Top in the higher timeframe.

So if this structure is formed inside the Spinning Top in the inner timeframe, the pattern has a strong possibility that it will work 80% and will give a sell signal as the market will move downside. We have to check this structure in the inner timeframe of the Spinning Top.

Structure 2 – OHLC

This structure forms like on the open price, the buyers pushed the price to the high price and then the sellers pushed to the low price, and again the buyers came in pushed a little up and closed below the open price. This structure forms like a Spinning Top in the higher timeframe. So this structure gives less possibility as that it will work in the market.

Note: We have to analyze the hanging man pattern in the higher timeframe. So you can check this pattern structure in the inner timeframe analysis. Hanging man pattern will be formed in all the time frames. It is necessary to check the pattern in a higher timeframe to analyze more and it gives more accuracy to trade.

Theory of Spinning Top Pattern

Now we will be analyzing how the market will perform in this pattern. And how to analyze and take trade with this pattern.

As you see in the above image the Spinning Top formed in the high trend. Before the pattern formed there was an uptrend. You can see that the market has full control over the buyer and reached the high price. Then the seller came in and pushed the price down and again buyer pushed the price up and close below the open price, thus forms like a Spinning Top.

This pattern should be formed in a higher timeframe. Then we can analyze this pattern in the inner timeframe to check for structure formation. If the structure is formed as we discussed above, we have a high possibility that this pattern will work in the market. So we can take a Sell Entry in the next running candle.

Confirmation of Spinning Top Pattern

If the next candle of the Spinning Top breaks the previous support trend line, we can get confirmation that the market is going to fall. So we can short the market to make a profit.

The confirmation 1 shown in the below image, give a strong confirmation as the running candle broke and open below the support line. So it as high possibility and a strong confirmation that the market will definitely move downside.

The confirmation 2 shown in the above image, give a low confirmation as the running candle open above the support line. Here in this confirmation also the market will bearish  because we have got a bearish pattern in the high trend that definitely push the market to downside. 

Note: It is just a confirmation that the market will move down in a different point of view

Entry for Spinning Top Pattern

The Entry for the Spinning Top Pattern will be between the running candle open price and the previous candle high price. You can analyze in the inner timeframe to take entry in the sell range as shown below the image.

Then as shown above you can take sell entry, as the market will move downside according to our analysis.

Stop Loss for Spinning Top Pattern

The Stop Loss for Spinning Top Pattern will be the high price of the Spinning Top as shown below image in 1.

You can also keep extended stop loss as shown in above image in 2. This stop loss is strong and it has very less possibility to hit stop loss. In some cases the market has the possibility of reversal and hit the stop loss (1) and then move down. So it is most recommended to keep stop loss as shown in 2.

You can also make a Trailing Stop Loss as the market goes below by drawing a resistance line as shown in the above image.

Steps to check before taking the entry with this pattern.

Step 1: Search for the Spinning Top pattern in the higher time frame.

Step 2: Check if the pattern is in a high trend and the prior trend should be an uptrend.

Step 3: Check the Spinning Top structure –> it should be bearish –> the lower shadow should be 2 times or 3 times greater than the size of the body with perfect structure formation.

Step 4: Check the structure formation in the inner timeframe of the pattern. If you get the perfect structure move on to the next step.

Step 5: Set entry and stop loss level and execute the trade.

Step 6: Check for confirmation that the previous support line is broken, we also got confirmation that it is on a high trend, and the structure formation of the Spinning Top is perfect so the market will surely move down and we can make a huge profit.

Video Tutorials in Different Languages

Spinning Top Candlestick Pattern

A Complete Trading Guide | Video Tutorial in Tamil

Learn how to identify and trade the Spinning Top Candlestick Pattern in this comprehensive video tutorial in Tamil. Understand the structure, theory, and significance of this pattern in technical analysis. Discover how Spinning Tops signal market indecision and potential trend reversals, and how you can use them to enhance your trading strategy. Watch now to unlock the secrets of profitable trading with Spinning Top candlesticks!

Spinning Top Candlestick Pattern

A Complete Trading Guide | Video Tutorial in English

Learn how to identify and trade the Spinning Top Candlestick Pattern in this comprehensive video tutorial in English. Understand the structure, theory, and significance of this pattern in technical analysis. Discover how Spinning Tops signal market indecision and potential trend reversals, and how you can use them to enhance your trading strategy. Watch now to unlock the secrets of profitable trading with Spinning Top candlesticks

Summary of “Perfect Spinning Top Pattern”

In this blog, we delve into the Spinning Top Pattern, a popular trend reversal pattern in Japanese candlestick charting. The Spinning Top indicates market indecision, typically forming after an uptrend. It is characterized by a small real body and long upper and lower shadows, where the shadow length is at least 1.5 times the size of the body, signaling a shift in market sentiment.

We discuss the structure of the Spinning Top, focusing on two key formations:

• Structure 1 (OLHC): This structure signals a bearish trend, with a high probability (80%) of the market moving downward.
• Structure 2 (OHLC): This formation suggests a weaker probability of success, indicating less certainty in market movement.

The theory behind the Spinning Top highlights its formation after an uptrend, where sellers push prices down but buyers push back up, forming a small body. Confirmation of this pattern occurs when the next candle breaks below the support trend line, confirming a downward market movement.

Entry and Stop-Loss strategies for trading the Spinning Top involve:

• Entering a sell position between the current candle’s open price and the previous candle’s high price.
• Setting a stop-loss at the high price of the Spinning Top to protect against potential reversals.

Additionally, Trailing Stop-Loss can be used to lock in profits as the market moves in your favor.

The blog provides a step-by-step guide on identifying and trading the Spinning Top, including checking for the pattern in higher timeframes, confirming structure formation in inner timeframes, and setting appropriate entry and stop-loss levels.

Finally, the blog links to video tutorials in Tamil and English for a more comprehensive understanding of the Spinning Top Pattern and its practical application in trading strategies.

• Spinning Top Candlestick Pattern in English – A Complete Trading Guide
• Spinning Top Candlestick Pattern in Tamil – A Complete Trading Guide

By following the guidelines in this blog, traders can enhance their strategies and increase their chances of success when trading the Spinning Top Pattern.

Introduction

As a digital payment provider, Wirex can accept transactions with more than 100 currencies and 30 cryptocurrencies. As well as offering competitive exchange rates, they offer a multi-currency rewards debit card that can be used worldwide.

What is wirex?

Wirex Card is a debit card that lets you spend money directly from your Wirex account. The Wirex company, previously known as E-Coin, was founded in 2014 and has been providing traditional and cryptocurrencies to people around the world for many years to make them more accessible.

In addition to making exchanging fiat and crypto simple and affordable, it also offers a cryptocurrency rewards debit card that allows you to earn crypto back for every purchase you make.

The Wirex card is a debit card or credit card?

This Card is a debit card that allows you to spend money directly from your Wirex account, which includes both cryptocurrency and traditional fiat currency. As it uses your funds, it does not offer credit cards. However, if you prefer not to spend your cryptocurrency holdings, it offers a loan option. There are two types of this card a physical one as well as a virtual one.

Physical and virtual Wirex cards

Physical card

The physical cards are payment cards that are made from plastic or metal and are used to make purchases by the cardholders.

How do get a Physical card?

Step 1: Open the wirex app and log in to that.

Step 2: Navigate to the cards section.

Step 3: To get a physical card Select the “Physical” card from the carousel and click Get Physical Card.

Step 4: Accept the terms and conditions.

Step 5: If necessary, ensure that there is sufficient funding to top up the account.

Step 6: Fill in your right delivery address and choose the option(Standard or Express)delivery.

Step 7: Choose the account to pay the delivery fee and confirm your order.

virtual card

The virtual cards on your phone work exactly like the physical cards you have on hand — they just reside in your digital wallet rather than your physical wallet. Secured by encryption, they are an easy and safe way to pay online and in-store.

How do get a virtual card?

Step 1: Open the wirex app on your smartphone and login into it.

Step 2: Select the option Virtual card.

Step 3: Click the option Get Virtual card.

Step 4: Accept the terms and conditions.

Step 5: Fill your account if required.

The Virtual cards are instantly available in the app.

Advantages and disadvantages

Advantages

• Traders can trade cryptos with low fees and there is no commission charged on fiat-to-fiat transactions.
• There are nine fiat currencies supported by this service, which can be sent, received, exchanged, and spent.
• It offers free multicurrency exchange and zero exchange fees.
• The FCA, the Bank of Lithuania, and the MAS are all involved in the regulation of Wirex.
• There are two versions of the Wirex application, one for Android phones and one for iOS phones.

Disadvantages

• The customer support is slow.
• No demo Account.
• It does not offer charts and indicators to cater to technical analysis.
• Shortage of advanced crypto trading tools.

Which countries are eligible for Wirex?

In addition to Europe and Asia Pacific, the platform supports several other countries.

Wirex offers services in the following countries: UK, France, Spain, Portugal, Germany, Italy, Poland, Czeck, Slovakia, Austria, Norway, Sweden, Denmark, the Netherlands, Romania, Australia, Hong Kong, New Zealand, the Philippines, Singapore, Taiwan, and Thailand.

Is it possible to use Wirex in India?

Wirex Card is accepted at over 61 million locations worldwide, where Visa and Mastercard are accepted.

Conclusion

Users can exchange fiat and cryptocurrencies as well as buy, sell, send, spend, and store them with this simple interface. With low fees and a strong emphasis on security, it is ideal for individuals looking to exchange and spend both fiat and cryptocurrencies. As a crypto platform, Wirex is a good choice for both existing investors and those who are just getting started.

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As a swing trader, if you want to improve your trading strategies and make more informed decisions, then mindful trading will be a huge help to you. Whether you are a newbie or a skilled trader, the mindful trader will give you all the information you need to make an informed decision when trading.

Introduction

The Mindful Trader provides daily stock picks based on backtested trading strategies that have been tested using historical data.

This is one of the best stock market trading alert services. It provides trading signals for stocks, options, and futures based on statistical research and focuses particularly on swing traders.
The service has regularly produced annual returns in the triple digits for its data-driven approach.

What Is Swing Trading?

Trading strategy that aims to capture price swings or fluctuations in the market to benefit from short- to medium-term price movements with positions typically held between a few days and a few weeks to capture price swings or fluctuations in the market.

Features of the Mindful Trader

Technical Analysis

• It is a platform offers several technical analysis tools, including RSI, MACD, and moving averages, which can be used to help traders identify potential entry and exit points for the market.

Real Time Alerts

• It gives real-time alerts.

Market Sentiment

• To understand market sentiment, sentiment analysis tools can be used that provide insights into the collective mood of traders on a given day.

Risk Management

• As an emphasis on risk management, it allows traders to set stop-loss orders and effectively manage their risks.

Pros and cons  

Pros

• User-friendly interface
• Strong technological research tools
• Real-time trade alerts
• Market view analysis
• Practical risk management elements
• You can discontinue the service at any time.

Cons

• premium required for all access.
• May be too pricey for beginners.
• Non-refundable first-month fees.

Who is Mindful Trader Best for?

The mindful trader is best for Busy Individuals, Data-Driven Investors, Learning Traders, and Swing Traders.

Busy Individuals

It analyzes the individual stock markets and provides stock alerts so you can make informed decisions quickly without having to pore over charts and data.

Data-Driven Investors

It uses algorithms and backtesting to determine the best setups and entry points based on hard numbers rather than gut feelings.

Learning Traders

The Mindful Trader is an education tool too. Eric explains the trading strategies and makes it a great learning tool, specifically for beginners.

Swing Traders

For those who want to make a profit from short to medium-term market moves the mindful trader is the best choice.

Conclusion

A thorough analysis of  it shows that it is an excellent service for swing traders who want to leverage data and analytics to make smarter, more risk-managed trades. However, It may not be suitable for long-term investors or day traders.

A swing trade typically lasts between 3 and 15 trading days, which means it’s not ideal for long-term investors or intraday traders. A mindful Trader is a good option for swing traders looking to improve their trading skills.

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Introduction

There are a lot of strategies and theories involved in the Stock market. This makes it difficult to assess the entire market without the proper education. As a result, many traders missed their opportunities. This problem can be solved perfectly by the automatic MT4Professional market scanner tool.

What is an MT4professional?

The Mt4professional is the best market scanner tool for forex trading. It enables the trader to analyze the entire market situation at a glance based on the custom trading strategies and with any standard or custom indicators. you can create custom rules for your strategies. No programming skills are required. A lot of different currency pairs can be tracked with MT4Professional, while custom notifications can also be set up according to your own rules and specific indicators.

Features of the Mt4professional

• It allows to open symbols charts in one click and it also scans low time frames.
• It allows to scan multiple symbols and timeframes simultaneously using custom rules and indicators.
• Cloud-based so configuration and scans can be accessed from any device
• It has Unlimited scanner conditions and flexibility.
• It provides Custom indicator support and it is fully integrated into MT4 and MT5.

Benefits of Using MT4professional

Real-time market analysis

Its real-time market analysis is one of the benefits. By monitoring the market, the scanner analyzes different currency pairs and provides you with the latest information. This allows you to make informed trading decisions based on accurate and timely information.

A broad range of customizable tools

There are several customizable tools available with MT4Professional that will meet your trading needs. This level of customization allows you to adapt the scanner to suit your unique trading style by scanning for specific symbols and timeframes, applying custom indicators, and setting up alerts based on your preferred trading strategy.

Free trial and affordable pricing

MT4 provides a free trial for newer, and it allows them to access the features before committing to this platform. This trial period helps you to find the Mt4 professional is the right tool and the subscribable is also affordable to everyone.

How to create an account in MT4

• Click the signup button and follow the instructions. When the account is created you will receive a confirmation email.
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• This includes choosing the money pairs you want to monitor, using custom indicators, and setting up alerts. It provides a user-friendly interface so it makes it easy to customize the scanner.
• The MT4 is also available on your smartphone. Go to the App Store or Google Play download the app, log into your account, and enjoy your trading.

Pros and cons

Pros

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• Realtime MT4 and MT5 snapshots on mobile
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Cons

• A stable internet connection is required for real-time features to work across devices.
• Learning curve to understand all configuration settings.

Conclusion

The Mt4professional market scanner tool enables the trader to analyze the entire market. You can receive notifications through different channels such as Telegram, email, SMS, etc… and you can share them with your trading group. you can create custom rules for your strategies. No programming skills are required and the installation and operation of MT4Professional are easy, while the mobile version allows trading everywhere.

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Introduction

The Japanese Candlestick Charting Techniques Second Edition book was written by Steve Nison. The Japanese Candlestick Charting Techniques Second Edition book has a total of 17 chapters and is divided into 2 parts, part 1 contains the 3-9 chapters and part 2 contains the balance 10-17chapters.

Overview of the book

Steve Nison structures the book from basics to advanced strategies. The second edition of the book aims to make candlestick charting more accessible and practical for modern traders. While the format and underlying concept are the same as in the first edition. This Second Edition book contains:

• More about intraday markets
• More focus on active trading for swing, and day traders
• New tactics for getting maximum use from intraday charts
• New Western techniques in combination with candles
• A greater focus on capital preservation.

Benefits of the Books

A number of benefits can be gained from Japanese candlestick Charting, including enhanced understanding of the market, practical strategies, improved risk management, and accessibility to traders of all levels.
When you are reading this book you get guidance from experts and educational resources that
help traders and investors become more effective traders with candlestick patterns.

Reviews and Recommendation

The Japanese Candlestick Charting Techniques, Second Edition book was helpful to traders, who are seeking a master to learn Candlestick Charting.
Steve Nison gives a clear explanation and improved visuals that make complex concepts more digestible. Most people said that the book’s focus, particularly on multiple real-world examples and case studies, shows how candlestick patterns can be used to inform trading decisions, and this book is more effective for both beginner and experienced traders.

About Author

Steve Nison completed his M.B.A. in Finance and Investment. He, Chartered Market Technician (CMT), is the founder and President of Candlecharts.com which provides premier educational products and trading services and he worked in the early periods of the 1990s. He writes books about the Japanese Candlestick Charting Techniques, Beyond Candlestick Charting, Japanese Candlestick Charting Techniques, Second Edition, and The Candlestick Course. His two books, Japanese Candlestick Charting Techniques and Beyond Candlestick are international best sellers and the foundation of all candlestick research and analysis.

Conclusion

Steve Nison’s Japanese Candlestick Charting Techniques, Second Edition book definitely gives a guide for anyone looking for a master to learn Candlestick Charting. The book provides in-depth information on various candlesticks from basics to advanced patterns. The book is an essential addition to any trader’s library.

To learn all the 298 pages

Introduction

The Wyckoff Methodology In Depth book was written by Ruben Villahermosa Chaves. This book is about how to trade financial markets logically. The Wyckoff Method is based on three laws such as the Law of Supply and Demand, the Law of Cause and Effect, and the Law of Effort. Richard Wyckoff developed key concepts on tops, bottoms, trends, and tape reading in the early 20th century. His concepts, such as the Wyckoff method, market cycle, and rules, continue to inform traders and investors today.
This book contains a total of 27 chapters and 8 parts.

Overview of the Book

Readers will gain a complete understanding of the Wyckoff Methodology, covering its foundational principles, practical applications, and advanced techniques, as well as its foundational principles. It is both an introduction and reference book for new traders aiming to improve their skills, as well as a complete reference book for seasoned traders.

Benefits of the Books

Benefits include identifying institutional money’s interest, determining their context and sentiment, knowing the high probability trading zones, planning scenarios by a roadmap, risk managing and positioning appropriately, and more. It offers readers the tools and knowledge to improve their trading strategies and market analysis skills.

Reviews and Recommendation

The Wyckoff Methodology In Depth Book introduces a detailed investigation of Wyckoff principles, increased with real-world case studies and advanced techniques. Whether you are fresh to trading or experienced, this book provides knowledge to improve your market analysis and trading decisions. Most people said that the theory of the book was excellent. It’s an essential read for anyone looking to heighten their understanding of market dynamics and improve their trading skills.

About Author

Ruben Villahermosa Chaves is an accomplished market analyst and trader with a specialization in the Wyckoff Methodology. He published The Wyckoff Methodology In Depth independently in 2019. He has been an independent analyst and trader in the financial markets since 2016. He highlights the importance of understanding market dynamics and embracing a disciplined approach to trading.

Conclusion

A practical guide to navigating the complexity of the market with greater confidence and precision, The Wyckoff Methodology In Depth is more than a deep dive into a historical trading method. Anyone looking to improve their market analysis and trading skills will find this book to be a valuable addition.

To learn all the 248 pages