[Resolved] Olymp Trade — The Hammer pattern is a lie

[Resolved] Olymp Trade — The Hammer pattern is a lie

R Raghav Menon Aug 30, 2023 Aug 30, 2023 This thread was updated on Aug 30, 2023

I wish I made a screenshot of my trade on USD/JPY currency pair, so I can support my issue I am raising here. Here is the problem; I studied the material provided by Olymp Trade for making trading decisions based on candlestick pattern. I was waiting for an opportunity and finally it came on USD/JPY on the 1h chart. It was clear hammer pattern, which according to Olymp Trade it was a sign of a reversal in the trend. I hit sell and waited to collect my profits, but unfortunately immediately I entered the trade, the price continue to rise and hit my stop loss order soon after. I don’t know why they provide such scam trading advices when they don’t work. Don’t make same mistake, I tried and the hammer pattern is not working. Was this information helpful? No (0) Yes (0)
Sep 4, 2023 Complaint marked as Resolved My trading experience has been an emotional rollercoaster! Never mind my stupid comment, I owe much of my newly found knowledge to Olymp Trade and their educational materials and tutorials. Now I have learned that the candlestick patterns are indeed signals, but they do not guarantee that the trade will be successful. Olymp Trade customer support has been notified about the posted complaint.
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Olymp Trade Customer Care

Aug 30, 2023

Verified Support

Hello, Raghav Menon.

Thank you for writing to us. We understand that you have been disappointed about how to use the hammer pattern. However, please note that the candle stick pattern should only be treated as a reference. There is always a chance for risk. This is normal in trading. We can prevent such case by using risk management and fund management.

To understand how to reduce risk, kindly access to our educational database for more information.

We value your input and encourage you to let us know more details about your experience with us.
Best regards, Olymp Trade team.

Olymp Trade Customer Care's response, Sep 4, 2023

Verified Support

Greetings, Raghav Menon.

We are so happy that we have been useful to you. We understand that sometimes there would be some confusion around trading. But we are glad that you have reached out to us. We are here to answer any question that occurs to you along your trading journey.

Please let us know if you have any further questions.
Best regards, Olymp Trade team.