By Lambert Clive
- Adam Sorab, Chairman, Society of Technical Analysts (STA)
the purpose of this booklet is to introduce candlestick research to someone from an absolute newbie to an skilled industry expert. The textual content is written to be uncomplicated adequate for somebody new to the subject, yet will not be exclude people with extra adventure. The author's goal is to alter the straightforward viewing of a candlestick chart right into a look for the reply to the perennial query: ''Who's controlling the marketplace; the Bulls or the Bears?''
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Extra resources for Candlestick Charts: An Introduction to Using Candlestick Charts
A Hammer looks like a hammer, with a small fat head and a long handle. With every candlestick pattern in the following chapters I’m going to put the set of rules for each pattern in a highlighted box, for easy reference. You may have already noticed the “Cheat Sheet” on the inside covers of this book – this will hopefully become your first point of reference once you’ve finished reading the main chapters. 19 Candlestick Charts Chapter summary This is the crux of candlestick analysis: by looking at the shape of any candlestick we can surmise what’s happened over that time period.
Figure 3-12: LIFFE June 2008 Short Sterling futures; 60-minute candlestick chart; 21 January 2008 – 25 January 2008 This is a short-term chart showing direction of travel over the course of the Shooting Star week highlighted in Figure 3-11. 39 Candlestick Charts Another example Source: CQG, Inc. © 2008 All rights reserved worldwide. Figure 3-13: Eurex September 2008 Bund futures; 30-minute candlestick chart; 6 and 9 June 2008 The move in the first few hours of this particular morning came as something of a surprise at the time, but the market was in a downtrend overall, so many traders were looking for a chance to sell any strength.
The colour of the real body is not important 6. Market is in an uptrend 47 Candlestick Charts Getting inside the pattern We’ve established, just by hearing the name, that this is a bearish pattern. As we can see from the properties panel it’s the same shape as the Hammer, except this time it’s seen during a rising market. Our first five rules are exactly the same, it’s just the last one, the “where” rule, that changes. A Hanging Man is formed during an uptrend on a day when the market sells off then rallies to take back most or all of the losses seen earlier in the session.
Candlestick Charts: An Introduction to Using Candlestick Charts by Lambert Clive