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Candlesticks basic understanding how to use them l.jpg

Candlesticks

Basic understanding

How to use them


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Introduction to Candlesticks

  • Use to time your entry in a stock or option

  • Identifies possibility of current trend reversal or continuation

  • Visually Appealing vs. Bar Charts

  • Must be confirmed by another indicator

  • Only for markets that have all data


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Look For the 3 C’s ContentClarityConformation


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What Candlesticks Tell Us

Indicators that signal

  • A trend reversal

  • Conformation of trend

  • Indecision in strength of the Trend


Candlesticks l.jpg
Candlesticks

Bullish Real

Body Color:

-Hollow

-White

-Green

Bearish Real

Body Color:

-Shaded

-Black

-Red


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Are You Ready For Some Basic Patterns?



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Hammers & Hanging Man(Takuri and Kubitsuri)


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STARS(Hoshi)



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GAPS & WINDOWS

B.

A.

C.



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The Interactive Chart

  • On the Graph Tab (Enter your Symbol)

  • Left Side Under Graph Links Select Interactive Chart

  • Bottom Left of new Graph Click CLONE button

  • Maximize Window (if you are blind like me)

  • Top Left Default setting ‘Bar’ Click down arrow to your right, select ‘Candle’

  • Apply Favorite Study Set (Workshop if you are new, or Bowtie covered later)


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Candlesticks Review

  • Helpful to time entry an exit points

  • Illustrates the battle between Buyers and Sellers.

  • Not reliable to use as only indicator

  • Easier to see direction of price moves


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Resources*

Websites

  • www.IncredibleCharts.com

  • www.StockCharts.com

  • www.HotCandleCharts.com

  • www.CandleCharts.com

  • www.HardRightEdge.com

    Books

  • Technical Analysis – PRING

  • Candlesticks - Steve Nision

    *Other resources are available.