Read e-book online Bloomberg visual guide to candlestick charting PDF

By Michael C. Thomsett

ISBN-10: 1118098455

ISBN-13: 9781118098455

Ypes of charts in comparison --
The background of candlesticks --
Candlesticks and their attributes --
Pitfalls of candlesticks.

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Extra info for Bloomberg visual guide to candlestick charting

Example text

This reveals weak or weakening seller-driven momentum. KEY POINT: Not every development forms up as an indicator. To paraphrase Sigmund Freud, sometimes a candlestick is just a candlestick. and then the inverted session—a smaller session with a long upper shadow, foreshadowing the highest point in the uptrend, to be followed next by a reversal and downtrend. 6. Long lower shadow only. The appearance of a candlestick with a long lower shadow has significance opposite of the session with a long upper shadow.

Doji session Confirmation is essential to these interpretations, which are only generalizations unless confirmation agrees with the interpretation of the doji session. However, just as long candlesticks indicate exceptional strength on one side of the buyer/seller equation, doji sessions indicate a loss of momentum and, based on the appearance of any shadows, provide strong reversal signals. 4. Long upper and lower shadows. One of the most interesting signals in all of candlestick analysis is an exceptionally long shadow appearing on both Bloomberg Visual Guide to Candlestick Charting sides of the real body.

Traders in long positions may find themselves seeking bullish signals because, if price does turn upward, they will make a profit. However, in some cases a bullish signal will not be found because price is going to move sideways or down. The pitfall is a form of wishful thinking, and as a matter of gaining experience traders will benefit from knowing about this danger and striving for objectivity. In other words, it is more rational to study the signals to judge price movement, rather than seeking the type of price movement a trader desires.

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Bloomberg visual guide to candlestick charting by Michael C. Thomsett

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