- An introduction to candlestick chart patterns and why they can take your trading to the next level
- 30+ detailed candlestick patterns with a historical example for every chart
- Exit and entry suggestions
- Candlestick chart pattern trading tips
- Real trading examples from TrendSpider
From the book:
HOW TO READ CANDLESTICK CHARTS
A candlestick is a type of chart used in trading as a visual representation of past and current price action in specified time frames. Depending on the time frame of the chart, each candlestick consists of minutes, a day, a week or a month trading range. On an intraday chart, a candle might represent periods of time like 1-minute, 5-minutes, 15-minutes or one hour. A daily shows candles that represent each day's trading range. A weekly chart shows candles that represent each week's trading range. A monthly chart shows candles that represent each month's trading range. Note that during the day, a daily candle will change as the range changes and price reaches a final, closing price. Similarly, during the week and in the middle of the month, the candles in those time frames are still changing and are not finalized until their time frame closes. At the end of the day, week or month, the candle for that time period is finalized.
A candlestick consists of the body with an upper or lower wick or shadow. Most candlestick charts show a higher close than the open as either a green or white candle. The opening price as the bottom of the candle and the closing price as the high of the candle. Also, most candlestick charts show a lower close than
the open represented as a red or black candle, with the opening price as the top of the candle body and the closing price as the low of the candle body.
...and much more!
By the time you finish this book, I think you'll agree that candlesticks are the best type of charts for most traders to use for trading price action patterns.
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