By Melvin Pasternak
During this ebook i've got chosen 21 candles that i think each dealer should still recognize via identify. those are the candles that during my adventure take place most often and feature the best relevance for making buying and selling judgements. simply as figuring out the
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Additional info for 21 Candlesticks Every Trader Should Know
I find with stocks (in comparison to commodities), however, that the gap is very often below the previous day's close, but not less than the previous day's low. On the piercing day, the candle comes back into and closes at least halfway into the real body of day one. If it does not come at least halfway back, then the candle is not a piercing candle and needs to be called by a different name. ) In addition, the second day's candle cannot totally make up the ground lost in day one, otherwise it would be a bullish engulfing.
The $SOX had tested important resistance and failed. The next trading day, it sold off sharply bearishly engulfing the real body of the star candle. The $SOX then retreated to support near 418. The trader who missed the implications of the shooting star, would have needlessly held semiconductor stocks through a sharp decline. If you can accurately recognizing the shooting star candle, then you'll have another important tool to assist you in spotting early signs of a reversal. The candle will warn of the end of a Minor uptrend before trend following tools such as moving averages or MACD.
First, as shown by the stochastics and CCI oscillators there was bullish momentum divergence as price was lower, but stochastics and CCI itself were higher. The test of the lower day was also the second candle of the three-candle morning star formation. Note, that on the first day there is a large dark candle. The middle day is not a perfect star, because there is a small lower shadow, but the upper shadow on top of a small reall body gives it a star quality. The third candle is a large white candle which completes the reversal.
21 Candlesticks Every Trader Should Know by Melvin Pasternak