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Three Types of Candlesticks Every Trader Should Know

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Understanding the various types of candlesticks is one of the first things every novice trader should learn. But the experienced trader should also never forget the candlesticks’ significance. Because sometimes, when you have to figure out what’s about to happen with a certain pair and all other indicators fail, it’s the basics of reading candlesticks that can save the day—just like a sailor who navigates using the North Star when all else fails.

But even when you’re not in the unknown, reading candlestick shapes well lets you figure out the immediate trend quickly and can save time in the long run. だから, regardless of your level of trading experience, here are three candlesticks every trader should know.

Hammer Candlesticks

A hammer candlestick, as its name suggests, has a hammer-like form, with the opening and closing price rather close, and the lower shade (or upper shade if it’s a reverse hammer candlestick) substantially long.

Candlesticks

What a hammer signals is a change of momentum. If we examine the bearish hammer, we can see the candlestick’s closing price substantially lower than the highest point. That suggests that selling pressure has been so strong that it pushed for a close that is way below the high; in other words, the sellers have the upper hand. And vice versa for a bullish hammer where the momentum is set to turn bullish from bearish.

Note that each hammer type has a stronger version which suggests the change in momentum will be stronger. If we’re on a bullish trend and the next candlestick is a hammer, where the closing price is not only much lower than the highest price for the candlestick but lower than the opening, then it suggests a much stronger change in momentum.

それにもかかわらず, the greatest determinant in assessing the strength of the rebound to follow is the shade. The longer the shade of the candlestick compared to the rest of the candlestick, the stronger the change in momentum expected.But on the flipside, beware if the shade is relatively short; the change in momentum might be unreliable.

Doji Candlesticks

A Doji candlestick is a candlestick where the opening price and the closing price are so close they almost align. There are several variations of the Doji candlestick, but these three are the most noteworthy.

Candlesticks

The Standard Doji – The standard Doji candlestick is similar to the general description above, with the opening and closing price aligned (or almost aligned) and the two shades sticking out. What a standard Doji implies is a stalemate between the buyers and the sellers at the opening/closing price. When it comes after a certain trend, down or up, it suggests a pause, and could imply either a resumption of the trend or a change in trend. But that’s not all. Compared to the other two, the standard Doji has a relatively short shade on both sides and that suggests a weaker momentum.

Long Legged Doji – This is perhaps the most interesting Doji candlestick. Just like the standard Doji, the opening and closing price align almost perfectly. But unlike the standard Doji, the shades on both sides are much longer. What it means is that, just like the standard Doji, there is a stalemate between the sellers and the buyers at the opening/closing price. しかし, unlike the standard Doji, the long shades imply high volatility around the stalemate area. This means that once the stalemate is broken, we can expect a burst of momentum because volatility is high.

Dragonfly Doji – The somewhat exotic name for this candlestick type is a bit misleading. With a long low shadow, the Dragonfly tends to have the same meaning as the aforementioned Long Legged Doji, albeit with a weaker momentum. ため、, それ以外の場合, it would be a hammer with a closing price higher than the opening price. (The Gravestone Doji is a reversed Dragonfly Doji, with the same meaning as a bearish hammer and hence only worth this brief mention.)

Engulfing Candlesticks

The engulfing candlestick truly lives up to its name. The candlestick can exist in two forms—a bullish engulfing candlestick and a bearish engulfing candlestick.

Candlesticks

The engulfing candlestick’s clearest distinction is that it engulfs in size the aforementioned candlesticks.

A bullish candlestick will have either a lower opening price than the closing of the previous candlestick or the same price as the previous candlestick closing price but a lower low. しかし、もっと重要なこと, the closing price of the bullish engulfing candle is a much higher high. The bearish engulfing candlestick, as illustrated below, is the exact mirror of the bullish engulfing candlestick.

What does an engulfing candlestick signal? A start of a strong trend. Bearish or bullish, when you encounter an engulfing candlestick you should expect a strong move which can be beneficial for momentum traders seeking to ride a strong trend but an engulfing candlestick can also be risky for those who have a position in the opposite direction.

結論として

明らかに, understanding the various candlestick types cannot and should not replace the technical indicators. But recognizing the candlestick types does allow you to quickly figure out what’s coming next, even when in uncharted territory. When the picture cannot be completed by technical indicators, knowing the candlesticks to watch could be your guiding star.

停止位置のキャンドルを邪悪な長いを使用して

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dinner-candles-rainbow

 

ローソク足チャート, 個々 のキャンドルとして彼らを形成するパターンを使用してください。, can provide an abundance of information to the trader. An oftentimes overlooked aspect of these charts is the trading information provided by longer wicked candles – especially when it comes to stop placement.

Many newer traders will decide where to place their stop based on some random number. That number may be derived from how many pips they are comfortable losing or simply some nice round number like 10 または 50 または 100 or whatever.

The point is that their number is arbitrary and, most likely, bears no relationship whatsoever to the price action that they see on a chart.

 

A more effective way to place a stop is to look for levels of support in a buy or levels of resistance in a sell.

 

 

When buying the stop would go below a level of support and when selling the stop would go above the level of resistance.

(言うまでもなく, when placing any stop by any method, it is imperative that the 5% rule of Money Management be followed.)

To fine tune this even more, a better guide for stop placement is to bring long wicks, if they are present on the chart, into the analysis.

The historical 1 hour chart of the GBPJPY below provides an excellent example of long wicks…

 

GBPJPY

 

 

The black rectangles on the chart identify where longer wicks are making an appearance. You can see that the wicks are extended relative to the length of the other wicks around them on the chart.

Notice that after a long wick(s) makes an appearance, oftentimes price will move in the opposite direction of the long wick for a period of time.

他の言葉で, if the longer wick is below the body of the candle, price has a tendency to move up. 逆に, if the longer wick is above the body of the candle, price has a tendency to move down.

So why is that you may ask…

An extended wick at the bottom of a candle shows that sellers were able to push the price down significantly. That is one aspect of what has created the long wick.

しかし, the selling volume was not great enough to keep the price at that low level. The buyers were able to push price back up from the low – the bottom of the wick – thereby showing strength. That is the second aspect of what creates the long wick.

Since buyers triumphed in that sense, the likelihood exists that the strength of the buyers will endure and, if that is the case, the price will rise.

(In the case of the long wick being above the body of the candle, the opposite scenario might play out and the price would fall.)

So how can a trader effectively make use of this in their trading?

As I always point out, a trader must first take note of the direction of the trend on the Daily chart. If the trend is down, as it is on the pair above, seeing a candle (or several candles for that matter would be even better), with long wicks on their tops, would point toward a strong potential for price to move down…in the direction that the market has already been taking the pair.

だから, to continue using an example of a downtrend, if the pair retraces…それです, 移動 に対して the trend…and stalls at a level of resistance or a Fib level, I am going to be looking for long wicks at the tops of the candles.

There are two reasons for this:

1) Those long wicks indicate the potential for the pair to trade to the downside back in the direction of the Daily trend as the retracement has stalled.

2) The top of the extended wicks provide an excellent guide for a trader to place their stop. The rationale here is that the buyers pushed price to the top of that wick but could not push it beyond that point. よう, placing the stop just above that wick represents a level that has a much lower likelihood of getting hit.

ボトムライン: Observing long wicks forming at levels of support or resistance, especially when they signal potential movement in the direction of the daily trend, can create a beneficial “エッジ” for the trader especially in regard to stop placement.

 

覚えています。 – anytime you try out anything new, be sure to try it out numerous times in a demo account until you achieve a level of comfort and understanding.

 

すべて最高と良い取引,

リチャード ・

 

@RKrivoFX

rkrivofx@gmail.com

取引ローソク足チャートの尾

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Jeff from System Trader Success published an interesting trading idea that is based on the difference between the low and the closing price of the bars on a candlestick chart. He noticed that almost all of the bars on a Euro chart he was analyzing had pronounced tails. This led him to investigate whether or not he could build a quantitative strategy from this idea.

candlestick chart

Jeff suggests developing a system that could capture the difference between the low and the close of each bar.

From the very beginning, you can sense that he isn’t sure this will be a good idea:

This got me thinking if I could buy near the daily low I might just have an edge to capture those ticks. And by the look at some of those tails, there is a lot of dollars just sitting there.

But what I’m talking about is bottom-picking. How often are we told not to pick a bottom or picking a bottom is a fool’s game? Such conventional wisdom may be true. I don’t know since I’ve not seen or performed such a study.

Once again I remind myself, in the trading world what passes for conventional wisdom is often nothing more than a myth.

Jeff starts by formulating a plan to test the validity of his Low-To-Close (LTC) concept:

The LTC observation is the price difference between the closing price and the low of a single daily candle. The first thing I want to explore is how many ticks are available between the low and the close?

To do this I created an EasyLanguage strategy that computes this value for each candle and places them within an Excel spreadsheet. Within Excel I can compute the median ticks for each day and generate a histogram showing the distribution of ticks.

He then tests his concept on the Euro futures contract from August 8, 2008 1月を通じて 27, 2011:

This study produces 1,061 days with a median LTC value of 66 ダニ. This value translates into $825.

Below is the distribution curve which shows a nice smooth graph which peeks at bin number 3 あります。 30-44 ダニ. The curve smoothly tapers off into a nice tail as the bin numbers climb.

Notice the spike in bin 21. This demonstrates the “fat-tail” phenomena often associated with trading.

He then introduces a trend filter and compares trades that are with the trend versus trades that are against the trend:

I was surprised to discover the median number of ticks between the With Trend (64 ダニ) と Against Trend (70 ダニ) studies were so similar.

This suggests there just might be equal opportunity in both bullish and bearish markets.

Looking at the distribution curve for these two studies does seem to show a left-handed shift in the curve when we are against the major market trend. Maybe being more aggressive in profit taking would be warranted in this market climate.

He concludes by suggesting a couple of ideas that could lead to developing a system out of this concept and seems to believe that this idea is worth further analysis:

In the end it sure looks like there might be potential here. The trading concept would be to open a long position near the intraday low and closing that trade at the median LTC value or at the end-of-day.

The vast majority of days close 15 ticks or more above the daily low. That’s a lot of ticks that can be captured!