Download 21 Candlesticks Every Trader Should Know by Melvin Pasternak PDF

By Melvin Pasternak

During this publication i've got chosen 21 candles that i think each dealer should still comprehend via identify. those are the candles that during my event happen most often and feature the best relevance for making buying and selling judgements. simply as understanding the

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Example text

Why does Amerada form so many marubozu or close to marubozu candles? It is because trading in the stock correlates very close with the price of crude oil. When oil is down the stock sells off usually falling consistently during the day. The reverse is true when oil rises. As shown by the 50-day moving average which is sloping higher and below the share price, AHC was in a strong uptrend during this period. In less than a two-month period that were eight candles that were close to full Marubozu.

While this candle was relatively small, it retreated half-way back into the final white candle. The next day a doji appeared, emphasizing the resistance near $28. EK then retreated toward the $26 level before finding support and rallying. While the Dark Cloud Cover is not as potent a reversal candle as bearish engulfing, its appearance in the chart should be respected. CANDLE 10: THE PIERCING CANDLE IS A POTENT REVERSAL SIGNAL The dark cloud cover and piercing candles are like bookends. Whereas the dark cloud cover warns that an uptrend might be coming to an end and is thus a signal to take profits on long trades, a piercing candle intimates that a downtrend may be about to reverse and shorts should be covered.

Since a minor uptrend typically lasts between six and fifteen days, the swing trader should be very alert if the Minor uptrend is mature. If a shooting star occurs after a candle with a large real body it typically is that much stronger a warning since it shows price can not sustain high levels. The day the shooting star occurs, the market should ideally gap higher (although with stocks rather than commodities, this gap is sometimes not present). The stock should then rally sharply. At this point, it appears as though the longs are in complete control.

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