Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East
Steve Nison
Language: English
Pages: 330
ISBN: 2:00076609
Format: PDF / Kindle (mobi) / ePub
Traditional Western methods for chart analysis (the basis of all technical analyses) use bar or points and figure charts. Yet over 100 years before these methods originated, the Japanese were using their own style of technical analysis for use in the rice futures market. This technique - known as the Japanese Candlestick Charting Techniques because of its close resemblance to candlesticks - has recently been attracting attention because it provides unique insights into the market. This work features over 300 charts that use candlesticks alone and in conjunction with Western charting techniques, and explains their use.
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(Lombard, Ill), and Quick 10-E Financial Information System (New York, N.Y.). T I want to thank those who took time from their busy schedules to review the introductions for Part Two of the book. These are: Dan -- - Acknowledgements Gramza for the chapter on Market Profile@;Jeff Korzenik for the chapters on options and hedging; John Murphy for the chapter on volume and open interest; once again, John Gambino for the chapter on Elliott Wave; Charles LeBeau for the chapter on oscillators;
techniques with other technical tools is discussed. Exhibit 4.27 shows that during the early part of March, dark-cloud cover 1 halted a two-week rally. A week-long correction ensued. Two more dark-cloud covers formed in April. Dark-cloud cover 2 hinted that the prior sharp two-day rally was probably over. Dark-cloud cover 3, in mid-April, was especially bearish. Why did this dark-cloud cover turn out to be so negative? The reason has to do with the psychology of this pattern. As noted previously,
pressure. Exhibit 6.27 shows how bullish belt-hold line 1 signaled a rally. Belthold line 2 is interesting. It confirmed a tweezers bottom since it maintained the prior week's lows. A rally ensued which ended with a harami a few weeks later. 11:46 PL WEEKLY BAR @ 1990 CQG INC. -O= 4780 4780 .L= 4770 ......................................................................................................................................... 6000 , L= 4770A - A = -18 . H= r .: . . . . 2
identical three crows. It is regarded as especially bearish, but it is a very rare pattern. I EXHIBIT 6.35. Three Crows 101 102 The Basics 8:33 -0=22947 Hr22941 @ NKC5 DAILY BAR 1990 COG INC., " . . . . . . . . .................: ....................: .....................:......................: ...................................................... 35000 ~38, . . . . . Three crows . . i h r e e Crows . : . . . : . . . . : . . . . . . . . . . . . . . . . . . :i.?fE$i: . . . M . .
bodies) initially stabilized a steep one to two session decline. At first, this group of small candlesticks gives the appearance that a base is forming. The break to the downside via a window dashes these bullish hopes. Exhibit 7.19 illustrates that in late Octoberlearly November, a series of three small real bodies helped digest the gains of the prior tall white candlestick session. When sugar gapped up it completed the first upward-gapping play pattern on this chart. The market rallied until