By Lambert Clive
- Adam Sorab, Chairman, Society of Technical Analysts (STA)
the purpose of this e-book is to introduce candlestick research to an individual from an absolute newbie to an skilled industry expert. The textual content is written to be uncomplicated sufficient for somebody new to the subject, yet aren't exclude people with extra event. The author's target is to alter the easy viewing of a candlestick chart right into a look for the reply to the perennial query: ''Who's controlling the industry; the Bulls or the Bears?''
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Extra info for Candlestick Charts: An Introduction to Using Candlestick Charts
46 Single Reversal Patterns Inverted Hammer summary The Inverted Hammer isn’t generally the strongest of reversal patterns. However, it can be a good warning of an impending reversal because it’s a candle that illustrates that the bulls aren’t completely dead and buried; they’re starting to make noises, even if on this occasion it came to nothing because the bears stepped back in to sell into the gains towards the end of the formation of the candle. One reason I wanted to cover this pattern was to complete the picture and differentiate it from the similarly shaped Shooting Star.
Figure 3-2: Dow Jones Industrial Average; 10-minute candlestick chart for 16 August 2007 22 Single Reversal Patterns You can see that on this day the market sold off dramatically – over 300 points in the first 4 hours of trade – but then rallied strongly and took back all of the earlier losses, closing the session right back at the highs. What a roller-coaster ride! So that’s what happens on a Hammer day. It’s clear as a bell if you look at the previous chart: The market sold off sharply, then hit a price where the selling stopped and the buyers took over.
So you had a strategy to get you into good trades as well as keep you out of bad ones; to deselect or negatively select those that needed staying away from. In the case of this chart we can take it a step further and redefine our criteria to give us better trade opportunities. We can say that if the market moves above the high from the Hammer week, then we will go long. With this filter we would still stay out of the market after candles B and C (a sigh of relief once again), get into the long trade much earlier after the Hammer D (nice), and get in slightly earlier after Candle G (still nice).