By Michael C. Thomsett
Ypes of charts in comparison --
The heritage of candlesticks --
Candlesticks and their attributes --
Pitfalls of candlesticks.
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Extra resources for Bloomberg visual guide to candlestick charting
Long upper shadow only. When a session contains an unusually long upper shadow, it signals that buyers have lost momentum or failed in an effort to take momentum away from sellers. If this pattern unfolds at the top of an uptrend, it is very likely a signal that the trend is about to end. If it shows up within a downtrend, it may confirm or establish continuation; buyers tried to reverse the downtrend, but failed. long upper shadow only Q 33 KEY POINT: When a session includes long upper and lower shadows, it usually means momentum in the current trend is ending.
Each session opens within the body of the previous session and then moves higher. The long upper shadows are supposed to signify that this pattern is not bullish at all, but bearish. The failure of buyers to move price higher than the close implies a loss of momentum. However, it turns out to be a bullish continuation pattern more than half the time. In spite of the long upper shadows, price continues upward during the three sessions. An example is found near the end of the three-month chart of FedEx (FDX).
C H A PTE R The Six Basic Candlesticks mong the dozens of candlestick formations, there exist many combinations of the six basic candlesticks. These are: 1. Long candlesticks. The long candlestick indicates a lot of momentum among buyers (long white) or sellers (long black). When there is little or no shadow, the long candlestick is defined as a marubozu. The lack of shadow indicates exceptional strength for one side or the other, because price opens or closes at the opening or closing price without further extension.
Bloomberg visual guide to candlestick charting by Michael C. Thomsett