Candlestick Charting For Dummies

Candlestick Charting For Dummies
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Demystify stock charts so you can up your investing game Candlestick Charting For Dummies is here to show you that candlestick charts are not just for Wall Street traders. Everyday investors like you can make sense of all those little lines and boxes, with just a little friendly Dummies training. We’ll show you where to find these charts (online or in your favorite investing app), what they mean, and how to dig out valuable information. Then, you’ll be ready to buy and sell with newfound stock market savvy. Candlestick Charting For Dummies helps you build a foundation of investing knowledge and lingo (bullish? bearish? What is a candlestick, anyway?), then shows you the chart-reading ropes with relevant and easy-to-understand examples. It covers the latest investing technology, cryptocurrency, and today’s somewhat-less-predictable market environment. Get a refresher on stock market terminology and investing basics Discover how easy it is to understand price history and movement with candlestick charts Identify the best times to buy and sell securities, including stocks and crypto Learn from real life examples so you can invest with greater confidence and successThis is the Dummies guide for beginner and intermediate investors who want to make smarter decisions with a better understanding of how to read candlestick charts.

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Russell Rhoads. Candlestick Charting For Dummies

Candlestick Charting For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Candlestick Charting For Dummies Cheat Sheet” in the Search box. Table of Contents

List of Tables

List of Illustrations

Guide

Pages

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Getting Familiar with Candlestick Charting and Technical Analysis

Understanding Charting and Where Candlesticks Fit In

Considering Charting Methods and the Role of Candlesticks

Getting a feel for your options for charting

Realizing the advantages of candlestick charting

Understanding Candlestick Components

Working with Candlestick Patterns

Simple patterns

Complex patterns

Making Technical Analysis Part of Your Candlestick Charting Strategy

Trading Wisely: What You Must Understand Before Working the Markets

Trading can be an expensive endeavor

Paper trading costs you nothing but time

Develop rules, and stick to them

Getting to Know Candlestick Charts

BRIEF HISTORY OF CANDLESTICK CHARTING

Recognizing the Many Benefits of Candlestick Charting

WHAT MAKES UP A DAY?

Seeing is believing: Candlesticks are easy to read

Spotting bears and bulls quickly

Seeing into the future (sort of)

BULLS AND BEARS

Showing price patterns

UNDERSTANDING PRICE GAPS

SELLING SHORT, IN SHORT

Admitting Potential Candlestick Charting Risks

Comparing Candlestick Charts with Alternative Charting Methods

Line charts

Bar charts

Point and figure charts

Building a Base of Candlestick Chart Knowledge

Constructing a Candlestick: A Core of Four

Price on the open

Recording an opening price on a candlestick

Dealing with the challenges of pinning down an opening price

WHAT’S THE STOCK MARKET?

FOCUS ON FUTURES

High and low prices for the session

Incorporating high and low prices into a candlestick

How low (or high) can you go? Deciding on a high and low price

Price on the close

Recording a closing price on a candlestick

Trying to pin down a closing price

Considering Additional Information Included in Candlestick Charts

Volume

Open interest

Technical indicators

Fundamental information

Dividend dates

Earnings dates

Stock splits

Insider trading: The legal kind

Using Electronic Resources to Create Full Charts

Turning to the Web for Candlestick Charting Resources

Using Yahoo! Finance

OTHER USEFUL FEATURES IN YAHOO! FINANCE

Working with Barchart

Charting on CNBC.com

Creating Candlestick Charts with Microsoft Excel

Finding the data for your chart

Making sure that the data is in the correct format

Building an Excel candlestick chart

Adding a moving average to an Excel candlestick chart

Adding a trendline to an Excel candlestick chart

Adding volume data to an Excel candlestick chart

Formatting the data for your chart

Creating the actual chart

Selecting Charting Packages and Apps

Remembering a few key points when selecting charting software

Considering price

Determining data demands

Factoring in what you’ll be trading

Considering a few charting package options

eSignal

MetaStock

TradeStation

Working with Simple Candlestick Patterns

Working with Straightforward Single-Stick Patterns

The Bullish Long White Candle

Understanding long white candles

The long white candle signaling an uptrend

The long white candle failing as a long signal

Identifying the three variations of the long white candle

The white marubozu

The closing long white candle

The opening long white candle

The Bullish Dragonfly Doji

Recognizing a dragonfly doji

Trading based on a dragonfly doji

The Bearish Long Black Candle

Understanding long black candles

Identifying the three variations of the long black candle

Trading based on long black candles

Getting a good bearish signal from a long black candle

Seeing a long black candle’s failure as a short signal

The Bearish Gravestone Doji

Identifying the gravestone doji

Trading based on gravestone dojis

Single-Stick Patterns That Depend on Market Context

Understanding Market Environments

Recognizing the three market states

Identifying the market trend

Delving into Dojis

The long legged doji

Identifying long legged dojis

Using long legged dojis as buy signals

The long legged doji giving a good buy signal

A failing long legged doji

Using long legged dojis as sell signals

Seeing a good short signal on the long legged doji

The long legged doji sells signal failing

Other dojis

Using regular dojis to trade long

Using regular dojis to short

Looking at Other Patterns: Spinning Tops

Identifying spinning tops

Using spinning tops for profitable trading

Recognizing a buy signal with a spinning top

Looking at an example of a failing spinning top

Getting a nice short signal from a spinning top

Seeing a failing spinning top short

Discovering More about Belt Holds

Spotting belt holds on a chart

Buckling down for some belt hold-based trading

Belt hold that serves as a long signal

Belt hold that fails on the long side

Bearish belt hold that works out

Bearish belt hold that fails

Deciphering the Hanging Man and the Hammer

Spotting the hanging man and the hammer

Trading on the hanging man and the hammer

Going long with a hammer pattern

Shorting with a hanging man pattern

Working with Bullish Double-Stick Patterns

Bullish Reversal Patterns

Bullish engulfing pattern

Spotting the bullish engulfing pattern

Using the bullish engulfing pattern for savvy trading

A failing bullish engulfing pattern

Bullish harami

Identifying the bullish harami

Trading based on the bullish harami

Bullish harami cross

Recognizing the bullish harami cross

Using the bullish harami cross for profitable trading

A nice buy signal from the bullish harami cross

Failing to give a good buy signal

Bullish inverted hammer

Spotting the bullish inverted hammer

Understanding how to trade on the bullish inverted hammer

Checking out a successful bullish inverted hammer

A failed inverted hammer on confirmation day

Bullish doji star

Identifying a bullish doji star

Wishing (and trading) on a bullish doji star

Failing on a long signal

Bullish meeting line

Recognizing a bullish meeting line pattern

Making a successful trade using bullish meeting lines

Bullish piercing line

Identifying a bullish piercing line pattern

Trading on the bullish piercing line

Bullish Trend-Confirming Patterns

Bullish thrusting lines

Recognizing a bullish thrusting line pattern

Trading on a bullish thrusting line

Failing to indicate the continuation of an uptrend

Bullish separating lines

Singling out the bullish separating lines

Understanding how to trade on the bullish separating lines

The bullish thrusting lines and a trend that comes to an end

Bullish neck lines

Identifying bullish neck lines

Trading on the bullish neck line pattern

Bullish neck line fails to signal a trend continuation

Using Bearish Double-Stick Patterns

Understanding Bearish Reversal Patterns

The bearish engulfing pattern

Identifying the bearish engulfing pattern

Trading on the bearish engulfing pattern

Recognizing a failing bearish engulfing pattern

The bearish harami pattern

Spotting a bearish harami

Using the bearish harami pattern for a clever trade

Recognizing a failing bearish harami pattern

The bearish harami cross pattern

Recognizing the bearish harami cross

Trading on the bearish harami cross

Signaling a losing trade

The bearish inverted hammer pattern

Identifying the bearish inverted hammer

Using the bearish inverted hammer in your trades

Recognizing a losing trade

The bearish doji star

Spotting the bearish doji star

Understanding how to trade using the bearish doji star

Failing to give a good short signal

The bearish meeting line

Understanding how to identify the bearish meeting line

Trading on the bearish meeting line

Recognizing an unsuccessful bearish meeting line

The bearish piercing line or dark cloud cover pattern

Identifying the bearish piercing line pattern

Making trades based on the bearish piercing line

Falling short with the bearish piercing line

A QUICK NOTE ON TREND STRENGTH

Making a Profit with Bearish Trend Patterns

The bearish thrusting lines

Understanding how to spot the bearish thrusting lines

Trading on the bearish thrusting lines

Recognizing a disappointing bearish thrusting line pattern

The bearish separating lines

Identifying the bearish separating lines

Understanding how to trade on the bearish separating lines

Recognizing a failing bearish separating line

The bearish neck lines

Recognizing bearish neck lines

Using the bearish neck lines for profitable trading

Noticing an unsuccessful bearish neck line

Making the Most of Complex Patterns

Getting the Hang of Bullish Three-Stick Patterns

Understanding Bullish Three-Stick Trend Reversal Patterns

The three inside up pattern

Identifying the three inside up pattern

Making effective trades using the three inside up pattern

The three inside up pattern not working out too well

The three outside up pattern

Spotting the three outside up pattern

Trading on the three outside up pattern

The three outside up pattern comes before more bearishness instead of bullishness

The three white soldiers pattern

Recognizing the three white soldiers

Using the three white soldiers to make a profitable trade

The three white soldiers fail to signal bullishness

The morning star and bullish doji star patterns

Identifying the morning star and bullish doji star

Trading on the morning star and bullish doji star patterns

The bullish doji star failure signal

The bullish abandoned baby pattern

Identifying the bullish abandoned baby pattern

Making a trade based on the abandoned baby pattern

The abandoned baby failure signal

The bullish squeeze alert pattern

Spotting the bullish squeeze alert pattern

Executing trades with the bullish squeeze alert

The bullish squeeze alert failing to bring on higher prices

Working with Bullish Three-Stick Trending Patterns

The bullish side-by-side white lines pattern

Spotting the bullish side-by-side white lines pattern

Trading on the bullish side-by-side white lines

The bullish side-by-side white lines failing to indicate more bullishness

The bullish side-by-side black lines pattern

Recognizing the bullish side-by-side black lines pattern

Using the bullish side-by-side black lines for a profitable trade

Failure of the bullish side-by-side black lines pattern

The upside tasuki gap pattern

Spotting the upside tasuki gap pattern

Using the upside tasuki gap pattern for a successful trade

The tasuki gap fails to indicate more bullishness

The upside gap filled pattern

Recognizing the upside gap filled pattern

Making wise trades using the upside gap filled pattern

The upside gap followed by lower prices

Trading with Bearish Three-Stick Patterns

Understanding Bearish Three-Stick Trend Reversal Patterns

The three inside down pattern

Figuring out how to spot the three inside down

Trading on the three inside down pattern

Failing to give a good bearish signal

The three outside down pattern

Spotting the three outside down

Making trades with the three outside down pattern

Offering a failing signal

The three black crows pattern

Identifying the three black crows pattern

Making trades with the three black crows pattern

Failing to signal lower prices ahead

The evening star and bearish doji star patterns

Recognizing the evening star and bearish doji star

Using the evening star and bearish doji star patterns to make trades

Failing to indicate lower prices

The bearish abandoned baby pattern

Spotting the bearish abandoned baby pattern

Trading on the bearish abandoned baby pattern

Failing to signal lower prices ahead

The bearish squeeze alert pattern

Familiarizing yourself with the bearish squeeze alert pattern

Using the bearish squeeze alert pattern in your trades

Falling short with the bearish squeeze alert pattern

Forecasting with Bullish Three-Stick Trending Patterns

The bearish side-by-side black lines pattern

Identifying the bearish side-by-side black lines

Using the bearish side-by-side black lines pattern

Failing to confirm a downtrend

The bearish side-by-side white lines pattern

Spotting the bearish side-by-side white lines pattern

Working with the bearish side-by-side white lines

Failing to predict a downtrend continuation

The downside tasuki gap pattern

Understanding how to identify the downside tasuki gap pattern

Making a trade with the downside tasuki gap pattern

Catching the failing trend at the end of the pattern

The downside gap filled pattern

Recognizing the downside gap filled pattern

Trading the downside gap filled pattern

Failing to signal a continuing downtrend

Combining Patterns and Indicators

Using Technical Indicators to Complement Your Candlestick Charts

Using Trend Lines

Drawing trend lines

Considering trend line direction

Taking advantage of automated trend lines

Using Moving Averages

Selecting appropriate moving average periods

Using simple moving averages

Using other types of moving averages: What have you done for me lately?

Calculating a weighted moving average

Calculating an exponential moving average

Combining two moving averages

Combining three moving averages

Examining the Relative Strength Index

Calculating the RSI

Reading an RSI chart

THE ORIGIN OF OVERBOUGHT AND OVERSOLD LEVELS

Cashing in on Stochastics

Grasping the math behind the stochastic oscillator

Interpreting the stochastic oscillator

Using stochastic oscillators as you would two moving averages

Using stochastic oscillators as you would the RSI

Buddying Up with Bollinger Bands

Creating Bollinger bands

Buy Indicators and Bullish Reversal Candlestick Patterns

Buying with the RSI and Bullish Reversal Candlestick Patterns

Using the RSI to pick a long entry point

Using the RSI to pick long exits

Buying with the Stochastic Indicator and a Bullish Reversal Candlestick Pattern

Using the stochastic indicator to pick a long entry point

Using the stochastic indicator to pick long exits

Sell Indicators and Bearish Reversal Candlestick Patterns

Shorting with the RSI and Bearish Candlestick Patterns

Picking short entry points with the RSI and candlesticks

Using the RSI to help pick short entry and exit points

Using the Stochastic Indicator and Bearish Candlestick Patterns for Shorting

Picking short entry points

Deciding when to get in and out of shorts

Using Technical Indicators Alongside Bullish-Trending Candlestick Patterns

Using Trending Patterns for Buying and Confirmation

Buying trend lines with bullish candlestick patterns

A trend line and bullish pattern in a chart

Another example of a trend line working with a bullish pattern

Determining sales and stop levels with trend lines

Trend line and patterns for entries and exits

EXITING WITH A TREND LINE

Another entry and exit with a trend line and bullish pattern

Combining Moving Averages and Bullish-Trending Candlestick Patterns

Using moving averages with bullish-trending candlestick patterns to confirm trends

Charting the moving average and a bullish-trending pattern

Using a couple of moving averages and a bullish-trending pattern

Setting stops with the moving average and bullish-trending candlestick patterns

An entry and exit with a single moving average and bullish pattern

Two moving averages keeping you out of a bad trade

Combining Technical Indicators and Bearish-Trending Candlestick Patterns

Combining Lines with Candles for Confirmation

Analyzing short trades with trend lines and bearish patterns

A short trade with a bearish trend line and candlestick pattern

Another bearish trend line and bearish pattern leading to a short trade

Bearish trend lines and candlestick patterns leading to short entries and exits

Shorting and covering using a trend line combined with a reversal candlestick pattern

DETERMINING TRADING LEVELS WITH TREND LINES

Shorting and covering with a downtrend line and bearish pattern

Combining Moving Averages and Bearish Patterns for Shorts

Pinning down short entry points and confirming trends

A short trade using a signal moving average and bearish pattern

Two moving averages and a bearish pattern giving a short signal

Picking shorts with moving averages and candlesticks

A single moving average and bearish pattern for a short trade and trade exit signal

Two moving averages along with a bearish pattern for a short sale and exit trade

The Part of Tens

Ten Myths about Charting, Trading, and Candlesticks

There’s No Difference between Candlesticks and Bar Charts

Market Efficiency Makes It Impossible to Beat the Market over the Long Run

Only a Full-Time Professional Can Make Money in the Markets

Technical Analysis Is Nothing More than Reading Tea Leaves

Charting Is for Short-Term Traders Only

You Must Be Rich to Start Trading

Trading Is an Easy Way to Get Rich Quick

Candlestick Charts Require In-Depth Data and Are Difficult to Create

The Trading Game Is Stacked against the Small Trader

Selling Short Is for Professional Traders Only

Ten Tips to Remember about Technical Analysis

Charts Can Give False Signals

You Will Run into Skeptics

There’s No Definite Right or Wrong Opinion of a Chart

A Single Chart Doesn’t Tell a Whole Story

Charting Is Part Science, Part Art

You Can Overanalyze

Develop a Backup System

Error-Free Data Doesn’t Exist

No System Is Silly as Long as It Works

Past Results Don’t Always Predict Future Performance

Index. Numerics

A

B

C

D

E

F

G

H

I

J

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

About the Author

Dedication

Author’s Acknowledgments

WILEY END USER LICENSE AGREEMENT

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When I wrote the first version of this book, candlestick charts were a known method of displaying and analyzing price data but weren’t the default charting method for most traders. Now, more than ten years later, the charts shown in the business media are often candlestick charts. This situation is fully understandable, because candlestick charts are better visuals than line charts or bar charts. But even though candlestick charts are common nowadays, most traders still don’t understand candlestick patterns, much less use them in day-to-day trading.

After the first edition of this book was published, I received some criticism that I spent too much time discussing instances in which candlestick patterns didn’t work out. One of the top reasons why traders fail, however, is that they don’t take losses even when it makes sense. Whenever a trader enters a trade, they should have an exit plan that involves taking either losses or profits. This book sticks with the format of showing both profitable and losing trades for each pattern.

.....

By “do your homework,” I mean look at charts and develop a trading plan. The more you prepare, much as you would for a test, the better your trading results should be. I’ve seen a direct correlation between the level of trading success I’ve achieved and how much time I put into preparing for trading situations. As far as wise money management goes, the key is making sure to take a loss when it becomes apparent that a trade isn’t going to work. Take the loss, and move on. Take this loss early and quickly before it becomes a much bigger loss. As the old Wall Street saying goes, “Your first loss is often your best loss.”

The most important rule for managing your trading and investing funds is to not risk money that you can’t afford to lose. There are many obvious and unforeseen risks in the financial markets. If your lifestyle has changed dramatically because a trade or investment wiped out your account, you probably put too much of your personal net worth on the line.

.....

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