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Bloomberg visual guide to candlestick charting by Michael C. Thomsett

By Michael C. Thomsett

Ypes of charts in comparison --
The historical past of candlesticks --
Candlesticks and their attributes --
Pitfalls of candlesticks.

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Extra resources for Bloomberg visual guide to candlestick charting

Sample text

It is not easy to spot, because analysis of short-term reversal tends to be limited to indicators of three or fewer sessions. The bullish breakaway pattern is summarized in the chart. The long beginning and ending sessions and the marked price gap between sessions one and two are the key features. McDonald’s (MCD) reported a strong bullish breakaway pattern. It involved 10 sessions rather than five, but the pattern is the important aspect here, and not the precise number of sessions involved. The turnaround was fast and strong.

In that sense, any particular price pattern is not “caused” by candlesticks but instead is a response to an infinite number of possible causes within the public markets. A candlestick indicator forms based on these factors and becomes a visual representation of more subtle forces at 21 22 Q CHAPTER 4 Pitfalls of Candlesticks work: supply and demand, momentum, and public perceptions about markets—as well as economics, politics, and global trade, to name only a few. This reality points out the importance of coordinating many sources of information, including: Q Western technical analysis, including familiar and popular charting techniques based on observations of trading range, resistance and support, and the patterns and features of price movement.

This reversal also marks the complete change in momentum from sellers (long black session) over to buyers (long white session). The important features in this pattern are the long candlesticks in the first and last positions, and the downward gap between sessions one and two. Although the majority of sessions are black (thus looking like a continuation of the existing downtrend), the final white session is the critical turn. It is not easy to spot, because analysis of short-term reversal tends to be limited to indicators of three or fewer sessions.

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