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Candlestick Charting Demystified by Wayne A. Corbitt

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Chapter 1

The Case for Candlesticks

Congratulations. By purchasing this book, you have declared that you will no longer fall for the Wall Street myth of “buy and hold.” While there are investments that perform well over longer periods, blindly holding on to stocks or commodities during steep declines is not necessary or wise.

CHAPTER OBJECTIVES

In this chapter, you will

• Uncover the Wall Street fallacy of “buy and hold”

• Recognize the value of becoming defensive when market conditions warrant

• Understand that trader psychology moves markets

• Learn a brief history of candlestick charting

Buy and Hold Leads to Unnecessary Losses

The buy-and-hold methodology benefited from the greatest bull market in U.S. history, 1982–2000. Even then, ...

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