June 2006
Beginner
352 pages
7h 6m
English
book
Technical Analysis Plain and Simple: Charting the Markets in Your Language, Second Edition
by Michael N. Kahn
Content preview from Technical Analysis Plain and Simple: Charting the Markets in Your Language, Second Edition
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Trading with Candlesticks
Now put some of the basic candle formations to work, with other technical indicators, to analyze a real market situation.
Figure 33.2 shows cocoa futures from April through June 1992. The biggest question a trader would ask during this period is, “When will this market stop going down?” There are several patterns on the chart that forecasted times for corrections and finally, the end of the decline. Using candlesticks with other confirming technical indicators lets you figure out which is which.
Figure 33.2. Cocoa futures
The market was trending lower and at the bottom of the channel. The gap lower (called a window) ...
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