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One of the earlier indicators was the Monthly Pivot Point method, which would have alerted you nearly a week and a half in advance of a potential low. The other two techniques, the gap method and the double bottom chart formation helped confirm that target low. Identifying chart patterns is an art and not an exact science. The important key point to remember here is when you do have confirmation of a support target from using the Pivot Point Calculation with traditional chart reading techniques it will enable one to map out a trading plan using proper risk factors.

With a trading plan all mapped out that may help increase your confidence and skills as a trader. This has been receiving more and more notoriety in the last decade here in the United States since a gentleman by the name of Steve Nisson published one of his first books on the subject back in Candlestick Charting originates back to Japan from centuries ago. It is a method of looking at data differently than has been developed in western cultures.

The advantage of using candlestick charting in place of Bar charts is that you have the ability to use same techniques and analysis that bar charts offer plus the diversity and unique signals that candlesticks generate. This can empower you to gain an edge on your competition, the other guy. In addition, since this is a more sophisticated style and certainly a more specialized format of charting, it has gained in popularity in the US.

It gives the chart or the candlestick almost a three dimensional effect. The mystique surrounding this method is believed to be that chartist can see chart patterns more clearly and distinctly.

Each candle pictured has a different characteristic that represents the difference or distance between the high, low, open and close. Candlestick charting techniques can be used from data for whatever time period you are looking at, hourly, daily, weekly or monthly. It lends itself to pattern recognition and trend line support, resistance and channel lines.

I want to explain the basics and then I want to show you specific patterns so you can see for yourself how to utilize them. In addition, I will also include the patterns that have a higher frequency of occurring and explain briefly what they symbolize and how you can trade the markets from recognizing them when they do occur. This is a basic overview for those who do not understand and should be a great stepping stone for advancing to the next level when you are ready.

In figure 3. The white or hollow candle in figure 3. Most beginners may confuse this when using or looking at candlesticks for the first time especially when looking at the white or hollow candles versus the dark ones. Candlestick analysis does not have to do with only just the symbol of one single candle but rather several that forms a pattern.

These formations have names as does the individual candles. The Hammer Fig. You need to know that there are three main characteristics that they need in order to qualify.


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The real body is at the upper end of the trading range and that the color white or black is not important. It should have little or no upper shadow like a shaved head candle. The Star Fig. It usually can signal a reversal. Here again the color does not matter but the body should be at the lower end of the trading range with a long shadow.

The significance here is that it shows the market opened near the low of the day then had an explosive rally that failed and then closed back down near the low of the day. Usually there is little or no lower shadow like a shaven bottom. When it is at the bottom of a downtrend this is called an inverted Hammer. The color white or black is not important. The Doji Fig. They indicate a change of direction.

They are more powerful as an indicator for a market top especially after a long white or hollow candlestick meaning the market closed above the open. They signify indecision and uncertainty. They can work to indicate bottoms but there are more signals needed to confirm a bottom using Doji. There are several types, The Gravestone Fig. The first one is normally a tall white or hollow real body the second one is a small real body It can be white or black this gaps higher and can form star formation a Doji can also be in the middle and that is considered even more bearish.

Anyway the third is a black candlestick and the important concept here is to know that it should close well into the first candles real body. There is an important correlation with the number three in the art of studying candlestick charting. As you can see the engulfing bearish line is signaled where a black candle's real body completely covers the previous white candle's real body. It is important to note that the opening is higher than the first candles real body and the close is below the first candles middle portion of the body. The engulfing bearish pattern occurs during an up trend. It signifies that the momentum may be shifting from the bulls to the bears.

The Bullish Engulfing pattern Fig. It is also relevant to note that the opening is lower than the first candles real body and the close is above the first candles middle portion of the body. The engulfing bullish pattern is bullish during a downtrend. It signifies that the momentum may be shifting from the bears to the bulls. The Dark Cloud Cover in Fig.

Usually it appears after an up trend. The first white candle is followed by a black candle the important features here are that the dark candle should open higher than the white candles HIGH and close well below the mid point of the white candles real body. This is known as a reversal pattern or a warning of a trend change especially at tops of markets. It is not important that the colors be opposite but I notice that the more reliable signals are generated when the colors are opposite.

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If the second candle instead of representing a form like a spinning top was a Doji then this would be considered a Harami Cross. Those are rare and are more powerful sell signals at market tops. This tells me, especially after a long advance, buyers are changing their minds and the market is changing hands from bulls to bears or sellers are entering the market.

At least further examination of a potential opportunity should be explored. A Bullish Harami as san example is shown in figure 3. Remember that for the bullish Harami the first candle is usually a long Dark candle signifying the market closed below the open with little or no real shadows at both ends and then the next trading session a Doji formed. Fig 3. This signals that the longs have failed to maintain the momentum. The Morning Star Fig. The first candle has a long black real body; the second candle has a small real body that gaps lower than the first candles body.

If the second candle is a Doji then the formation leads to a stronger signal. It is important that it is a white candle and closes well above the midpoint of the first candles real body. The Piercing Pattern Fig.


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The piercing pattern is a bottom reversing two-candle pattern. It requires the first candle to be a long dark candle and the second candle must gap open lower than the first candle. The other important characteristic is that it closes well above the midpoint of the long dark first candle. Figure 3. The characteristics start with a long dark or black candle.

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Some software vendors use the color red instead. Next it is followed by three white or again some charting services use the color green for white or candles that close higher than the open.

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The three little candles usually remain within the range of the first black candle that includes both the real body and shadow. The last portion of this formation is the next long dark candle closes below the first black candles close.

Common Financial Analysis

This is a continuation pattern that indicates prices will continue lower. During the beginning stages of an advancing price trend an unusual long white candle is preceded by three smaller dark or black candles. The three methods pattern and again it can even be just two but the textbook version is three smaller candles need to stay within the range of the first long white candle. The last white candle shows a powerful advancing white candle that should open above the previous sessions close and it should close above the first long white candles close as well. This is like a western Bull Flag formation that indicates higher prices to come.

Examine figure 3. The downtrend stopped by the formation of a wide ranged Hammer candle, which set the bottom for the market. Below in figure 3. The Morning Doji star bottom that formed in March was a clear buy signal that last nearly five months. The Rising Three methods also indicated that the trend or price advance would continue. One point I would like to make is that when dealing with different time frames be aware that if it takes, for example, three time frames for a pattern to develop it usually takes at least three or more time frames for the results or in this case the price advance to develop.

The Morning Doji Star is a powerful bottom signal formation.

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When they occur, have confidence to ride the move and watch for other a continuation pattern like the Rising Three Methods to form in order to help keep you on the right side of the market. Look at the chart below in figure 4. Shooting Star Fig.