By Melvin Pasternak
During this publication i've got chosen 21 candles that i think each dealer may still understand by way of identify. those are the candles that during my adventure take place most often and feature the best relevance for making buying and selling judgements. simply as understanding the
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Extra info for 21 Candlesticks Every Trader Should Know
The evening and morning star are complete in and of themselves, so the trader should strongly consider taking trading action immediately upon their appearance. The evening star pattern occurs during a sustained uptrend. This is my nursery rhyme for the evening star: "IF YOU SEE THE EVENING STAR, A TOP IS OFTEN NOT VERY FAR. On the first day we see a candle with a long white body. Everything looks normal and the bulls appear to have full control of the stock. On the second day, however, a star candle occurs.
Toward the end of June, it broke through 440 intraday, briefly approaching important resistance (not shown on this chart) near the 450 level where it had stalled twice before in November 2004 and March 2005. The candle that formed was a shooting star. Note how the large upper shadow went above the upper Bollinger band and the small real body. The $SOX had tested important resistance and failed. The next trading day, it sold off sharply bearishly engulfing the real body of the star candle. The $SOX then retreated to support near 418.
However, if the stock continues its negative pattern on the fourth day, then it is likely that the issue is going much lower.
21 Candlesticks Every Trader Should Know by Melvin Pasternak