Japanese Candlestick Charting

Taso Anastasiou
Director: FX/PM Global Technical Strategy Group
UBS Investment Bank

Phone : +44 (0)20 7567 6870

E-Mail : taso.anastasiou@ubs.com
Aims and Objectives of The Session

♦ Interpretation
♦ Timing trades with candlestick patterns
♦ Money management – identifying risk levels

3070446L.ppt 1
Candlestick History

♦ By the early 15th century the Shogun Tokugawa had created a

unified country by pacifying the 60 Daimyo feudal lords. This
facilitated more freedom to trade between the provinces as well
as towns such as Edo and Osaka. (Osaka became the centre of this
trading activity). Even today, the traditional greeting in Osaka is
“Mokarimakka”, which translated means, “are you making a
profit?”

♦ Early records show charts were first used in Japan in the early 16th
Century to record price fluctuations on feudal Japan’s rice
exchanges

♦ Rice was essential to the Japanese economy; a unit of exchange

and the primary dietary staple of the Japanese people

3070446L.ppt 2
Candlestick History (continued)

♦ There were as many as 1,300 rice traders working in Osaka at the

Dojima Rice exchange. As trade developed, receipts from rice
warehouses were accepted as payment and hence the first futures
contracts were effectively traded

♦ Sokyu Honma (1716–1803) was a brilliant rice merchant who

is widely acknowledged as being the grandfather of Candlestick
charting

♦ Honma was such a successful trader that he eventually attained

the status of bushi or samurai – an amazing accolade for the time
as merchants were regarded as being very low on the social ladder

♦ Honma developed a series of rules which were called the “Soba

samni no den” or the Sakata Constitution

3070446L.ppt 3
The Different Types Of Chart

Line chart Anchor line

Close Open

Open Close

Bar chart Point and fig chart

Close Open

o
Open Close
o
3070446L.ppt 4
What is a Candlestick Chart?

3070446L.ppt 5
Candlestick Components
Close

♦ A Candlestick shows the same

four price plots used to construct
a typical bar chart i.e. open, high,
low and close
Open
♦ Candles are colour coded for; up
closes i.e. close > open and down
closes i.e. close < open Open

Close
3070446L.ppt 6
Candlestick Composition
H
“Uwakage” O Upper shadow

“Jittai” Real body

“Shitakage” C Lower shadow

L

The Candlestick Is Divided Into 3 Distinct Areas

• Upper Shadow
• Real Body
• Lower Shadow

3070446L.ppt 7
Candle / Bar Chart Comparison

3070446L.ppt 8
“Jittai”—The Real Body

♦ The Real Body represents the area between the opening and
closing prices
♦ The closing price is the most important piece of information since
it concludes the sessions trading and provides an insight into
market sentiment
♦ Most technical indicators use the closing prices as the basis for
their calculations

3070446L.ppt 9
The Real Body

♦ The size of the real body can provide useful clues regarding
prospective corrective / reversal points

♦ The colour of the real body can be used to identify directional

changes in any given market, over any given time frame

Close

Open

Close

Open

3070446L.ppt 10
Impact of opening vs previous closing

Danger—reversal

Normal—continuation

Neutral—correction

Short term consolidation

Danger—reversal

3070446L.ppt 11
“Uwakage–Shitakage”— Shadows

The longer the

shadow the more
significant the level

Short
covering
“TAKURI”—
and buying
Testing the Water
Critical support pressure
off this level

3070446L.ppt 12
The 50% level—Market Profile©

♦ To understand the importance of the 50% level it is necessary to

understand the concept of Fair Price and Market Profile©. For any
given distribution there will be a level which is accepted by the
market i.e. an equilibrium point. A close above the Fair Value area
serves as a very useful guide what that consensus is
Extremes

Sellers Close
Fair
value Fair price
area Point of control
Buyers

Extremes

3070446L.ppt 13
 The dynamics of a candle line

RB—becoming smaller Long shadows either side

Closes below previous

equilibrium price

3070446L.ppt 14
The dynamics explained

♦ A normal candle is called a strong line, this simply means it

represents a positive continuation of either a bullish or bearish
move

♦ The smaller the real body, the weaker the line. Typically this
reflects consolidation when uncertainty exists and traders square
positions looking for a potential reversal or correction

♦ Lengthening shadows herald the existence of weakness in a trend

♦ Significant penetration into the previous line is a potential
reversal once confirmation has occurred

3070446L.ppt 15
The classification and single candle lines
SECTION 2
The classification
The original eight

1 2 3 4 5 6 7 8

3070446L.ppt 17
A new perspective

♦ Any market can only make one of eight moves

♦ Interpretations may vary in different markets but the basis
remains the same

♦ There are no other possibilities

♦ Once you understand the eight moves you then apply them to
the markets you are trading

“ This is the key to the technique

”

3070446L.ppt 18
1. The standard line

(+)

(–)

♦ The standard line is generally considered to be a continuation

move. They have strong real bodies and small lower / upper
shadows. They will not provide you with any specific clues in terms
of a potential change in market direction, they merely reinforce
the existing directional bias

3070446L.ppt 19
Standard lines

3070446L.ppt 20
2a. The Koma—spinning top

(+/–) (+/–)

♦ The Spinning Top is a neutral pattern and is distinguishable by its

small real body and long shadows either side of the real-body

♦ Generally the market is considered to be consolidating when this

pattern is formed. The market has little directional conviction

3070446L.ppt 21
Koma

3070446L.ppt 22
2b. The star—“Hoshi”

A ‘Koma’ that gaps away from the

market becomes a ‘Hoshi’ or star

The Gap is a window or ‘Ku’

The market has become

very weak and is showing
signs of imminent
reversal

♦ A potential top reversal pattern

3070446L.ppt 23
Hoshi

3070446L.ppt 24
3. The Doji—reversal

Juji Tohba Tonba

♦ The Doji is very important, it is considered to be a reversal line or

warn of indecision

♦ The Doji represents the area where Bulls and the Bears meet.
Opening / closing prices are equal. Doji means ‘same as’, in
Japanese

3070446L.ppt 25
3a. The Rickshaw man—“Juji”

Juji

♦ The Long Legged Doji—(Rickshaw man), shows a potential turning

point where the upper and lower shadows are long and of
approximately equal length

3070446L.ppt 26
The Rickshaw man—“Juji”

3070446L.ppt 27
3b. The Gravestone Doji—“Tohba”

♦ It is called the gravestone because of its shape. This candle is

considered to represent the onset of an impending reversal if
observed in an up-trend

Market rejects this level

strong selling pressure

Tohba

3070446L.ppt 28
Doji—NIKKEI

3070446L.ppt 29
3c. The dragonfly Doji—“Tonbo”

♦ This is the opposite of a Gravestone and is found at market

bottoms

Strong buying pressure

at this level—critical
Takuri - support point

3070446L.ppt 30
3d. The Doji Star

♦ One of the strongest reversal patterns, found at tops and

bottoms. Is known as a pattern of three, though at this stage the
Doji that gaps away from the previous close is warning enough

‘Ku’

“Hoshi”

3070446L.ppt 31
Doji Star

3070446L.ppt 32
4. The Umbrella—“Karakasa”

Hanging Man Hammer

Takuri
Takuri

♦ At the top of the market this pattern is called a hanging man,

but at the bottom of the market it is known as a hammer

3070446L.ppt 33
4. “Karakasa”—Umbrella reversal

♦ There are two distinctive variations of the umbrella pattern

♦ The Hanging Man which appears at a market top and the
Hammer which appears at a market bottom

♦ An umbrella should have a small real body with little or no upper

shadow. The lower shadow should be two to three times the
length of the real body

♦ The umbrella is widely regarded as a reversal line but

confirmation of reversal is required

♦ The colour of the real-body is usually not considered to be

important but would recommend that you do pay attention to
the direction of the closing as this gives additional weight to
the pattern

3070446L.ppt 34
4a. The Hanging Man

♦ The market has to be in a

clearly defined up-trend

♦ The market shows signs of

weakness and aggressively
tests the downside

♦ The session however closes

Support much higher than the
recorded low

3070446L.ppt 35
The Hanging Man (continued)

LIFFE Lg-Gilt Hanging Man

Dark Cloud Cover

Shooting Star

3070446L.ppt 36
4b. The Hammer

♦ The Hammer is a very

important bottoming reversal
pattern

♦ The colour of the real body is

less important than for the
Hanging Man as the market
has bounced off a low in
a downtrend

♦ Strong buying has occurred,

and indicates a good level
of support
Support
♦ The long shadow is indicative
of the strong buying pressure

3070446L.ppt 37
Hammer

3070446L.ppt 38
Karakasa

Inverted Head and

Shoulders Reversal

3070446L.ppt 39
Hammer

Bearish Engulfing Pattern

The Hammer in Zone 1, fails to confirm the positive tone
the weight of the signals following the hammer are -ve.
Hammer

The Hammer in Zone 2, fails to confirm at first. Notice Hammer

the resistance that has been established following the
formation of the hammer.
Piercing Line

3070446L.ppt 40
5. Inverted Hammer—reversal
Shooting Star Inverted Hammer

♦ This pattern is the direct opposite of the umbrella lines

or Karakasa

♦ The shooting star can be a powerful reversal signal in an up-trend

(but only on a new high)

♦ An inverted hammer is indicative of a strong area of resistance,

confirmation is sought prior to entering any new long positions

3070446L.ppt 41
Shooting Star

3070446L.ppt 42
Shooting Star
Shooting Star
Shooting Star

3070446L.ppt 43
6/7. The Bozu Line

Closing Opening Opening Closing

Marubozu Marubozu Marubozu Marubozu

♦ Also known as a Belt Hold lines or Shaven Top and Bottom.

These are regarded as continuation lines

3070446L.ppt 44
8. The Marubozu

50% level
critical

♦ The Marabozu is a candle line with no upper and lower shadow

♦ The period opens and closes on the low and high
♦ The Marabozu is very common in short term charts, especially
after the release of economic data. Corrections are likely in the
period following after the pattern

3070446L.ppt 45
The Long Standard line

♦ The Long Standard line is easily identifiable as a single candle line

which is two to three times the length of a normal standard line
(it stands out)

♦ Like the Marabozu this line generally corrects and it is quite

common to draw corrective retracements along the length of the
move in order to be able to ascertain the ability of the trend to
continue in its actual direction and to sustain the momentum of
the trend

♦ Because of the abnormal size of the move a correction or

consolidation phase is likely to occur after this particular line

3070446L.ppt 46
The Long Standard line

3070446L.ppt 47
The classification

1 2 3 4 5 6 7 8

Positive or negative—depends on the colour of the real body

3070446L.ppt 48
The classification (continued)

1 2 3 4 5 6 7 8

Neutral—Koma market has little directional conviction

3070446L.ppt 49
The classification (continued)

1 2 3 4 5 6 7 8

Reversal—Juji–Tohbo at bottom—Tonbo at top–Hoshi

3070446L.ppt 50
The classification (continued)

1 2 3 4 5 6 7 8

Reversal—At bottom Tonkachi very strong.

At top Kubitsuri quite weak

3070446L.ppt 51
The classification (continued)

1 2 3 4 5 6 7 8

Reversal—Tohba at top very strong.

Nagare Boshi at bottom very weak

3070446L.ppt 52
The classification (continued)

1 2 3 4 5 6 7 8

Continuation—Opening Bozu—hits resistance in an uptrend.

Very strong close in a downtrend

3070446L.ppt 53
The classification (continued)

1 2 3 4 5 6 7 8

Continuation—Closing Bozu—hits support in an downtrend.

Very strong close in an uptrend

3070446L.ppt 54
The classification (continued)

1 2 3 4 5 6 7 8

Corrective—Marabozu—no shadows usually very aggressive

3070446L.ppt 55
“Sandome no shojiki”

The Japanese candlestick chart

Part 2 reversal patterns

3070446L.ppt 56
Reversal patterns two-day lines

♦ In section 1 we looked at the individual classification of the

various candle lines and have assigned a nominal value to the
moves in terms of positive, negative and neutral

♦ In this section we look at the two-day (session) reversal patterns

♦ In this section it is essential to understand the impact of the
opening vs the previous session closing value as this often
provides directional clues

♦ We also look at a technique which is derived by combining the

open of the first day and close of the second day to look at the
candle formation as a single line. This is done to achieve a greater
understanding of changes in market sentiment

3070446L.ppt 57
Gyakushushen
Counter attack lines

3070446L.ppt 58
1. The Tsutsumi line

Bearish Tsutsumi line Bullish Tsutsumi line

3070446L.ppt 59
1a. The Bearish Engulfing line—Tsutsumi line

Tsutsumi line
Close ♦ The Engulfing Line is one
of the strongest reversal
patterns and is an effective
method for identifying
changes in market
sentiment

♦ The market has to be

Trend trending for this pattern to
be validated

3070446L.ppt 60
1a. The Bearish Engulfing line—Tsutsumi line

Tsutsumi line
Open ♦ The next period opens
higher than the previous
close, creating a gap or ‘Ku’,
Gap (in section 1 we saw this
phenomena is usually a sign
of market weakness)

♦ The real-bodies are

obviously of opposite
colours

3070446L.ppt 61
1a. The Bearish Engulfing line—Tsutsumi line

Tsutsumi line
♦ The close of the current
Open candle line is lower than the
previous session open—
engulfing the whole of the
last real-body

♦ The shadows are not taken

into consideration at
this stage
Close

3070446L.ppt 62
1a. The Bearish Engulfing line—Tsutsumi line

Tsutsumi line
♦ The open of the first day
and close of the second
day would result in the
entire session resembling
a, Tohba or Shooting Star

♦ This technique gives

additional understanding
to the analyst and
suggests that this pattern
does not require
confirmation

3070446L.ppt 63
 1a. The Bullish Engulfing line—Tsutsumi line

Tsutsumi line ♦ Is the reverse of the bearish

engulfing pattern and is very
strong with the 2DC forming
a hammer

♦ There must be a reasonable

trend in place for this pattern
to to be effective

♦ Trading strategy is to square

trades that are positioned
with the prevailing trend
and get ready to reverse if
second day follows
through—(confirmation is
not necessarily required if
(2 day line–classification = Tonkachi = Positive) all the rules have been
adhered to)
3070446L.ppt 64
The Tsutsumi line

3070446L.ppt 65
The Tsutsumi line

3070446L.ppt 66
2. The Kabuse line

3070446L.ppt 67
Bearish Deaisen

Major support
♦ The Bearish meeting line is
found at the top of a
trending market
Gap
♦ Price action initially gaps
away from the previous
close but closes into the real
body of the previous session

♦ The most common pattern

in the bearish meeting line
family is Dark Cloud Cover

2/D,C

3070446L.ppt 68
Examples

USDJPY Bearish Engulfing Bearish Deaisen

Pattern
Two Crows

Hammer

3070446L.ppt 69
2. Dark cloud cover—Kabuse line

Kabuse line ♦ Very similar to the Engulfing

pattern but does not engulf the
whole of the previous ‘Jittai’

♦ A sustained up-trend is required,

with price action of the active
session opening higher than the
close of the last session and in
turn closing well into the
previous real-body

♦ The greater the penetration into

the previous period the stronger
the signal

♦ Trading strategy—close long

positions, go short when trend
reversal confirmed
3070446L.ppt 70
2. Dark cloud cover—Kabuse line (continued)

2/D,C
Kabuse line

(2 day line—classification = Shooting Star = Negative)

This line is a reversal but is weaker than the

engulfing pattern therefore a close below point
(a) would act as a confirmation.

3070446L.ppt 71
Kabuse

3070446L.ppt 72
Counter attack lines—Deaisen

Major support ♦ Deaisen is a meeting line—

in effect two periods of price
action converge, to form a
reversal pattern known as the
Piercing line

♦ Sashikomi occurs when a big gap

occurs between the close and the
opening of two sessions with
price action returning to close on
Gap
the high meeting the old price
action

♦ The 2/D,C Shows the long Takuri

and suggests that price action
has touched a key support but
2/D,C confirmation is required prior to
reversing a position i.e. a new
high in the next trading session
3070446L.ppt 73
3. The Piercing pattern—Kirikomi line

Kirikomi line ♦ Similar to the Engulfing

pattern but does not engulf
the whole of the previous
‘Jittai’

♦ An important feature of this

2/D,C pattern is that you must get
significant penetration into
the previous real body to
call a reversal
50%
♦ The greater the penetration
into the previous period the
stronger the signal

♦ Trading strategy—close long

(2 day line— positions, go short when
classification = Red Closing Tonkachi = Positive) trend reversal confirmed

3070446L.ppt 74
Kirikomi

3070446L.ppt 75
 3. The Piercing Pattern—Kirikomi line
Kirikomi Line 2/D,C 2/D,C 2/D,C

Standard
Tonkachi Bozu line

50%

Positive Neutral Continuation

The importance of closing well into the previous real body is

highlighted by the 2D/C

3070446L.ppt 76
5. The Harami line

Harami Harami Cross

Support Support

3070446L.ppt 77
5a. The Bearish Harami line
♦ The Harami similar to an
2/D,C inside day with the body of
a session contained within
the previous sessions real
body

♦ A market must be trending

before this pattern can be
Support considered a reversal

Shooting ♦ The market opens lower

Star than previous close and
immediately becomes
corrective as opposed to a
reversal signal

♦ Colours of the two bodies

are different

3070446L.ppt 78
5b. The Bullish Harami line

2/D,C ♦ Confirmation is required ( a

break in the direction of the
reversal on the third day
would suffice).

♦ Trading strategy—
Resistance
exercise extreme caution
when you see one of
these patterns, adjust
your stop-loss level
accordingly. If expecting
a full trend reversal it is
imperative to seek
confirmation prior to
Tonkachi acting.

3070446L.ppt 79
5c. The Harami Cross—Harami Yose Sen

Also known as
the Doji cross

♦ Because the last line is a Doji this pattern is much more significant
than the standard Harami line

♦ Shadows are excluded (except in the case of Tweezers which will

be covered later)

♦ Trading strategy—close current positions and look for

opportunity to stop and reverse where possible

3070446L.ppt 80
Harami

3070446L.ppt 81
6. The Doji Star—Doji bike

2/D,C 2/D,C

♦ This pattern was already outlined in section 1 but if a trend is

actually underway then the gap at the open of the Doji indicates
a strong possibility of reversal. This pattern would not be so clear
on a bar chart

♦ This pattern needs to be confirmed as the 2/D,C equates to a

standard line (3-line reversal pattern, see later)
3070446L.ppt 82
Doji Star

3070446L.ppt 83
7. The Separating line—Iki Chigai sen
♦ The basis for this line starts in
a trend when (as in the
example) the market closes
higher as expected. The next
opening creates a huge gap
on the open – however price
action closes lower on the
day near the previous days
close.

Gap ♦ Both days should be long

days.

♦ The pattern created in the

2/D,C does not break down
into a significant pattern –
no insight into the trend.
2/D,C

3070446L.ppt 84
Separating line vs Meeting line
Meeting lines Separating lines

♦ Separating line tends to be more explosive at the outset and are

continuation patterns.

♦ Meeting lines tend to be weaker.

3070446L.ppt 85
 8a. Tasuki

Support Resistance

♦ Shadows are not taken into consideration as we are primarily

concerned by the open of the real body which opens into the
previous days session suggesting Harami—but closes lower than the
previous session open
♦ This pattern is closely related to the Tasuki Gap which is a three line
reversal pattern

3070446L.ppt 86
Tasuki

Bearish Engulfing Pattern

Upside Tasuki Gap

Bullish Tasuki
Bullish Tasuki

Bullish Tasuki
Piercing Line

3070446L.ppt 87
7b. Tasuki Gap

Upside Tasuki Gap Downside Tasuki Gap

Support Resistance

Upside Tasuki Gap Downside Tasuki Gap

♦ The Tasuki Gap is a form of star, but rather than a spinning top or
Doji the gap is part of a Standard line. The Ambush line is the
third Confirmation line which closes the window and forces the
change in the trend and sentiment

3070446L.ppt 88
Tasuki and Tasuki Gaps

Tasuki Upside Tasuki Gap

Aggressive Sellers
below 0.8389

3070446L.ppt 89
Reversal patterns

Top reversal Bottom reversal

♦ Doji*** ♦ Doji***
♦ Shooting Star** ♦ Hammer***
♦ Hanging Man* ♦ Inverted Hammer*
♦ Star** ♦ Star **
♦ Bearish Engulfing Pattern*** ♦ Bullish Engulfing Pattern***
♦ Tasuki Gap** ♦ Tasuki Gap**
♦ Dark Cloud Cover** ♦ Piercing line**
♦ Harami line* ♦ Harami line*

3070446L.ppt 90
Three line reversals
Sandome no Shojiki

3070446L.ppt 91
8. The Morning and Evening Star

Evening Star Morning Star

3070446L.ppt
8a. The Evening Star

Evening Star
♦ The market has to be trending
♦ The second session is a small
star that has gapped away
from the price action
2
♦ The third session is always the
opposite colour of session 1

1 ♦ The related pattern (2d/c)

would result in a bearish
3
engulfing line/dark cloud
cover so is extremely negative

3070446L.ppt 93
The Morning Star

Morning Star

♦ The market has to be trending

♦ The second session is a small star
that has gapped away from the
price action

♦ The third session is always the

opposite colour of session 1

♦ The related pattern (2d/c) would

result in a bullish engulfing line /
piercing pattern so is extremely
positive

3070446L.ppt 94
8b. The Doji Star

Evening Doji Cross Morning Doji Cross

or Northern Star or Southern Star

3070446L.ppt 95
8b. Sute Go – Abandoned baby

2 Sometimes known as the

abandoned baby and is
distinguished by a trading
session that gaps away
from lines 1 and 3. This 1 3
pattern does not require
confirmation and
is very powerful. Essential
that the entire session gaps
away.

1
3

3070446L.ppt 96
Upside Gap 2 Crows
Shita banare niwa garasu
Upside Gap Two Crows

♦ Another 3 line bearish reversal

pattern —market is in an
uptrend and gaps higher in
second session

2 ♦ Third session again opens

higher and engulfs the body
3 of session 2.

1 ♦ Session 2 and 3 gap away from

session 1.

3070446L.ppt 97
Unique 3 River Bottom
Sankawa Soko Zukae

♦ This pattern is extremely rare

♦ Session 1 is in a downtrend with a
lower closing
2
♦ Session 2 is a Harami line of sorts
but has the lower close so the
colours of the real bodies are the
same in sessions 1 and 2

1 ♦ Session 2 has a long lower shadow

3 and in itself is a hammer or Takuri

♦ Session 3 is a positive session

Sankawa Soko Zukae below the middle day (can be a
meeting line).

3070446L.ppt 98
10. Three White Soldiers
Aka Sanpei

♦ This pattern shows a bullish

reversal

♦ Session 1, 2 and 3 are all

bullish standard lines

3
♦ The sessions all open roughly
in the middle of the previous
real body and close higher as
bearish sentiment falters
2
♦ No confirmation is required
Aka Sanpei
1

3070446L.ppt 99
Advance Block
Saki zumari
♦ This pattern is potentially a bearish
reversal and certainly defines
weakness in the current trend

♦ The three positive sessions in a

sustained up trend all open within
the previous sessions real body
3
♦ The advance block is highlighted by
2 the long upper shadows leaning
towards a shooting star

♦ Confirmation is required
1

Saki zumari

3070446L.ppt 100
11. Three Black Crows
Saki zumari

♦ This illustrates a bearish reversal

pattern

♦ Three consecutive down

sessions are formed

♦ Each line opens within the

previous days real body and
1 closes on or near its lows, but
lower than previous session
2
♦ No confirmation is required
3
Aka Sanpei

3070446L.ppt 101
12. The Harami age and Harami sage
1 Confirmation of a Harami pattern

2
Support Resistance
2

3
1

Harami sage Harami age

3070446L.ppt 102
13. The Tsutsumi age and Tsutsumi sage
1 Confirmation of an Engulfing pattern

Support
Resistance

1
Tsutsumi sage Tsutsumi age

3070446L.ppt 103
14. The Tweezers Top & Bottom—Kenuki

♦ Tweezers can be found at a market top or a bottom. The highs of

two sessions (top) or the lows of two sessions (bottom) are the
same. Includes the body (for example one day can be a
Marubozu). Indicates support or resistance.

♦ Tweezer tops or bottoms are more effective when they form part
of a reversal pattern.

3070446L.ppt 104
15. High Wave Warning—Takane nochiai

5 6
3

2 4
Trend Support
7
8
1

♦ This usually occurs after a strong rally, the high wave is made up
of a series of spinning tops, doji’s and umbrellas

♦ There are lots of clues to the direction of the breakout, but seek
a confirmation line

3070446L.ppt 105
15. Tower Tops and Bottoms—Ohtenjyou

Trend Support

1 2

♦ This pattern would equate to a double top and the break below
the support following the second tower and bearish engulfing
pattern gives ample warning of the trend reversal

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Identify The Patterns

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Identify The Patterns

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Identify The Patterns

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Bibliography and References

♦ Candlestick Charting Explained—Gregory L. Morris

♦ Japanese Candlestick Charting Techniques—Steve Nison

♦ Beyond Candlesticks—Steve Nison

♦ The Japanese Chart of Charts—Seiki Shimozu Stocks & Commodities

♦ Pattern Recognition & Candlesticks—Gary S. Wagner & B.L. Matheney

♦ Compressing Candlestick Patterns—Jean-Olivier Fraisse & K.D. Armstrong

♦ Candlesticks & Preserving Capital—Gary S. Wagner & B.L. Matheney

♦ Candlesticks as a leading indicator—Gary S. Wagner & B.L. Matheney

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