By Melvin Pasternak
During this booklet i've got chosen 21 candles that i think each dealer should still understand by way of identify. those are the candles that during my adventure ensue most often and feature the best relevance for making buying and selling judgements. simply as understanding the
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Additional info for 21 Candlesticks Every Trader Should Know
All together, the technical indicators and two candles suggested that doubt and confusion existed in the minds of both buyers and sellers. Sellers were no longer motivated to exit the position, but buyers were not willing to step forward either. That situation changed the next day, when ZMH bounced sharply off support and formed a large white candle. On this session, Zimmer's future direction became clear in the short term -– up. 28, before succumbing to profit taking and retreating to support near $75.
Intraday, the stock was off nearly $5 and left a large gap between approximately the $60 and $62 level on the chart. Note also the large volume spike on that day. As we shall see later in this book, gaps in candlestick theory are called "windows," and create resistance to further price advances. 64 and began to recover. By mid-June it was back above $60 and trading into the window it had created the day of the acquisition. That in itself should have made any long cautious on AVID. Another reason for prudence, however, was that it was overbought.
This will also serve to drive the stock back down. With this candle, it is imperative to watch the next day's trading action. If the stock opens strongly and remains strong during the day, then a key reversal is likely in progress. Not every inverted hammer will tune you in to this kind of short-covering situation. However, when you do see its appearance on a chart, then I suggest you do two things. First, check the short interest in the stock. Second, if that short interest is substantial, then follow the stock closely the next trading day.
21 Candlesticks Every Trader Should Know by Melvin Pasternak