tradingformoney

Using large body candlesticks and how to trade them.

NYSE:V   VISA INC
60 0 0
Recently I read Beyond Candlesticks By Steve Nison. The reason I find this information published by this author significant is because the book is required material by market technician association ( the organization that provides the certifications to become a charted market technician). With this certification you are allowed to have the series 86 exam exempt. Which means you are now certified to be a research analyst .

In the book I read some interesting points. However I am only going to discuss the large candle sticks that the author mentioned. He mentioned for instance on a large bull candle stick ( on the chart the bull candle is green) that support is found in two areas. The first area of support is at the bottom of the bull candlestick . While the 2nd area of support is found 50% of the large bull candle.

As for bear candlesticks ( red candles on the chart are the bear candles), when a large bear candlestick is formed
the top becomes resistance. While the 2nd area of resistance is found 50% of the candle stick.

The chart above illustrates a case study of this. For the large candlesticks I only used candlesticks that were $15 from the high to low.

I highly recommend reading this book. It has alot of other interesting points on Japanese candlesticks .
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