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2. 3.
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4. There are a nearly infinite number of chart patterns with an
equally long dictionary of nomenclature, but among the most
commonly recognized are the essentials of Japanese candlesticks.We
will cover a few of these, continuing today with the single candle
indicators. Courtesy of google images Forex Candlesticks 5. The
Hammer and the Hanging Man are the identical individual
candlesticks within a different trend pattern.The candle forms when
a price moves significantly lower after the open, but rallies to
close well above the intraday low. The resulting candlestick has
small body with a long stick. If this candlestick forms during a
decline, then it is called a Hammer while it is termed the Hanging
Man when formed during an uptrend. Many believe the Hammer to be a
stronger indicator than the Hanging Man in its environment.Courtesy
of google images Hanging Man & Hammers 6. Again, the Inverted
Hammer and the Shooting Star are identical candles in their single
form.Price opens higher, trades much higher, then closes near its
open.This candle found in a downtrend is termed the Hammer and is
felt by many to be indicative of an impending uptrend.The same
candle positioned in an uptrend is a Shooting Star and is often
felt to be a strong reversal signal.Courtesy of google images
Inverted Hammer & Shooting Star 7. Although candlesticks can be
considered indicators in their single form, most still indicate a
specific movement based on the price environment in which that
candle is located.Know your candles as they are the base of most
chart interpretation, but always be sure to test how you are
applying your knowledge. Closing Notes 8. Are you part of the
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