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Back then, there were no computers, and all the price changes were hand-drawn. In Europe, Japanese candles appeared much later, only in the 90s of the last century, by the efforts of a trader and analyst Steve Nison. Although the books of Steve Nison were written more than 20 years ago, they do not lose their relevance until now and are recommended for novice traders to read and learn. A trading chart consisting of Japanese candles has advantages over the bars and line charts. It shows the closing price at a certain point in time, the opening price, and the maximum and the minimum price.
The picture below shows three types of price charts from left to right — line chart, bar, and candle. The line chart is the most visible, but its main drawback is that it is not informative enough. As opposed to line charts, Bars are more informative, but Japanese candles are considered the most visual and convenient for novice traders, so I recommend working with candle charts.
Below is the structure of the Japanese candle. The color of the candles can be different. A Japanese candle is one time period that can be absolutely anything from the minute M1 to monthly MN. The body of a candle is a rectangle between the price of opening and the price of closing the candle.
If the closing price of the candle is lower than the opening price, and the body is painted red, then you have a bear candle in front of you. The maximum and minimum of candles show price fluctuations during a given time period. Candlestick charts are composed of many individual candles.
Each candlestick reflects information about trading for a certain timeframe. For example, on a fifteen minute M15 chart, each candlestick contains all the trading information that took place during those fifteen minutes. The trading information that is displayed in Japanese candles contains data on the opening price of the candlestick, the lowest price, the highest price, the closing price, as well as data on the direction of the candlestick size.
All this information is displayed graphically i. The opening price of a candlestick is depicted on the chart as the wide part of the candlestick combined with its color. If the Japanese candlestick is pointing up, then the opening price is at the bottom of the wide part of the candlestick. Conversely, if the candle is downward, then the opening price is displayed at the top of the wide part of the candle.
The open price is the price at which the first trade was made in a certain period of time with the Japanese candlestick. The candlestick closing price on the chart is also displayed on the chart as the wide part of the candlestick in combination with its color. If the candlestick is pointing up, then the closing price is displayed in the upper wide part of the candlestick. If the candlestick is downward, then the closing price is in the lower wide part of the candlestick.
The closing price is the price at which the last trade occurred during the time frame of the candlestick presented. The highest and lowest candlestick prices are displayed at the top and bottom of the candlestick shadow.
High is the highest price at which a trade was made for a specific timeframe of a candle, and Low is the lowest price at which a trade was made over the same period of time. The direction of the Japanese candlestick can be determined by the color of the candlestick.
For example, an upward candlestick might be colored green and a downward candlestick colored red. Most charting programs allow you to independently choose the color of candles, but in order to be able to read Japanese candles, you need to paint upward and downward candles in different colors. The direction contains information about the direction in which the price moved over a certain period of time. This line is called the candle shadow or wick. The range of the candlestick reflects the price volatility over a specific period of time.
If the shadow of a candlestick is shorter than that of the previous candlestick, then the price range has narrowed i. If the shadow of a candlestick is longer than that of the previous candlestick, then the price range has increased i. In order to calculate the range of price movement, subtract the minimum from the maximum price and get the size of the candles. Japanese candles can be used to determine trends on a trading chart.
Recall that the downtrend is a combination of falling highs and lows, and the uptrend is a combination of rising highs and lows. History of Japanese Candles Japanese candles appeared in the 17th century, thanks to Japanese rice traders at the very beginning of the stock market trading.
What are Japanese Forex Candles? Candlestick analysis has become available to modern traders through the books by Steve Nison and the writings by Gregory Morris, who studied and translated this method. Candlestick model reflects the psychology of market participants. Candlestick patterns often give positive signals for opening and closing deals.
To interpret candlestick patterns, it is recommended to look at the last candlestick on the right side of the chart and note if it is correlated to the previous one. If this is not enough, then you need to consider a combination of three subsequent candles. The best results were achieved while using day candlestick charts.
Candlestick chart is ineffective if you consider shorter time intervals for analysis. This analysis is simple and understandable for any trader, and its advantage is that it can be used in conjunction with other analytical tools. Although a novice trader may have some difficulties when recognizing candlestick patterns, after some time this will no longer be a problem.
The Japanese Yen is the third most commonly traded currency in the world after the US Dollar and the Euro. The Japanese Yen is the national currency for the. USD/JPY is the forex ticker that shows the value of the US Dollar against the Japanese Yen. It tells traders how many Yen are needed to buy a US Dollar. Japanese Candlesticks are a technical analysis tool that traders use to chart and analyze the price movement of securities. The concept of candlestick.