The power of Japanese candlestick charts- Advanced Filtering Techniques for Trading Stocks, Futures, and Forex offers a full and sophisticated range of charting techniques using candlestick methodology.
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Author: Fred Tam
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A practical, must-read guide to candlestick charting techniques
Japanese candlestick charting is a highly effective method for timing the market for short-term profits. Unlike most western techniques—moving average, relative strength index, MACD, stochastic, Bollinger bands, or Elliot waves—candlestick charting signals are based on very close analysis of product price, producing accurate buy or sell signals between two and ten periods earlier than other techniques. In The Power of Japanese Candlestick Charts, noted author and futures trading expert Fred Tam offers a full and sophisticated range of charting techniques using candlestick methodology.
- Written by Fred K. H. Tam, a noted pioneer in exploring the Japanese candlestick methodology
- Ideal for anyone who wants to invest or trade in both the futures and stock markets
- Includes hundreds of illustrated charts
The Power of Japanese Candlestick Charts is a comprehensive and valuable guide to candlestick charting that is perfect for analysts, stock or day traders, and short-term position traders.
What is Japanese candlestick
A Japanese candlestick is a type of price chart that shows the opening, closing, high and low price points for each given period. It was invented by Japanese rice merchants centuries ago, and popularised among Western traders by a broker called Steve Nison in the 1990s.
Today, Japanese candlestick charts are the most popular way to quickly analyse price action, particularly with technical traders. They offer much more information visually than traditional line charts, showing a market’s highest point, lowest point, opening price and closing price at a glance.
This book is about applying the popular time-tested Japanese candlestick technique to spot market turning points. After all, making money from the markets is all about predicting correctly when the market is about to turn, and the Japanese candlestick technique does this job superbly.
I find the candlestick technique very applicable for trading actively traded financial instruments such as stock indices, foreign exchange (forex), commodities futures, and stocks. This is because most, if not all, financial instruments tend to exhibit short-term rallies only to be followed by short-term corrections regardless of their time frames. Their trading cycle ranges from 5 to 15 candles. It is fun to be on the right side of the market, buying at or near market bottoms and selling at or near market tops. But the question is, “How do I know if today’s market action constitutes a market bottom?” Conversely, after a sharp rally of a few sessions, what signals are there to tell you that your stocks have topped out and are due for a correction?
Questions like “Is this the right time to buy?” or “Is this the right time to sell?” have always been a talking point amongst traders and investors. The objective of this book is to provide an answer to these questions. There are many techniques out there, mainly from the West, like the moving average, relative strength index, moving average convergence divergence (MACD), stochastic, momentum, Bollinger bands, Elliott waves, and so on, that can help you time your entry and exit. I strongly believe that these Western techniques should be part of a trader’s arsenal.
PART I BASIC CANDLESTICKTECHNIQUES
CHAPTER 1 Introduction
CHAPTER 2 Single Candle Types
CHAPTER 3 The Umbrella Group
CHAPTER 4 Reversal Patterns
CHAPTER 5 Continuation Patterns
CHAPTER 6 Summarizing
PART II ADVANCED CANDLESTICKTECHNIQUES
CHAPTER 7 Filtering with Western Indicators
CHAPTER 8 P.I. System Trader
CHAPTER 9 Sakata’s Five Methods
CHAPTER 10 Computerized Candlestick
CHAPTER 11 Conclusion: Facts about Candlesticks
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