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However, the way these two components are shown can differ based on regular vs. All candles are solid in a “regular candle” chart.a Figure 2: .A red candlestick forms when the price closes lower than the previous time period.If its an hourly chart, each candle represents one hour of trading, a 5-minute chart means each candle is 5 minutes and so on.Regardless of time period, each candle is made up of two components and can be used in exactly the same way to conduct the analysis. Each candle here is represented as one day’s price action shown under “Time Frame”. If the candle is green, the price closed above the previous time period, if red, the price closed below the previous time period.Through these two components, we can see at a glance the opening price, closing price, highest and lowest prices of the market for that period.The main body of the candle shows us the opening price and closing price for the period, as well as the direction of the market for that specific time.These emotional swings in traders can be shown through patterns that we will dig deeper into later.Each candle represents the trading activity for whatever period of chart you are looking at on a stock, index, or other trading instruments.
Candlestick charts first appeared as far back as the early 1800s, and as with anything in trading, many people claimed credit for the idea.As many of these patterns can be grouped into subgroups, we will explore each group below and explain their significance.The hammer pattern describes a candle that has a long wick underneath (the shadow) and a small body at the top that is at most half the length of the shadow.Color is a huge determining factor for candle analysis but identifying the difference between a solid and hollow candle chart can be just as important.With solid candle analysis, the candle is solid regardless of the move.
But have you ever looked at those charts and wondered what it all means?