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High volumes on the third trading day confirm the pattern. Traders look at the size of the candles for an indication of the size of the potential reversal. The larger the white and black candle, and the higher the white candle moves in relation to the black candle, the larger the potential reversal. The chart below illustrates.
Big Black Candle Has an unusually long black body with a wide range between high and low. Prices open near the high and close near the low. Considered a bearish pattern. Big White Candle Has an unusually long white body with a wide range between high and low of the day. Prices open near the low and close near the high.
A candlestick chart (also called Japanese candlestick chart or K-line) is a style of financial chart used to describe price movements of a security, derivative, or currency. While similar in appearance to a bar chart, each candlestick represents four important pieces of information for that day: open and close in the thick body, and high and ...
An OHLC chart, with a moving average and Bollinger bands superimposed. An open-high-low-close chart (OHLC) is a type of chart typically used in technical analysis to illustrate movements in the price of a financial instrument over time. Each vertical line on the chart shows the price range (the highest and lowest prices) over one unit of time ...
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This is done by watching the Order Book and also footprint charts. [2] Order flow analysis allows traders to see what type of orders are being placed at a certain time in the market, e.g. the amount of Buy and Sell orders at a given price point. [ 3 ]