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Candlestick charts are thought to have been developed in the 18th century by Munehisa Homma, a Japanese rice trader. [2] They were introduced to the Western world by Steve Nison in his book Japanese Candlestick Charting Techniques, first published in 1991.
In Japanese Candlestick Charting Techniques, technical analyst Steve Nison says "The three crows would likely be useful for longer-term traders." [2] This candlestick pattern has a counterpart known as the Three white soldiers, whose attributes help identify a bullish reversal or market upswing.
A line break chart, also known as a three-line break chart, is a Japanese trading indicator and chart used to analyze the financial markets. [1] Invented in Japan, these charts had been used for over 150 years by traders there before being popularized by Steve Nison in the book Beyond Candlesticks.
According to Steve Nison, however, candlestick charting came later, probably beginning after 1850. [6] The most famous candlestick trader is the man who invented them, Munehisa Homma. He was a Japanese rice trader who tracked price action and saw patterns developing.
Invention of the candlestick chart Munehisa Honma ( 本間 宗久 , Honma Munehisa ) (also known as Sokyu Honma or Sokyu Homma and sometimes called the God of markets ; 1724–1803) was a rice merchant from Sakata , Japan who traded in the Dōjima Rice Exchange in Osaka during the Tokugawa Shogunate .
The recognition of the pattern is subjective and programs that are used for charting have to rely on predefined rules to match the pattern. There are 42 recognized patterns that can be split into simple and complex patterns. Steve Nison is the person who introduced candlesticks to the West. [4] Below is a list of commonly used candlestick patterns: