Japanese candlesticks are a type of price chart that displays the opening, closing, high and low prices over a period of time. Although price charts come in a variety of styles, Japanese candlesticks have become by far the most popular because they provide the quickest visual understanding of price action and the market sentiment behind the candles.
Invented by Japanese rice traders centuries ago, it has become the dominant charting technique since analyst Steve Nison first introduced it to the West in 1989. Japanese candlesticks are a broad subject. However, our goal here is to give you the inside scoop on Japanese candlesticks, how to use candlestick patterns, discover candlestick types, and anticipate trends to determine the best trading setups.
Over time, individual Japanese candlesticks form patterns that traders can use to identify key support and resistance levels. There are several candlestick patterns that indicate opportunities in the market – some provide insight into the balance between buying and selling pressure, while others identify continuation patterns or periods of indecision in the market.
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