Oleh: Admin - www.berdagangvalasonline.com (05 Mei 2007 12:12) Sumber: Cuplikan dari bukunya: Steve Nison yang berjudul "The Candlestick Course" halaman 27-32
In this very important chapter, we'll focus on single candle lines (We refer to one candle as a candle line). Section One focuses on spinning tops and high wave candles. Section Two reveals the potency of the doji (baca: The Dangerous Doji). In Section Three, we'll explore bullish and bearish belt-hold lines.
Many candle signals consist of two and three candle patterns, but we can obtain volumes of valuable information from single candle lines. Don't let the simplicity of single candle lines fool you. They send compelling signals as to who is winning the battle between the bull and bears.
In this section you will learn . . .
Interpreting market psychology, as indicated by small real bodies and long shadows Identifying and distinguishing between spinning tops and high wave candles How to use spinning tops and high wave candle in a box range How to identify the hammer and the hanging man The importance of candle signals in the context of trends Key terms to watch for:
Spinning tops High wave candles Hammer Hanging man Shooting star Candle charts indicate early trend reversal, but they also have advantage of displaying the force underpinning the move. Since nearly every candle line has a story to tell about the market's mood and manner, we'll start with how to use real bodies to gauge the force of the trend.
You may remember from a previous discussion that the Japanese call the candle's real body the essence of the price movement.
Indeed, the length of the real bodies, in relation to their shadows, furnishes you with unique insights into the psychology of the stock market. Obviously, a tall white real body reflects a session when the bulls are dominat, whereas a black real body shows that the bears have greater control. However, when the real body shrinks (the real body can be black or white), it is a strong hint that the prior trend may be losing steam.
A spinning top (see Exhibit 2.1A) is the picturesque Japanese term for a candle with a small real body, either black or white. Spinning tops may have upper and lower shadow or none at all. The important identifying trait of these candle lines is their diminutive real body. Later, you'll learn how spinning tops are components of candle formataions such as morning and evening star, harami, hammers and shooting stars. In Section Two, we'll talk aabout a spinning top that has no real body, called a doji.
A small real body shows that the bulls and the bears are battling it out in a tug-of-war, with neither the bulls or bears being able to make dominant control. Selling pressure (bears) pushes the real body down, but buying pressure (bulls) keep it from being a long black real body. In the other scenario for a spinning top, demand is stepping in but supply is counterattacking and in doing so, keeps the market from forming a tall white candle.
Spinning tops have a sort of cousin name high wave candles. High wave candle olso have diminutive real bodies, either white or black. To qualify as a high wave, however, these candle lines must not only have small bodies but also long upper and lower shadows. The shadows of the high wave candle need not be the same size, but both the upper and lower shadows have to be unusually long.
If spinning tops translate into indecision on the part of the bulls and bears, high wave candles indicate downright confusion. As you can see by Exhibit 2.1B, the long upper shadows mean that some time after the session's open, buying pressure thrust the security's price to and axtended high. During the same session, selling pressure drove the price to a protracted low. Yet, by the session's close, the price returned almost to the opening price. That'is confusion!
Now, take spinning tops and high wave candles into context of an uptrend or downtrend on a chart. In the sold uptrend, a market might rise, but the shape of the candle lines during the ascent is an important clue about the sustainability of the advance. Long white real bodies are like a green light showing that the prior rally is going strongly. However, if there are small real bodies (either black or white) during an ascent, caution is warranted from the long side. This is becouse the small real bodies imply that the bulls have less than full control, in spite of the advancing prices. Such spinning tops are a warning not to follow this market from the long side. Spinning tops become even more consequential in a market that is becoming overextended and perhaps nearing resistance. A trend shift or reversal my be in the offing.
Conversely if you see spinning tops moving sedeways in a consolidation pattern or box range, they are not signaling a trend reversal or shift. The market is simply resting until it breaks up, or down, from that price zone. As such, spinning tops and high wave candles have no trading implications within a box range environment.
Three candle lines that contain spinning tops are the hammer, the hanging man, and the shooting star. These candles line are shown in Exibit 2.2. Let's first focus on the hammer and hangin man, since they have the same shape. We will then address the shooting star.
The hammer and hanging man candle lines have small real bodies (either black or white) and these real bodies have to be at or near the highs of the session. Another criterion is that they need very long lower shadow (at least two to three times the height of the real body). Becouse of their identical shape, you identify them depending on where they appear in an uptrend or downtrend. As you can see in Exibit 2.2A, a hammer will appear at or near the bottom of a decline, either brief or extended; thus the name hammer, which suggests that the market is hammering out a base. The hanging man (see Exibit 2.2B) has the same shape as the hammer, except that it comes after an uptrend, preferably at a new high for the move. Becouse of the hanging man's bullish long lower shadow one must wait for a close under the hanging man's body before becoming bearish.
The shooting star is a top reversal line, just like the hanging man. A shooting star, however, display a long upper shadow and its small real body is at or near the lows of the session. We can see how the name describe the line, as it appears too be a shooting star, complete with long tail, soaring across the sky. The Japanese say that the shooting star shows "trouble overhead". Becouse of the shooting star's bearish long upper shadow, we don't need as much bearish confirmation with that line as we do with a hanging man.
As shown in Exibit 2.2C, the shooting star is a bearish reversal signal, so it must appear during a rally. Shooting star real bodies can either white or black.
A shooting star tells you that the market is rising in an uptrend and is perhaps becoming overbought. Finally, the bulls refuse to pay any more. The shooting star forms as the session opens near, or at, what will turn out to be the low. It rises, but the bulls cannot sustain the demand. Bears come in and drive the price back down. Remember, a long upper shadow on any candle mean selling pressure.
As you learn and review the different candle formations, you can see how each candle line tells a story. With small real bodies indicating indecision, long real bodies showing definite opinion, and buying and selling pressure being revealed by lower and upper shadows, it's no wonder you skill ad reading candle charts will add to your success as a trader or investor.
In Section Two, we'll talk about a candle similar to a shooting star, called a gravestone doji. Its appearence in the context of an extended rally is more menacing than that of a shooting star. As a matter of fact, doji in general broadcast extremely important signal.
For now, though, please proceed with the questions that follow. Don't forget to read over the answers that follow. They contain information that will add to your store of knowledge.
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