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Candlesticks
with a long upper shadow, long lower shadow and small real
bodies are called spinning tops. The colour of the real body is not very
important.
The pattern indicates the indecision between the buyers and sellers.
The small real body (whether hollow or filled) shows little movement from
open to close, and the shadows indicate that both buyers and sellers were
fighting but nobody could gain the upper hand.
Even though the session opened and closed with little change, prices moved
significantly higher and lower in the meantime. Neither buyers nor sellers
could gain the upper hand, and the result was a standoff.
If a spinning top forms during an uptrend, this usually means there aren't
many buyers left and a possible reversal in direction could occur.
Marubozu Candlesticks
Sounds like some kind of voodoo magic, huh? "I will cast the
evil spell of the Marubozu on you!" Fortunately, that's not
what it means. Marubozu means there are no shadows from
the bodies. Depending on whether the candlestick's body is
filled or hollow, the high and low are the same as its open
or close. Check out the two types of Marubozus in the
picture below.
Continue.
AWhite
Marubozu containsalongwhitebodywithno
shadows.Theopen price equals the low priceand
theclose price equals the high price.Thisisavery
bullishcandleasitshowsthatbuyerswereincontrol
theentiresession.Itusuallybecomesthefirstpartofa
bullishcontinuationorabullishreversalpattern.
ABlack
Marubozucontainsalongblackbodywithno
shadows.Theopen equals the high andtheclose
equals the low.Thisisaverybearishcandleasit
showsthatsellerscontrolledthepriceactiontheentire
session.Itusuallyimpliesbearishcontinuationor
bearishreversal.
DOJICandlestick
Doji
Continue.
IfaDojiformsafteraseriesofcandlestickswith
longhollowbodies(likeWhiteMarubozus),theDoji
signalsthatthebuyersarebecomingexhausted
andweakening.Inorderforpricetocontinuerising,
morebuyersareneededbuttherearen'tanymore!
Sellersarelickingtheirchopsandarelookingto
comeinanddrivethepricebackdown.
LONGWHITECANDLE+DOJI
IfaDojiformsafteraseriesofcandlestickswith
longfilledbodies(likeBlackMarubozus),theDoji
signalsthatsellersarebecomingexhaustedand
weak.Inorderforpricetocontinuefalling,more
sellersareneededbutsellersarealltappedout!
Buyersarefoaminginthemouthforachanceto
getincheap.
LONGBLACKCANDLE+DOJI
IfaDojiformsafteraseriesofcandlestickswithlongfilledbodies(likeBlack
Marubozus),theDojisignalsthatsellersarebecomingexhaustedandweak.
Inorderforpricetocontinuefalling,moresellersareneededbutsellersare
alltappedout!Buyersarefoaminginthemouthforachancetogetincheap.
Whilethedeclineissputteringduetolackofnewsellers,furtherbuying
strengthisrequiredtoconfirmanyreversal.Lookforawhitecandlestickto
closeabovethelongblackcandlestick'sopen.
Inthenextfollowingsections,wewilltakealookatspecificcandlestick
formationsandwhattheyaretellingus.Hopefully,bytheendofthislesson
oncandlesticks,youwouldknowhowtorecognizecandlestickpatternsand
makesoundtradingdecisionsbasedonthem.
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