How to create the "Candle" Charts

[hypnotic]

Hi everyone,

Forgive me, i am very new to trading, i have been reading the forum on the chart analysis with "Candles" and "Hammer" and "Shooting stars", hope you know what i mean. and I am interested in looking at some of these. Can someone please help me on how to make one or if there are avaliable software for them. Ive been looking but i don't even know what these charts are called.

Many Thanks,

Hypnotic

 

[GreatPig]

I think most charting packages should let you display price data as candles, but I'm not sure which ones, if any, can detect all the named patterns and label them.

You can get books on it though. There's one by Louise Bedford, I think called Candlestick Charting, and another I vaguely remember by some guy based more on the original Japanese candlestick system.

A forum and/or Internet search may bring up more options.

Cheers,
GP

 

[hypnotic]

I think most charting packages should let you display price data as candles, but I'm not sure which ones, if any, can detect all the named patterns and label them.

You can get books on it though. There's one by Louise Bedford, I think called Candlestick Charting, and another I vaguely remember by some guy based more on the original Japanese candlestick system.

A forum and/or Internet search may bring up more options.

Cheers,
GP

Thanks GreatPig,

I'll have a serach on the net for some of these software packages.

Hypnotic

 

[StockyBailx]

Hyonotic, Wait I think I have the perfect remady for your question.

Incredable Charts pro is the perfect answer, for what you are chasing, (software) it is not exspensive to run and free to obtian, it has all your charting needs, (Candle Sticks) and much more, you can even scan the market for your own recommendations of a valued stock. Works well if you know what you are doing. If you don't know what you are doing Incredable Charts, will educate you.

Its your lucky day Hypontic, start growing immediatly, Just press on this link to activate your self; www.incrediblecharts.com.au

Im may have guessed that link, I do know it purchase link. I will post it next post. be back soon.

Stockybailz

 

[yogi-in-oz]

Hi Hypnotic,

Welcome aboard.

Rather than spend your money in the early days
on charting software, maybe you should look at
some of the many FREE online charting services,
now available.

One of the best for Aussie stocks may be
found at:

http://www.incrediblecharts.com

..... and you will also find extensive educational
details about all aspects of charting on that site,
as well .....


There's many others too, like Bigcharts, yahoo
and so on:

http://finance.dir.groups.yahoo.com/dir/Business___Finance

http://screener.finance.yahoo.com/newscreener.html

http://www.marketwatch.com/tools/stockresearch/

Most charting software packages today, enable us to
format the charts, using candlesticks.

happy trading

yogi

 

[hypnotic]

Hi Hypnotic,

Welcome aboard.

Rather than spend your money in the early days
on charting software, maybe you should look at
some of the many FREE online charting services,
now available.

One of the best for Aussie stocks may be
found at:

http://www.incrediblecharts.com

..... and you will also find extensive educational
details about all aspects of charting on that site,
as well .....


There's many others too, like Bigcharts, yahoo
and so on:

http://finance.dir.groups.yahoo.com/dir/Business___Finance

http://screener.finance.yahoo.com/newscreener.html

http://www.marketwatch.com/tools/stockresearch/

Most charting software packages today, enable us to
format the charts, using candlesticks.

happy trading

yogi

Thank you very much Yogi and StockyBailz,

I have downloaded that software,

Now i have to go through some of the sites and learn a bit about these charts.

Hm... still don't have enough post to enter the May stock tipping comp

Thanks again

Hypnotic

 

[StockyBailx]

Hyonotic, Wait I think I have the perfect remady for your question.

Incredable Charts pro is the perfect answer, for what you are chasing, (software) it is not exspensive to run and free to obtian, it has all your charting needs, (Candle Sticks) and much more, you can even scan the market for your own recommendations of a valued stock. Works well if you know what you are doing. If you don't know what you are doing Incredable Charts, will educate you.

Its your lucky day Hypontic, start growing immediatly, Just press on this link to activate your self; www.incrediblecharts.com.au

Im may have guessed that link, I do know it purchase link. I will post it next post. be back soon.

Stockybailz

This may be your lucky day, but all up it been a bad day for me, Yogi's post is right on the money, I couldn't really add much more considering we are all looking for the most cost effective approach to trading. So I still recommend you have a good look into this IncredibleCharts link it will take all the hard work out of your shopping. And for beginners you really couldn't do much if any better and if you have the money to go that one step futher and buy something that you feel will suit your needs (think) go to the software threads and see what you can find.
Good luck with your trading and I wish you many happy return's.

http://www.incrediblecharts.com/hel...efault_Exchange

STOCK'ie'BAILZ

-----A Penny a day keeps the doctor away-----

 

[hypnotic]

This may be your lucky day, but all up it been a bad day for me, Yogi's post is right on the money, I couldn't really add much more considering we are all looking for the most cost effective approach to trading. So I still recommend you have a good look into this IncredibleCharts link it will take all the hard work out of your shopping. And for beginners you really couldn't do much if any better and if you have the money to go that one step futher and buy something that you feel will suit your needs (think) go to the software threads and see what you can find.
Good luck with your trading and I wish you many happy return's.

http://www.incrediblecharts.com/hel...efault_Exchange

STOCK'ie'BAILZ

-----A Penny a day keeps the doctor away-----

Hey StockyBailz cheer up! It's definitely a lucky day for me, Incrediblecharts is great, don't even know wher to begin to use it.
Hm.. I think this will be a good start for me for now until i realise i need something else. Thanks i'll check out the software section too.

Should have had a look in there in the first place for a candlechat software

Why has it been a bad day for you if i may ask?

Hope you'll have a better day from now

Hypnotic

 

[StockyBailx]

Well good on you for having Incredible Charts on board. Just stay with the site map it got every thing you need and more. Colin Twigg gives out sum good reviews to your email as well.
good luck with your research, lots to read and do!

Its been a bad one because I still havn't worked out how to transfer items from one program to another httm.
been stitch'n up all day and now I havn't got time. 'Or well one day'
Time for a well desired cold'ie I think!

keep up the good work

StOCK'ie'BAILZ

-----A Penny a day keeps the doctor away-----

 

[bullmarket]

Hi hypnotic

Hi everyone,

Forgive me, i am very new to trading, i have been reading the forum on the chart analysis with "Candles" and "Hammer" and "Shooting stars", hope you know what i mean. and I am interested in looking at some of these. Can someone please help me on how to make one or if there are avaliable software for them. Ive been looking but i don't even know what these charts are called.

Many Thanks,

Hypnotic

Imo any charting software worth its salt will ask you, when you select to create a new chart, whether you want to create a line chart (a single line joining the closing prices), a bar chart (vertical bars displaying the open, close, high, low for the day/week etc) or a candle chart which like the bar chart also displays open, close, high, low but with a box (sometimes called the body of the candle) drawn between the open and close prices. The bar chart displays the open and close with short horizontal ticks.

Hammer, hangman, shooting star etc etc are simply names given to different high, low, open, close candle formations. If you google 'candle charts hammer' you will see a truck load of pages with information on candles and the names and associated descriptions of the various for mations.

But at the end of the day, bar and candle charts display exactly the same information - open, close, high, low data, nothing more nothing less - and so there is nothing absolutely whatsoever that can be seen or interpreted on a candle chart that cannot also be seen and interpreted on a bar chart. It's just that the candle formations probably stand out a bit more on a candle chart due to the 'body' of the candle.

Personally I use bar charts (using bars or candles simply boils down to personal preference) and I use green for up days and red for down. I think the traditional colours for candles are white and black but I'm not sure, but either way you could also use green and red if you preferred.

Anyway, good luck and I hope this helps.

cheers

bullmarket

 

[It's Snake Pliskin]

Open and close bar charts are easier to read. candle charts are for girls.

 

[Happy]

That’s probably why Louise Bedford is so good at it.

 

[sails]

Open and close bar charts are easier to read. candle charts are for girls.

Hmmmmm... so candlesticks are too hard for the boys then?

 

[bullmarket]

hi sails

I like your style

I'm sure there are some very successful and very wealthy male and female traders, investors, business people or whatever who prefer to use candle charts and who would laugh at those who suggest candles are in any way less beneficial than using bar charts....and vikky verky

I have a personal preference to use bar charts but as I said earlier, bar and candle charts display exactly the same information as each other - nothing more and nothing less - so their use boils down to preferences.

cheers

bullmarket

 

[StockyBailx]

Good Evening, #*^!%$

My name is Nightwalker, and I'am a Doji Assian been sent by No 1 to pick up my Candle Sticks and keep the slate clean. Fistly bye bowing to the supreme high one, I must say that Bull market must have a bar up his you know what. There is nothing wrong with the protential of the candle sticks, without them i wouldn't know if my rice was ready for harvest. i simply put the Hammer down, sharing my spiols with dragon Fly, only Harami will stand in our way. When dark stormy cloud is at approach we know that your highness has spoken, calling for us to assasianate, (evaluate) our possition, accessing the piercing lines and Engulfing all the Bars harami can throw at us, from there we can hammer harami, becoming the morning or evening star. Signing Harami's death to the GreyStone were he is to meet the Hanging Man.
and buisness has never looked better, I'am even thinging of starting a new plantation of another kind, Living under the Candle Stick Sword.

Long Live technical science, and far well to red necks with a bar up thier cracker!

SanSa

The NightWalker

 

[RichKid]

---
But at the end of the day, bar and candle charts display exactly the same information - open, close, high, low data, nothing more nothing less - and so there is nothing absolutely whatsoever that can be seen or interpreted on a candle chart that cannot also be seen and interpreted on a bar chart. It's just that the candle formations probably stand out a bit more on a candle chart due to the 'body' of the candle.
------
---
Anyway, good luck and I hope this helps.

cheers

bullmarket

I agree, it's just another visual representation of price but can show some things a bit clearer than others, depends on what looks better for you. I use both, sometimes switching to candles helps to emphasise certain patterns.

GP may have been referreing to Steve Nison in his earlier post, he's supposed to have introduced candlestick charting to the West, not sure if he made any money himself. You can search for lots of info on candlesticks by using the ASF search tool at the top of this page.

Stocky, I hope that last msg of yours was meant in jest as there is no need for that type of language otherwise. 99% of it was fine, it's just the references to the bar etc that sounds a bit crude. Guess it depends on bullmarket's sense of humour, hopefully you guys are just going to sort this out like gents.

 

[bullmarket]

Hi richkid

......................Stocky, I hope that last msg of yours was meant in jest as there is no need for that type of language otherwise. 99% of it was fine, it's just the references to the bar etc that sounds a bit crude. Guess it depends on bullmarket's sense of humour, hopefully you guys are just going to sort this out like gents.

there's no problem at this end

I have no idea what he was talking about let alone if he was having a go at anyone

I just call things as I see them and people trying to have a go at me from being aliases in chatrooms is just water off a duck's back for me and I just continue on regardless.

cheers

bullmarket

 

[hypnotic]

Hi hypnotic



Imo any charting software worth its salt will ask you, when you select to create a new chart, whether you want to create a line chart (a single line joining the closing prices), a bar chart (vertical bars displaying the open, close, high, low for the day/week etc) or a candle chart which like the bar chart also displays open, close, high, low but with a box (sometimes called the body of the candle) drawn between the open and close prices. The bar chart displays the open and close with short horizontal ticks.

Hammer, hangman, shooting star etc etc are simply names given to different high, low, open, close candle formations. If you google 'candle charts hammer' you will see a truck load of pages with information on candles and the names and associated descriptions of the various for mations.

But at the end of the day, bar and candle charts display exactly the same information - open, close, high, low data, nothing more nothing less - and so there is nothing absolutely whatsoever that can be seen or interpreted on a candle chart that cannot also be seen and interpreted on a bar chart. It's just that the candle formations probably stand out a bit more on a candle chart due to the 'body' of the candle.

Personally I use bar charts (using bars or candles simply boils down to personal preference) and I use green for up days and red for down. I think the traditional colours for candles are white and black but I'm not sure, but either way you could also use green and red if you preferred.

Anyway, good luck and I hope this helps.

cheers

bullmarket

Thanks Bullmarket and everyone who explained these charting for me, very useful. I guess they are pretty much the same.
Just seems to me that there are more information and explanation to the candlecharts and thought it was more logical. I think it's the way my brain was wired.

Hypnotic

 

[tech/a]

Many Metastock users dont realise the extemsive Candle Charting package within the software.

 

[StockyBailx]

Many Metastock users dont realise the extemsive Candle Charting package within the software.

By looking at that chart, wouldn't it be safe to say that, that stock was in good stead and holding up just nicely as the candles give a defined explanation as to how it is holding. It may even be a fair comment to say that it's a nervous wreck and it is holding out on trades alone? Nevertheless after acknowledging this and siting the 3 neatly packed falling soldiers, to be followed by a engulfing pattern. Would it be fair to say to say that that stock has falling to a market correction and it should be well within its rights to push on past resistance and continue in that path. So therefore I would still hold that stock unless it was to fall past that present support level or wasn't really attempting to pass through resistance.
Thats just how I view candle charts, am I right or wrong? Interesting to see that chart again in 3 weeks time.

Stock'ie'Bailz