The Harmonic Trader by Scott M.Carney

By Scott M.Carney

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The fact that it is still very much in use today after more than 300 years since its discovery is testimony to its usefulness. ■■ Construction of a Bar Chart High High Upper shadow Upper shadow Close Open A white (red) real body indicates that the close is higher than the open. A black real body indicates that the close is lower than the open. Open Lower shadow Low Close Lower shadow Low The Real Body Basic Candlestick Techniques 8 The box that is joined by the open and the close is called the real body of the candlestick.

It is likely to be a continuation pattern as the bulls are still in control. 3). 25 10. White Upper Shadow Proper action: It is appropriate to take up a long position. Buy signal Resistance Long White Candle Breaks Resistance ■■ Basic Candlestick Techniques 22 ■■ Definition: This candle’s close is greater than the open during an average or small daily range. The open must be equal to the low. The length of its real body must be larger than the length of its upper shadow. Interpretation: It is a bullish candle as the close is greater than the open although the close is off the high.

The total length of the real body must be smaller than the sum of its upper and lower shadows. Interpretation: The Spinning Top (white or black does not matter as colour is unimportant in this candle type) is considered a neutral candle as the open and the close are near one another while its upper and lower shadows are longer than the length of its real body. This candle reflects a tug‐of‐war between the bulls and the bears with no party emerging victorious at the end of battle. The market is said to be indecisive or uncertain.

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