Candlestick Charts Deep Dive

Overview

• Candlestick charts are crucial for understanding price action in trading.
• This session covers the basics of candlestick charts, including body, wicks, and colors.

Platforms for Candlestick Charts

• TradingView:
  • Offers both free and paid versions.
  • Basic features, including candlestick charts, are available for free.
  • Link to TradingView provided in the video description.
• Other Platforms:
  • Platforms like Weeble, Robin Hood, TD Ameritrade, etc., also offer candlestick charts.
• Accessing Candlestick Charts:
  • Located next to the time frame section on your trading platform.

Basics of Candlestick Charts

• Body:
  • Solid part of the candle.
  • Green Candle: Bottom = Open, Top = Close.
  • Red Candle: Top = Open, Bottom = Close.
• Wicks:
  • Indicate the range of prices traded in a time frame.
  • Bottom Wick = Low, Top Wick = High.
• Colors:
  • Green: Close above open.
  • Red: Close below open.

Special Types of Candles

• Hollow Candles:
  • Solid = Down, Hollow = Up.
  • Color depends on the prior candle’s close.
  • Red if current close < previous close.
  • Green if current close > previous close.
• Hikanashi:
  • Focuses on trends using calculations.
  • Useful for identifying market trends and reducing noise.

Advanced Analysis: Using Bookmap

• Bookmap:
  • Provides deeper insights beyond candlesticks.
  • Displays liquidity heatmaps, aggressive buyers/sellers, and overall market trends.
  • Recommended for advanced understanding of price movements.

Final Thoughts

• Understanding candlesticks is foundational.
• Bookmap offers deeper analysis for those ready to advance.

Additional Resources

• Check out more videos on hikanashi for detailed understanding.
• Consider Bookmap for advanced insights.
• Subscribe and like the channel for more content.