The Anatomy of a Candlestick: Day Trading 101
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"Candlesticks" is a well used term when day trading. Dr. Vance Cast reviews the anatomy of a candlestick. Click the subscribe button to keep up with our weekly videos!
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TRANSCRIPT:
Many times, a lot of new traders will come across the term- “Candlestick”. Today,
Dr. Vance Cast will be reviewing the basics of a candlestick and how they apply to day trading. So I like to think of candlesticks as the items that
illuminate our trading charts. The Japanese are really responsible for
creating the candlesticks on trading charts. That's why you'll see Japanese
names associated with trading charts. Each candlestick represents a time frame.
On my charts, I typically use the 5-minute candlestick. In addition to the
time frame of the candlestick, the candlestick gives you four other key
pieces of information. For example, this green candlestick here, I can tell the
opening price, the closing price, the high, and the low of the time frame the
candlestick represents.That information is conveyed to me in the two major
components of the candlestick, which is the real body, which is either green if
the price closes higher than it opens or, if the blue body if the price closes
lower than the price opens during that time frame. Above and below the
candlesticks, you have candlestick shadows which are sometimes called “legs"
or “wicks”. In price action trading which is what we do, the candlestick is the
basic component in illuminating your way to successful trading.
We hope you enjoyed this video that was an excerpt directly out of our Academy.
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