Japanese Candlestick Patterns -Steemit Crypto Academy Season 4 Beginner's Course -Homework Post for Task 10

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INTRODUCTION

Good day Steemians!

This is my entry for Task 10 of the Steemit Crypto Academy Season 4 Beginner's Course on Japanese Candlestick Patterns.

1a) Explain the Japanese candlestick chart? (Original screenshot required).
b) In your own words, explain why the Japanese Candlestick chart is the most used in the financial market.
c) Describe a bullish and a bearish candle. Also, explain its anatomy. (Original screenshot required)

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Trading view

A Japanese holder might be a mode of price chart that shows the gap, closing, high, and low price points for each given quantity. it had been fictional by Japanese rice merchants centuries past, and popularised among Western traders by a broker said as Steve Nison inside the Nineties. Today, Japanese holder charts unit of measurement are the foremost modern because of quickly analyze price action, notably with technical traders. they supply much more information visually than ancient line charts, showing a market's highest purpose, lowest purpose, gap worth, and motility price at a glance. High Low Open shut (HLOC) charts show a similar level of detail as candlesticks – but, traders tend to favor the latter, finding them easier to investigate quickly than HLOC. It's value trying out every and seeing what works best for you. similarly, as practicing them to trace previous price movements, technical traders rummage around for Japanese holder patterns for clues on where a market’s headed next. they're doing this by finding out recognizable shapes that typically lead to continuations or reversals. Candlesticks are usually used to examine price action over any timeframe, from one second up to an entire year. From anime and emojis to ramen and dish, Japan has merely blessed the complete world with tons of its inventions, and during this assignment, I will be able to be speaking concerning one amongst these innovations that became, primarily, the spine of financial markets and trading: the Japanese holder Chart. Japanese Candlesticks are the foremost loosely used device of charting in financial markets nowadays. Their notion to own been created with the help of a Japanese rice merchandiser, over 100 and fifty years agone, named Muneisha Honma (also acknowledged as Sokyu Honma).

Meisha Honma studied the charge moves of rice in his time and found that the charge was once closely influenced through the feelings of the rich merchants as nicely as demand and supply. Through his studies, he used to be capable to create the candlestick charting method, which graphically displayed charge movements, and made it simpler for merchants to become aware of patterns of charge action

The Japanese candlestick charting method is an approach to graphically portraying charge and time statistics on a chart. It consists of the use of "candlesticks/candles" which are bars with wicks  drawn above and/or beneath them. These candles are drawn/created the usage of fee records inside a particular timeframe and exhibit the charge at the starting of the time length (the Open), and at the top of the time duration (the Close); these are represented through the bar. They additionally exhibit the very best fee inside that time duration (the High) and the lowest charge inside it (the Low); these are represented by way of the wicks.

There are two main lessons about candlesticks.  The Bullish candlestick, representing an upward motion in price, which is created when the charge at the give up of the time length (the Close) is greater than the rate at the opening of the time length (the Open); it is generally colored inexperienced or white. And the  Bearish candlestick, representing a downward motion in fee i.e. the rate at the give up of the time length (the Close) is decrease than the rate at the starting of the time length (the Open); it is typically colored pink or black. From the two most important classes, many distinctive sorts of candlesticks can be recognized primarily based on the commonly taking place patterns

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b) In your own words, explain why the Japanese Candlestick chart is the most used in the financial market.


One of the motives why the Japanese candlestick chart is the most used in the financial market is that it is very effortless to use and handy to recognize through traders. With a Japanese candlestick chart, merchants can point out ir analyze the charge motion in the market. Also, the usage of Japanese candlestick, pursuits to point out the kind of style that is taking over the market, can assist to recognize the proper time to buy and the ideal time to promote tokens.

The Japanese candlestick additionally provides full facts on how the fee is transferring in the market. Traders prefer to use Japanese candlestick due to the fact of how convenient it is, especially, you can discover the contemporary style in the market simply via giving it a look. When appearing at it, they will be in a position to be aware of if the market is bullish or bearing. They are very seen due to the fact of the color.


c) Describe a bullish and a bearish candle. Also, explain its anatomy. (Original screenshot required)


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A bullish candlestick is a kind of candlestick that is typically inexperienced or white. Bullish candlestick tells merchants that the market is experiencing an uptrend, which capability that shoppers are in manipulate of the market.

When we discuss "Bullish" it additionally skills that stockholders have the faith that the market will vogue up. It accommodates all aspects of candlesticks, such as

  1. High-The elevated price reached within the given period.
  2. Open- The turning on price i.e. the price at the opening of the period.
  3. Low- The lowest price attained within the provided period.
  4. Close- The expiring price i.e. the price at the close/end of the period.

These candles are majorly made up of two parts: the  bar/body  and the  wick(s). The wicks can be at the pinnacle and/or the bottom, and signify the High (the pinnacle wick), and the Low (the backside wick). Everything else in between the wicks, consisting of the physique of the candle, indicates rate motion inside that period.

As moreover stated until now candlesticks are of two most important aspects depending on the positions of the Open and Close: the Bullish candlestick and the Bearish candlestick

BEARISH CANDLESTICK

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The phrase "Bearish" indicates that the stockholder has a belief that the market will trip downtrend. A bearish candlestick is a kind of candlestick that is commonly pink or black. Bearish candlestick tells that the market is encountering a downtrend, which skills that vendor is in manipulating of the market. This indicates that the market charge is getting low and it stipulates the time in which shut is in decrease grade greater than that of open. The Bullish candlestick is established when the Close rate factor is above the Open rate point. This is signifying of upward charge motion i.e. it implies that the charge of the asset used to be greater at the stop of the time interval than it used to be at the beginning.

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Trading view


CONCLUSION


The Japanese Candlestick Chart is the most exhausting kind of chart for specialized evaluation in the ultra-modern world, and it isn't any wonder due to its circumstance, versatility, and user-friendliness. Thanks for going through my work I appreciate your effort.

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Hello @jokkystar,

Thank you for participating in the #10 Fixed course for Newcomers in the Steemit Crypto Academy.

Your grade on this assignment is as follows:

CriteriaGrade
Presentation/Use of Markdowns1.5/2
Compliance with topic1/2
Quality of Analysis1.5/2
Clarity of Language1.5/2
#club50500/1
Originality1/1
Total6.5/10

Homework task: 6.5/10

Feedback and Suggestions :
  • Your effort in this task is appreciated.
  • You have not gained the mark for #club5050 as you have not powered up 50% since last month.
  • You have answered well for question 1. For the second question, you can add more details by doing more research. For the last question, you need to explain the two candlestick anatomies separately and in an organized way.
  • Overall work is satisfactory.

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