Long White

March 14th, 2011 admin

Profitable Candlestick Patterns-The Bullish White Marubozu

Bulls and bears are always fighting for the control of the market. Candlestick charts are the best way to know who is controlling the market. With one glance on the candlestick chart, you can find out whether the bulls were in control or the bears. There are many candlestick patterns. The most basic and the most powerful candlestick pattern is the the long white candle. When this candle is formed, it means that bulls have been controlling the market throughout the day pushing the currency prices or the security prices higher throughout the trading day. This is one of the most bullish candlestick pattern to form on the chart!

As prices rise through the day, sellers do come in but not enough to stop the prices from continuing to rise. When sellers do show up during the trading day, buyers buy from them and the prices move higher.

With the long white candle closing near the high of the day, this is an indication that the bulls aren’t done with their buying and will be back for more on the following day. What this means is that there wasn’t enough of the securities in the market to keep the buyers from pushing the prices higher.

In case of a true white Marubozu, the opening price is equal to the low of the day and the closing price is equal to the high for the day. Now, this might occur occasionally. For our purposes, a white candle may have some wick on its both ends. What this means is that the opening price in case of a long white candle will be close to the low of the day and the closing price will be close to the high for the day.

To figure out that you are indeed looking at a long white candle, determine the area covered by the body of the candle that is between the open and close. This area should be at least 90% of the distance between the high and low. If so, you have a long white candle.

On a long white candle day, a lot of price action is covered by a very short amount of time. Price action doesn’t move in one direction for that matter without retracing some part of it. This normal retracing of the price action gives you a chance to act on the signal provided by the bullish long white candle.

Now when you trade the bullish long white candle, you can take the low price as the support. This is the price level where the buyers step in thinking that the price is good now and start pushing it higher.

Now there are three variations to the long white candle. The long white Marubozu without any wick, this is the most bullish. The other is the closing white Marubozu. In this case, the close is equal to the high meaning there is no wick on the top. The other is the opening white Marubozu. In this case, the opening price is equal to the low meaning that there is no wick on the bottom.

About the Author

Mr. Ahmad Hassam has done Masters from Harvard. Master these
Candlestick Patterns
with this 82 page PDF FREE Candlestick Guide! Get this FOREX-4 PACK End of Day Trading Training Kit plus the 49 page Quantum
Swing Trading
Report FREE!

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