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It is constructed by using the same data as Japanese candlesticks but displays it differently. Ask anyone who favors the Japanese candlestick what they think of western line and their feelings are often of derision. Some have called the western line a cheap imitation of the Japanese candlestick. In this article, we’ll look at the strengths and weaknesses of these two techniques and attempt to determine which comes out on top.
If you look at any charting software program or a free charting program available on the web, their ability to use candlesticks is built in. Japanese candlesticks have become the favored tool for quickly analyzing the movement or potential trend changes in a security. This should be no surprise to anyone who has ever used them. Their simplicity and wealth of available information makes them fairly easy to understand, even for amateur chartists. Although they might be simple, they are still a very powerful and valuable price analysis tool. A Japanese candlestick, which we’ll refer to simply as a “candlestick”, is made up of some standard components.
Without these, there can be no candlesticks. Some charting programs will have them colored in red or green. The next thing you will see are thin lines coming out from the top and bottom of the body. The line coming out of the top will show you the high of the session and the one coming from the bottom will show you the low. So why are they either blank or filled in you may ask? If you have a body that is blank, this means that the security has closed higher than its opening price. The top of the body is the closing price and the bottom is the starting point or the opening price.