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This is a Guest Post by @Trend Spider and originally appeared on their Trend Spider Blog.
Whether you are new to trading or not, you have probably seen those stock photos of someone sitting in front of a screen full of charts that accompany every article about trading.
Color is a huge determining factor for candle analysis but identifying the difference between a solid and hollow candle chart can be just as important.
With solid candle analysis, the candle is solid regardless of the move.
Candlesticks display all the market information you need such as the open, close, high, and low.
However, they also show the level of emotional volatility within that trading period.
However, with hollow candles, more information can be extracted quicker as there more setups to watch. As you can see from above, a candle gives you the high, low, open, close and market direction in an easy-to-read, visual form.
By contrast, a red candle body indicates the price is trading below the previous close.
Recognizing candle patterns is one of the first skills you should learn in your trading journey, but it’s not just about seeing the pattern, understanding what it is showing you and how you can develop profitable candlestick trading strategies is key.
The value in all the patterns that are commonly used for trading is that they can be used to potentially predict future price action.
Candles can be drawn in any colors you choose using modern trading software.
However, the most common are green bodies for a rising price and red for a falling price but most software will let you change to whatever color arrangement you want.
While the name is all about the resemblance to a hammer, to understand the psychological aspects of this, we need to explore this in more detail.