Candlesticks For Support And Resistance

Observation is the best friend of the technical analyst. By watching the markets, I noticed something interesting
about candlestick charts, which I use extensively. I realized the real bodies used in candlestick charting can be used
to determine significant support and resistance points, a strategy I had never seen before. Take a look at how it can
be done.

Although they have only recently become popular in the Western Hemisphere, Japanese traders have been using the
candlestick charting technique for hundreds of years. Candlestick charts, much like the bar chart equivalent, utilize
the open, high, low and close activity to plot a period (usually a day). In candlestick charting, unlike bar charting
where the highs and lows tend to be the focus, the opens and closes are the most significant.

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