Use candles to measure sentiment. Gary Wagner

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Japanese candlesticks represent a "mathematical expression of psychological market sentiment" to trader Gary Wagner (Gary Wagner) that utilizes these Eastern technical indicators in conjunction with Western tools to its active trading.

Wagner worked in the commodity business a few years before he began to use the Japanese candles in the interpretation of the markets. After College, he came into the industry as a broker, and, as he says, "1989-1990, FutureSource began to show the movement of prices relative to the time with the help of candles. Thought it was interesting, but I don't imagine too much what they had in mind. I had to do extensive research." Wagner read a book polar cod, Shimizu (Seiki Shimizu) called "the Japanese chart of charts" (The Japanese Chart of Charts), which he calls the "ABCs for each of the appliances in the U.S. use candles. I read it and it was like the light. After I realized this, my trading has improved immeasurably. I started making money, and my clients began to make money."

Japanese candles differ from the traditional Western histogram. The usual daily histogram shows the vertical bar that represents the results of one day. The histogram shows the high, low and closing price of trading sessions, the latter shown by the mark (tic) on the right from the strip. In contrast, Japanese candlesticks are rectangular slice with two thin lines above and below it. As the book says Gary Wagner and brad, Metheny (Brad Matheny) "Application of candlesticks in trading" (Trading Applications of Japanese Candlesticks), "the candle or pole line is defined as one full cycle, with prices at the opening, low, high and close. The thick part of the candlestick is known as the real body. The thin lines above and below the real body are called shadows and represent the high and low for this cycle... the White candle (empty) is obtained when the cycle rate at closing just above the rate at the opening. Black candles (full) are the opposite – high rate of opening should be above the close price for the cycle". Wagner, however, uses Japanese candlesticks in combination with the traditional ways of Western technical analysis.

"Using candles is a win – win deal for Western appliances. We use moving average, stochastic, trend lines. But usually more information can be obtained by looking at the candle. The reason is that Western techniques focuses on the prices between the two closures", notes Wagner. However candles show the relationship between the price of opening and closing for the day. In dynamic sense, every day is a battle, and the candle demonstrates her total. The most important result, which Wagner learned as a trader is that the market is developing, regardless of whether you want to go uphill or fell... not tied to one position. You must have a systematic methodology that, to the extent possible would be forced out emotions from trading. In addition, he stressed the need for traders to determine in advance the sizes of risk and profit.

Wagner everything is already done for themselves, using self-developed computer program called the Candlestick Forecaster. "I took all the trading technologies you use, and simulated them by means of a computer," he says. The best traders whom I have seen succeed because fully use the potential of growth when they are right and out quickly if wrong". Wagner, recognizes that "the basic parameters that drive the market, but it is possible to distinguish mathematical way," with candles. "Getting rid of information overload baseline, I was able to get a much more clean perspective."

Now, Wagner is committed to trading in the markets with good liquidity and a good number of contracts. It markets where it makes sense to have trading using the technique of candles. I avoid coffee or cotton. In terms of logistics can be enormous difference between the expected and the actual transaction price (slippage). In illiquid markets, it is necessary to exercise more caution".

Although Wagner started as a day-trader, the situation has changed three or four years ago, and now he has become a positional trader. Wagner, explains the change in his style of trading changes in the nature of the markets themselves, which coincided with appearances of large funds and large organizations among players in the futures market. "When there are large traders of the organization, they are very predatory to behave on the market for orders," says Wagner. – It was hard to succeed with the computer because the relationship between risk and reward has changed. My feet didn't keep". Now, Wagner sure what the best method of trading is trend following.

advice for the novice futures trader: "Invest in education. The new trader jumping into the pool full of sharks. To survive, he needs good protection and very large teeth. For the success of a very important resistance and endurance".

Tips novice traders from the most successful: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

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