{"id":28283,"date":"2014-07-10T13:24:36","date_gmt":"2014-07-10T17:24:36","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=28283"},"modified":"2014-07-10T13:24:36","modified_gmt":"2014-07-10T17:24:36","slug":"did-tesla-just-make-a-classic-candlestick-bottom","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2014\/07\/did-tesla-just-make-a-classic-candlestick-bottom\/","title":{"rendered":"Did Tesla Just Make A Classic Candlestick Bottom?"},"content":{"rendered":"

I first learned about candlestick charts when I was speaking in Tokyo on the US markets in the late 80's. I was immediately fascinated by this form of charting I had never seen before. It was similar, but so different from the way I was looking at regular Western charts.<\/p>\n

What I like about the Japanese candlestick charts is the interesting names they have for them and the patterns that immediately tell you where the market opened and closed for the day.<\/p>\n

At MarketClub, when you have a blue candlestick bar, it indicates the market opened lower for the day, then closed higher. When it's a red candlestick bar, it is just the reverse, indicating that the price opened higher, then closed lower for the day. This is very valuable information, information that you can use time and time again.<\/p>\n

During my stay in Japan, I learned later that candlestick charting has been around for centuries and it was originally used to chart and track rice prices. Now, this same form of charting is used for practically every traded market in the world today.<\/p>\n

Japanese candlestick charts differ from Western charts as they are much more visual and descriptive than Western charts. Besides the more advanced formations on candlestick charts, they also have such interesting names like \"hanging man,\" \"hammer,\" \"dark-cloud cover\" and \"morning doji star.\" I could go on, but I think you get the picture. The names of these formations are very colorful.<\/p>\n

\"NikolaI am going be taking a look at the stock of Tesla (NASDAQ:TSLA<\/a>) today. Tesla is the brainchild of Elon Musk, the \"new Henry Ford\" of his day and the person who is really pushing for electric cars, not only here in the US, but around the world.<\/p>\n

Here's a small piece of trivia for you<\/em>: Tesla electric car company is named after Nikola Tesla, who was a Serbian American inventor, electrical engineer, mechanical engineer, and futurist best known for his contributions to the design of the modern alternating current electricity supply system.<\/p>\n

\"\"<\/p>\n

LEGEND FOR CHART
\n1. Important bullish trend line.
\n2. Support<\/p>\n

Did Tesla make a classic \"morning doji star\" on Tuesday of this week? I believe it did and the implications of this formation tells us that Tesla should be rallying from this point and should not move below the low of the \"morning doji star,\" which is at $214.27.<\/p>\n

\"\"<\/p>\n

LEGEND FOR CHART
\n1. Textbook example of a \"morning doji star\"
\n2. Real world example of a \"morning doji star\"<\/p>\n

The reason I believe that this \"morning doji star\" formation is in place is the action that took place the following day on Wednesday, July 9th. This action was bullish in my view and confirmed that the low seen on Tuesday, July 8th was in fact a \"morning doji star.\"<\/p>\n

While Japanese candlestick charts are amazing, they're not the \"holy grail,\" but rather a powerful way of charting the market that can help you improve your trading.<\/p>\n

Every success with MarketClub,
\nAdam Hewison<\/a>
\nPresident, INO.com
\nCo-Creator, MarketClub<\/p>\n","protected":false},"excerpt":{"rendered":"

I first learned about candlestick charts when I was speaking in Tokyo on the US markets in the late 80's. I was immediately fascinated by this form of charting I had never seen before. It was similar, but so different from the way I was looking at regular Western charts. 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