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Introduction to Candlesticks

We might not believe it but Candlesticks have been around a lot longer than anything similar in the world. The Japanese were using charts in the 17th century to trade rice, whereas the people stated using charts for trading in US only around late 19th Century.  

Most of the credit for candlestick development and charting goes to famous rice trader named Homma from the town of Sakata. He understood concept of supply and demand and also figured out that human emotion is also key factor which plays part in deciding prices of underlying security.

Up until 1980 ,Candlestick patterns were only used by Japanese traders,however due to globalization western world came to know about secret trading techniques known to Japanese traders called “Candlesticks”.

Steve Nison, a technical analyst at Merrill Lynch in New York, is among the first who wrote a paper on candlestick patterns and tried to explain the concepts behind them. He also wrote a well known book on the similar topic.

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