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Bloomberg Visual Guide to Candlestick Charting Paperback – February 7, 2012

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Editorial Reviews Review

Three Effective Candlestick Formations Every Trader Can Use
By Michael Thomsett, author of the Bloomberg Visual Guide to Candlestick Charting
Candlestick Charts are among the oldest and widest used form of charting, with more than 200 variations around. Traders are often looking to narrow their efforts down to the most effective formations to maximize this vital tool.

Based on Thomas Bulkowski’s extensive testing, you can narrow this list and focus mainly on indicators offering the highest percentage of reliability. Here are my top three favorite formations every trader can use to better their trading:

White soldiers is a bullish formation of three or more consecutive candlesticks moving upward and found after a downtrend. Each session opens within the range of the previous session and then closes higher. Amazingly, Bulkowski’s research concluded that the white soldiers leads to reversal 82 percent of the time. That makes this one of the best candlestick indicators.
Black Crows is the opposite of white soldiers. This one is a bearish formation found after an uptrend. It consists of three or more sessions, each opening within the range of the previous session and then closing lower. Bulkowski concluded that black crows will lead to reversal 78 percent of the time it is found.

The engulfing pattern is a two-session indicator. It is so called because the second session extends both above and below the range of the first, engulfing its range. The colors are also reversed:

In a bullish engulfing pattern, found after a downtrend, a black session is followed by a white session that opens lower and then closes higher. This leads to reversal 63 percent of the time, which is better than the 50-50 random outcome, but not as strong as some others, such as the bearish variety.
The bearish engulfing is opposite of the bullish. Found after an uptrend, a white first session is followed immediately by a black that opens higher and then closes lower. This one leads to reversal 79 percent of the time.
Because these three (white soldiers, black crows, and engulfing) are so highly reliable, they are my favorites. They also show up often enough that they can be found in many instances and can be used as monitoring devices while tracking a trend and looking for its end. However, you also need to look for other signals of coming reversal. These are not exclusive; they are just among the most reliable, and should be in every trader’s toolkit.

The Power of Candlestick Charting in Three Exceptional Graphs [Click on images to enlarge]
By Michael Thomsett, author of the Bloomberg Visual Guide to Candlestick Charting
Candlestick charts are an effective way of visualizing price movements and, with increased interest in the complex derivatives market, they are being used more and more widely. A combination of a line-chart and a bar chart, where each bar represents the range of price movement over a given time interval, candlestick charts are most often used in technical analysis of equity and currency price patterns.

The Bloomberg Visual Guide to Candlestick Charting covers each of the more than 200 variations, and through these three exemplary graphs, author Michael Thomsett demonstrates the power of this exceptional tool:

1. Dragonfly doji.
This one, charted on Google (GOOG), is found on page 81. What makes it special is the nice confirmation. The dragonfly doji anticipated a downtrend, but just before it appeared, a second bearish signal--piercing lines--also appeared. These two signals together were exceptionally strong bearish warnings. In fact, they came right before Google’s price fell 70 points.
2. Black crows.
This is one of the more reliable of patterns. On page 47, the chart of Wal-Mart (WMT) demonstrated how the pattern appears. In fact, in about 45 days, black crows indicators showed up three times. Each signaled short downturns in price. It is unusual to find an example when such a pattern appears three times, making this one noteworthy.
3. Bear abandoned baby.
I really like the name of this indicator. Like so many candlesticks, the name itself is descriptive of the appearance. This one consists of a white session, an upward gap and then a narrow-range day, then a downward gap and finally, a black session. In the chart on page 37, Cisco Systems (CSCO) started out with a bearish abandoned baby. But it was followed by a delayed reaction in which the price rose. But ignoring a bearish signal like this can be dangerous, as the chart revealed. About 11 sessions after the abandoned baby, a large downward gap set up a new, much lower trading range in the stock.

From the Back Cover

Bloomberg Visual Guide to Candlestick Charting

"Another winner from Michael Thomsett! Many traders consider candlestick charting a difficult subject to master, but the Bloomberg Visual Guide to Candlestick Charting has made it easy. The interactive quality of this book makes a complicated topic come alive. Michael's enthusiasm leaps off the page—I didn't want to put it down."
Marty Kearney, Options Institute,Chicago Board Options Exchange

"The Bloomberg Visual Guide to Candlestick Charting is truly a comprehensive reference for any trader who wants fast access to the essence of candlestick indicators. The visual approach taken by the author makes the topic user-friendly and valuable."
Julie Schoerke, principal of JKSCommunications, A Literary Publicity Firm

"Michael Thomsett articulates how candlestick interpretation reduces trading risks, improves timing, and assists individuals in managing their portfolios effectively. This book is designed for ease of use and I recommend it highly. I would also recommend the book to the thousands of members of the GlobalRisk community who know Michael as the top blogger and trainer."
Boris Agranovich, founder of GlobalRisk community

"It is refreshing to find a book that tackles a complex topic like candlestick chart interpretation and makes it crystal clear. Every chartist and technician should keep this book close at hand. The alphabetical and visual combination makes this the book of choice on candlestick charting."
Michelle Lemmons-Poscente, Chairman of the International Speakers Bureau

The Bloomberg Visual Guide to Candlestick Charting is designed for anyone who wants to know more about this effective way of visualizing price movements. Written by acclaimed financial expert Michael C. Thomsett, the book serves as a guide to the most frequently used charts. Arranged in an easy-to-use manner, it provides a quick reference for those looking to learn more about candlestick charts as well as those entering the field for the first time. Highly visual and arranged alphabetically, the book features over two hundred candlestick and related terms, making it an invaluable resource that presents sometimes confusing concepts in a format that is easy to understand and digest.

The Bloomberg Visual series covers today's most relevant finance and trading topics ina comprehensive, yet easy-to-follow style.The content truly lives up to the series nameby examining concepts in a highly visualmanner—all charts are in color and presented in a large format for ease of use. Other strong visual attributes include consistent elements that function as additional learning aids for the reader, such as: Key Points, Definitions, Step-by-Step, Do It Yourself, and Bloomberg Visual series functionality.

And for e-reader users, the Bloomberg Visual series is available as an enhanced e-bookoffering special features, like a Test Yourself section where you can test your newly honed knowledge and skills. The enhanced e-book version also includes video tutorials and special pop-up features. It can be purchased wherever e-books are sold.

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Product Details

  • Paperback: 384 pages
  • Publisher: Bloomberg Press; 1 edition (February 7, 2012)
  • Language: English
  • ISBN-10: 1118098455
  • ISBN-13: 978-1118098455
  • Product Dimensions: 7 x 1 x 10 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #671,401 in Books (See Top 100 in Books)

More About the Author

I have been writing professionally since 1978 and fulltime since 1984. Today I operate my options educational website at
From 1978 to 1984 I wrote part-time and also was a consultant in the financial services industry. Once I began writing fulltime, I began in the magazine journalism field as a freelancer. In 1985 and 1986 I wrote approximately 500 articles in business, trade and professional magazines. I then switched over to books exclusively and have written over 70 books. These include my own as well as ghost-written projects.
Today I like to work on multiple books at the same time, normally two or three projects. Being able to switch back and forth keeps the writing process fresh and interesting. I generally write from 7 a.m. until noon and spend afternoons on research.

Customer Reviews

Most Helpful Customer Reviews

10 of 12 people found the following review helpful By pitrader on March 29, 2012
Format: Paperback Verified Purchase
I found his Illustrations to be very good. His material is and review is also okay as far as it goes. I find that most writers continually use one day candlesticks charts only. Unfortunately, they create a false signal quite often. I have found 3 day candlesticks charts to be more accurate. Also, even though this is primarily about candlestick charts support and resistance trend lines and trading volume, would make the reader very much more aware of the accuracy you are analyzing. I'm not taking away from Mr.Thomsett's book. However, as I went through it and matched the time frames and companies used with his signals, if you are a swing trader as I am, you would have come to many incorrect conclusions. There are instances where what is stated did not last very long. It may be more appropriate for a day trader. Here is an example of what I am talking about page 157 reviewing GE. He discusses a matching high as a bearish signal. Well it was for a brief period, but the stock went from around $16.80 on 11-8-2010 and dropped to $15.75. The support level at that time was right around $15.70 which held and on 11-24-2010 the stock went on a very nice ride up from right around $15.70 to a high where a doji top at approximately $21.40. All that I'm saying is you really have to pay attention to where you are besides the candlesticks or you could be taking losses instead of gains. The 3Day Candllestick and support would maybe made you consider if this really would be where you want your money to be. Again I am a Swing Trader.
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3 of 3 people found the following review helpful By hannah on July 5, 2012
Format: Paperback Verified Purchase
I own A LOT of books on Technical Analysis, and this one is the best! The visual references are easy to understand and the tips and explanations are spot on.
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Format: Paperback
Michael Thomsett does a great job of explaining the basics of candlestick charts and showing examples of patterns more likely to help to buy and sell decisions.

Thomsett walks readers through the basics of candlestick charts, contrasting them with more traditional price charts. He then shows readers a large number of candlestick chart formations, presented in alphabetical order.

This book is extensive and does a good job of explaining concepts with well-constructed charts. It strikes a good balance between introducing candlestick charting and showing specific patterns for advanced traders. The images are clear and well-marked, and the text is easy to understand.

It is a great addition to library on trading ideas and technical analysis.

-Charles Rotblut
Author, Better Good Than Lucky
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