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Triple candle patterns are formed from three candlesticks. The more famous double candle patterns are: Hammers: the hammer, inverted hammer, hanging man and shooting starДouble candle patterns consist of two Japanese candlesticks.The more famous single candle patterns are: Single Candle PatternДЄ single candle pattern involves only 1 candlestick. Candle patterns can be single, double or triple patterns that consist of one, two or three candles respectively. They also form different shapes and combinations commonly known as candlestick or candle patterns. Types of Candlestick PatternsД¬andles are constructed from 4 prices, specifically the open, high, low and close. You will feel like you are zooming out of the price action as you increase the time period of your candlestick chart. Every 6 H4 candles group into a single D1 candle. LetвЂ™s say you switch to a daily or D1 chart, where each candle represents 24 hours. Each H4 candle period expands into 4 H1 candles. When you switch to the H1 chart, you will have 4 times more candles. LetвЂ™s say you are looking at an H4 chart like the one shown above. ItвЂ™s like you are zooming into the chart. The smaller the time frame you use, the closer you look into the price action of the asset. You can use many different chart time frames or periods to plot candlestick charts in your technical analysis system or trading platform. The default color of the bearish Japanese candle is red, but black is also popular. Bearish CandlestickДЄ bearish candlestick forms when the price opens at a certain level and closes at a lower price. The default color of a bullish Japanese candlestick is green, although white is also often used.

This type of candlestick represents a price increase over the period in question. Bullish CandlestickДЄ bullish candlestick forms when the price opens at a certain level and closes at a higher price. Bearish CandlesД¬andles are either bullish or bearish depending on the direction of the price during the period they are drawn for. The candleвЂ™s lower wick starts at the lowest price seen during the period and rises up to the body of the candle. The tip of the upper wick of the candle shows the highest price attained during the period. The candle body extends from the closing price to the opening price of an asset for a particular period.

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Standard candlesticks consist of a candle body plus an upper and lower wick.

It also gives information about the assetвЂ™s opening, high, low and closing price during the period. Japanese candlesticks are chart units that display price action for a given period.Д®ach candlestick represents a specific time frame and gives data about the priceвЂ™s open, high, low and close during the period.Д®ach candlestick represents a specific time frame.

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