By David Keller
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Additional info for Breakthroughs in Technical Analysis: New Thinking from the World's Top Minds (Bloomberg Financial)
38 Lagging Span is a line chart that has been displaced back in time, hence the name. Some computers have trouble with this one and plot the current price twenty-five days ago. If this is the case, the line will bob up and down during the day as the current price changes. This is irritating, but not an enormous problem. However, the reason for using the closing price is sound. As I pointed out earlier, today’s price action can take all sorts of shapes during the day. The goal is to work with what it eventually ended up looking like.
My Japanese colleagues bend the rules of this system by working with hourly and five-minute charts. They have been trying it with weekly ones for a long time. Feel free to fiddle and experiment. To recap quickly, the six most useful elements are: • the candles themselves, individually and in groups and patterns • two moving averages, nine-day (Conversion Line) and twenty-six-day (Base Line) simple ones • two Leading Spans, which make up the cloud itself • one Lagging Span 39 Working With the Elements The candles, as mentioned, are used in exactly the same way as bar charts.
Historians estimate that they took their present form in the latter half of the Meiji period (late 1800s). Originally, they were just sticks drawn in red or black. What Are Candlesticks? Let’s start by looking at how candlesticks are drawn. 1 is a list of fictitious intraday stock price movements. If prices move in order from 1 to 30, they produce a line graph like the one marked No. 2, which we can express as a candlestick, as shown by No. 2. 3, the candlestick would be colored black. A black candlestick indicates that the opening price was higher than the closing price.