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1、CHAPTER4CANDLESANDTHEOVERALLTECHNICALPICTURE#a+oExEtmbd"HeWhoSitsinaWelltoLookattheSkyCanSeeButLittle""ActionA;uputt"sebookthatIhadtranslatedstatesthat,thatignorestheconditionofthemarketisonlyaskingforalossandanambushencounter."lThispicturesquesaying(usingthetypicalmilitar
2、yanalogysocommonin]apanesetechnicalanalysis)meansthatyoumustconsidertheoverallmarketconditionbeforetradingwiththecandles.Otherwise,"lossyoumaybeinforaandambushencounter."AmemberoftheNipponTechnicalAnalystsAssociationwrotetomethatheviewstheoveralltechnicalpictureasmoreimpor
3、tantthananindividualcandlepattern.Icertainlyagreewiththatsentiment.Effectivecandlechartingtechniquesrequirenotonlyanunderstandingofthecan-dlepatterns,butapolicyofusingsound,coherenttradingstrategiesandtactics.Itisunfortunatethatsometraderswhoknowaboutthecandlepatternsoften
4、ignoresuchtactics.Thecandlesareatoolthatmustbein.otpotutedwithothertradingguidelines.Inthissense,Ihavealwaysviewedthecandlesasbeinganothercolor,albeitanimportantone,onmytechnicalpalette.AdiscipleofConfuciusonceaskedhimwhowouldhetaketowarwithhim.Confuciusansweredthathewould
5、notwantsomeonewhodidnotcarewhetherhelivedordied.Hewouldtakesomeonewhoapproacheddifficultieswithappropriatecautionandwhopreferredto129130Candlessucceedbystrategy.Andstrategyisthefocusofthischapter;hereIshowtheimportanceofsuchstrategicprinciplesasusingstops,determiningtheris
6、kandrewardaspectsofatrade,observingwhereacandlepatternisinrelationtotheoveralltrend,andmonitoringthemarket'sactionafteratradeisplaced.Byunderstandingandusingthesetradingprin-ciples,youwillbeinapositiontomostfullyenhancethepowerofthecandles.Bytheendofthischapter,youshouldun
7、derstandthatwhatemergesbeforeandafteracandlepatternisacriticalelementoftrading.STOPS"EuenMonkeysFalIfromTrees"Thereshouldalwaysbeapriceatwhichyousayyouroutlookiswrong.Theprotectivestopoutlevelisthatprice.Nomatterhowreliabletheechnrcatoo,therewilbetrmeswrentresgnaob
8、taed,homtrattooiswrong.Byusingstops,youaredefiningtheriskofatrade.lneffect,theuseofst
