TAILIEUCHUNG - Candlestick charting explained Part 3

You may wonder why there are three continuation patterns that are derived from a failure to complete a Piercing Line. The On Neck Line, In Neck Line, and Thrusting patterns all represent failed attempts to reverse the downward trend. | Chapter 4 Additional Note You may wonder why there are three continuation patterns that are derived from a failure to complete a Piercing Line. The On Neck Line In Neck Line and Thrusting patterns all represent failed attempts to reverse the downward trend. Why then are there not similar patterns that represent failed Dark Cloud Cover patterns This can be answered by most students of the market who are familiar with normal topping and bottoming tendencies. Bottoms market lows tend to be sharp and with more emotion. Tops usually take longer to play out and cannot be as easily identified. 186 5 Sakata s Method and Candle Formations Japanese history and Japanese financial trading history in particular is rich with accounts of success usually dominated by only a few individuals. One such success was a man named Munehisa Sohkyu Honma. Some references use Sohkyu and some use Munehisa. Honma stepped into Japanese futures trading history in the mid-eighteenth century. When Honma was given control of the wealthy family business in 1750 he began trading at the local rice exchange in the port city of Sakata in Dewa Province now Yamagata Prefecture on the west coast of northern Honshu about 220 miles north of Tokyo . Sakata was a collection and distribution port for rice and today is still one of the most important ports on the Sea of Japan. Stories have it that Honma established a personal communications network that consisted of men on rooftops spaced every four kilometers from Osaka to Sakata. The distance between Osaka and Sakata is about 380 miles which would have required well over 100 men. This allowed Honma the edge he needed to accumulate great wealth in rice trading. Honma kept many records in order to learn about the psychology of investors. His studies helped him understand that the initial entry into a trade must not be rushed. According to Honma if you feel compelled to rush into a trade because you believe that you just can t lose wait three 187 Chapters days to

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