Candlestick Charting – The Number One Forex Trading Tool

Forex trading has been hugely impacted by the accessibility of the internet. Not only have financial institutions been able to get more accurate and up-to-date information, but the amateur forex trader has been able to access the same information with a few mouse clicks. It is therefore vital to use the best tools for the job and candlestick charting undoubtedly are one of the best tools available.

Candlestick charting was introduced initially by the Japanese within the rice industry, however, over the last couple of decades they have lit the imagination of forex traders all over the world and have almost become a universal standard. As someone once said “You can’t do today’s job with yesterday’s methods and be in business tomorrow.” Candlestick charting is definitely the most powerful tool available today.

Structure of a Candlestick

It is true that candlestick charts hold the same information that bar charts do i.e. a high price, a low price and the opening and closing prices. The actual body of the candlestick shows the opening and closing prices. In the early days of candlestick charting, if the body was black then opening was higher than the closing. If it was empty then the opening price was lower than the closing. Nowadays candle bodies are coloured, green for upward movement and red for downward. The use of colours makes the charts much easier to read.

Candlesticks show high and low prices for a given time period by using vertical lines which appear above or below the candlestick body. These lines are also known as shadows

So what are the main features of candlestick charting that separate them from other charting methods? Listed below are the two main features.

Visual appeal

This is one of the most important features. At a glance, the trader can quickly understand what is going on within a particular forex market. No matter what the time scale being used, the trader will be able to see the market movement and whether it is the sellers of the buyers who have dominated a given session.

Readability

Any trader who has mastered the basics of candlestick charting will quickly be able to identify the opening and closing price for a given currency pair. Candlestick chart show the same information as a bar chart, but in a prettier, graphic format. It is very important to be able to use the support and resistance levels together with the opening and closing prices.

Other advantages of candlestick charting include the following:

  • Trading patterns change over time. That is why no system will always work. But candlestick patterns are not a system hence candlestick patterns always work.
  • Candlesticks get you into price action much earlier than the majority of indicators. This means that the traders using candlestick patterns can enter trades earlier than those traders relying on indicators.
  • Candlesticks are the fastest form of price prediction there is.
  • Candlestick trading is very reliable. Providing that the patterns are properly picked, and
  • the poor ones weeded out, the probability of success is extremely high.

Anyone who seriously investigates the use of candles will learn that there are many patterns and candlestick formations that provide very useful information for traders.

The forex market is extremely volatile so it is important to remember the words of Warren Buffet said “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”

Mastering candlestick charting is undoubtedly one of the most important skills that a forex traders needs to possess. This single tool will do more than any other to improve success for those who put in the effort to learn how they work and implement them into your

How to Create a Successful Business Plan

A good business plan enables you to build a strong foundation for your business, provides it integrity and helps to make you responsible towards your business. So, a proper business plan is inevitable in the success of a business. Charting a business plan can be nerve-racking, but with the right steps, it is a cake-walk.

Major sections of a business plan:

1. Executive Summary: Being the most critical section of a business plan, it is the first section that a reader sees. For the sake of perfection, you can write this section after you complete all other sections. It should provide a snapshot of your business, a mission statement, business history, current profile, founder’s details, locations, services offered, number of staff, future plans, and current profile in brief.

2. Market Analysis: This section indicates how well you have researched the prevalent market conditions. The chances of success, details of your industry, growth rate, market shares, current market trends, customer details, details of competitors and their products, comparative study of the products with respect to their strengths and weaknesses and so on can be included.

3. Company Description: This section provides a high level perspective of your industry and company, which helps the reader understand the relation between the two. It includes nature of your industry, company history, target customers, potential solutions that you will offer to target customers, and so on.

4. Organization and Management: This section should deal with how your staff is organized. The organization hierarchies, division of labor, profiles of managers, Board of Directors and Company Owner are to be included. This section should also include details of salary, perks and incentives.

5. Marketing and Sales Management: This section should help you to decide the marketing strategies for the sale of your goods and services.

6. Product Details: As the name indicates, this section describes the products or services that your business proposes to offer. You will need to provide details of current market research, benefits of products to customers, competitive advantages and copy rights or trade secrets with respect to your product.

7. Funding request: This section includes all that a bank or investor would need to know to understand the funding requirements of your business.

8. Financials: This section provides support, if you request for outside funding. Unless it is a startup company, this section should include your company’s financial track record for the past few years.

9. Appendices: This is where you will include all those details which you will not be able to fit into the other sections, but your readers might want to see.

While charting your business plan, you should think of the various audiences like bankers, investors, and professionals. Keeping properly formatted, short paragraphs is highly recommended in a business plan. You can include bulleted points to highlight the important points. It is nice to include complex data in the form of tables, or charts.

Making Dynamic Excel Dashboard Charts With Tables

Everyone understands that it’s tricky to maintain charts when it comes to Excel. When time progresses and there are new data points it can be difficult to add these to the graph. Everybody as well knows that an Excel dashboard requires dynamic charts. So that when newer data is incorporated, the particular chart updates itself.

The primary problem that most beginning Excel Dashboard users have when creating Charts using Excel is that the moment after they have made the chart it is very difficult to maintain. Perhaps you only want to put an additional data point but you have to change every series in order to add the latest data. This could be a difficult process, especially when there are plenty of chart series inside the Excel Dashboard.

Since most beginner Excel dashboard designers have no idea how to do dynamic graphs, they usually utilize placeholders for upcoming data within their Business Dashboard. This means that there’s no need to modify the chart right up until the end of the placeholders have been achieved, nevertheless, it is not a helpful Dashboard Layout for many reasons. The major reason is that it creates a lot of empty unused space inside the dashboard chart as a placeholder intended for upcoming data. Excel dashboard real estate (dashboard space) is essential as well as must be maximized as much as possible. The option of developing data placeholders is a waste of space in virtually any Excel business dashboard.

The perfect answer for just about any Excel dashboard template would be to create it Dynamically! Imagine a chart that updates by itself when information is added…that would be outstanding! And it is even easy for beginners.

You may ask yourself…can a dynamic chart in Excel be created having just a few steps?

Certainly! There are many ways to come up with a dynamic Excel chart. Here is the fastest way, but there are more complex ways to manage these types of activities where tables are not the best answer.

One of the easiest ways for a beginning user to create a dynamic chart was first available in Excel 2007 as well as in Excel 2010 (Excel for Microsoft Windows). When utilizing these kinds of versions, the user should place the information within an Excel table before you make the chart and after that the chart will dynamically update when newer data series are added in.

If the data series is updated within a table after which a chart was created through the table, the Excel Dashboard chart automatically will become dynamic without the need for Excel VBA coding or sophisticated formulas.

Isn’t that simple? Using tables for dynamic charts is quite simple to accomplish and should be applied whenever possible.

There are some limitations as the data has to be easily put into a table and can cause it to be challenging to customize the chart far beyond the standard style. This may not be a problem as many Excel Dashboards or perhaps for a standard executive or business demonstration, you may just need to create a basic graph that should be kept up to date quickly without having plenty of detail and thinking.

A simple dynamic table centered chart for your company or executive dash panel might be the perfect fit.