Candlestick chart explanation needed

Beginner Questions
1

Hi

I start to read books about candlesticks, like High Profit Candlestick Patterns, Forex Patterns and Probabilities and some others, but I didn’t find answer on my question there, so I decide to ask here.

I need help to understand the following:

When I open one hour chart, I am seeing about 65 candles. Is that mean that I am seeing price moving in last 65 hours? That is, on one hour chart one candle represent one hour?

Same story with daily chart. I am seeing there about 65 candles, If each candle represent one day, I am looking at price movement in last 65 days?

If I am wrong, please explain to me what one candle represent on the chart.

Regards, Zoreli

2

QUOTE=zoreli;54866Hi

I start to read books about candlesticks, like High Profit Candlestick Patterns, Forex Patterns and Probabilities and some others, but I didn’t find answer on my question there, so I decide to ask here.

I need help to understand the following:

When I open one hour chart, I am seeing about 65 candles. Is that mean that I am seeing price moving in last 65 hours? That is, on one hour chart one candle represent one hour? Yes

Same story with daily chart. I am seeing there about 65 candles, If each candle represent one day, I am looking at price movement in last 65 days?

Yes

If I am wrong, please explain to me what one candle represent on the chart.

Regards, Zoreli

3

Hi daydreamer65!

Thanks for clarification.

Regards, Zoreli

4

Hey Zoreli,
Think of candlesticks (or bars) in terms of [I]periodicity[/I]. On a given chart, the amount of time each candlestick covers is specific to that timeframe. 1H chart -> each candle represents one hour of activity, and so on. This is the same when setting periodicity for moving averages, oscillators etc: that is why overlays and indicators appear differently on every timeframe.

5

Thanks, Andrewunknown

What confuse me was the name…it says daily chart…and actually on my screen I am seeing data from 65 days.

I was guessing that it should be like that, but in this business you must be sure. No guessing is allowed.

Regards, Zoreli

6

Now of course, you can magnify or reduce the size of the candles on your screen.

As such you can see either more or less candles, bigger or smaller.

If its a daily chart, the candles will still be daily, but the number of them that you see will change with the magnification.