K-line diagram

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synonym K line (K line) generally refers to K line chart (a chart for technical analysis)

K-line chart, stock market and futures market The drawing of the K line diagram in contains four data, namely Opening price 、 Maximum price 、 minimum price 、 Closing price All K lines are based on these four data, reflecting the general situation and price information 。 If you put the daily K line chart on a piece of paper, you can get Daily K Line Diagram , can also be drawn Weekly K Line Diagram And monthly K line chart.^[1]

Chinese name

K-line diagram

Foreign name

Candlestick chart

alias

candlestick 、 Candlestick Charts

advantage

Fully and thoroughly observe the real changes in the market

Origin time

In the 19th century, Japan Tokugawa Shogunate times

atlas

catalog

essential information

Chinese name: K-line diagram
Foreign name: Candlestick chart

Alias: candlestick 、 Candlestick Charts
Advantages: Fully and thoroughly observe the real changes in the market
Origin time: In the 19th century, Japan Tokugawa Shogunate times

Origin of K-line

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The K-line chart is from Japan Tokugawa Shogunate At that time, it was used by Japanese rice market merchants to record the rice market and Price fluctuation Later, it was introduced into the stock market and futures market 。 At present, this Chart analysis In China and even the whole country Southeast Asia It is particularly popular in all regions. Because the shapes of the charts drawn by this method are like candles, and these candles are black and white, they are also called Yin Yang Line Charts. Through the K line chart, people can fully record the market performance every day or in a certain cycle Disc gear Then, a Special area Different forms show different meanings. People can find out some regular things from the changes of these forms. K line diagram can be divided into Reversal Patterns 、 Finishing form And gaps and Trend line Etc.

So why is it called "K Line"? In fact, in Japan, "K" is not written as "K", but as "\\\\\\\\\\\\\\\\\\\\\\ English Initial The literal translation of "K" is "K" line, from which it developed.

Drawing method

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Figure 1 Drawing method of K line map

First, find the highest and lowest prices of the day or period, and vertically connect them into a straight line; Then find out the opening and Closing price , connect the two price points into a long and narrow rectangle Cylinder 。 If the closing price of the day or a cycle is lower than Opening price It means high (that is, low opening and high closing), which is represented by red, or left blank on the column, which is called "male line". If the closing price of the day or a cycle is lower than the opening price (that is, high opening and low closing), it is indicated in green, or painted black on the column, which is the "yin line".

Components

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Figure 2 Classic diagram of k-line diagram

It is based on the Opening price 、 Maximum price 、 minimum price and Closing price Drawn. To draw Rik Line For example, first determine the opening and closing prices, and draw a rectangular entity between them. If the closing price is higher than Opening price K line is called male line and is represented by a hollow entity. On the contrary, it is called negative line, which is represented by black entity or white entity. Many software can use color entities to represent the negative and positive lines futures market , usually expressed in red Male line , green indicates the negative line. (but involving Europe and America Shares and foreign exchange market Investors should pay attention: in these markets, green represents the positive line and red represents the negative line, which is just the opposite of the domestic custom.) Connect the highest price and the lowest price to the entity with a thin line. The line between the highest price and the entity is called Upper hatching line The line between the lowest price and the entity is called Undershoot 。

In the same way, if one minute price data is used to draw the K line chart, it is called one minute K line. A monthly K line chart is drawn with one month's data. The drawing cycle can be flexibly selected according to the needs. In some professional chart software, you can also see the K line of 2 minutes, 3 minutes and other cycles.

K line is a special market language, and different forms have different meanings.

Morphological index

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1. When the closing price is higher than the opening price, the opening price is higher than the closing price, and the rectangular column between them is drawn in red or hollow, called Male line ； his Upper hatching line The highest point of is the highest price, Undershoot The lowest point of is the lowest price.

When the closing price is lower than the opening price, the opening price is lower than the closing price on the previous day. The rectangular column between the two is drawn in black or solid, which is called the Yin line. The highest point of the upper shadow line is the highest price, and the lowest point of the lower shadow line is the lowest price.

2. According to the calculation period of K line, it can be divided into daily K line, Zhou-K Line ， Monthly K line ， Year K line 。

The weekly K line refers to the K line chart drawn with the opening price on Monday, the closing price on Friday, the highest price and the lowest price of the week. The first line of a month Trading day K line chart drawn from the opening price of, the closing price of the last trading day, the highest price of the month and the lowest price of the month can also be used to derive the definition of annual K line. The weekly K line and monthly K line are often used to study and judge the medium-term market. For short-term operators, the 5-minute K line, 15 minute K line, 30 minute K line and 60 minutes The K line also has important reference value.

3. According to the opening price and closing price Fluctuation range K line can be divided into extreme yin, extreme yang, small yin, small yang, middle yin, middle yang, big yin, big yang, etc Linetype 。 Their general fluctuation range.

The fluctuation range of polar cathode line and polar anode line is about 0.5%;

Small internal thread and Small male line The fluctuation range of is generally 0.6-1.5%

Midline and Middle male line The fluctuation range of is generally 1.6-3.5%;

Great Yin Line and Dayang Line The fluctuation range of is more than 3.6%.

4. Below with volume Of Time sharing trend chart , describe several typical single Daily K Line Diagram The formation process and different meanings of. The time-sharing trend chart records the whole day trend of the stock price. Different trends form different types of K lines, while the same K line has different meanings due to different stock price trends.

A. Little Yang Star

All day long Stock price fluctuation Very small, the opening price is very close to the closing price, and the closing price is slightly higher than the opening price. The appearance of a small positive star indicates that the market is in a stage of confusion and uncertainty, Aftermarket The rise and fall of is unpredictable. At this time, it should be based on the shape of its previous K-line portfolio and the price region at that time Comprehensive judgment 。

B. Little yin star

The time-sharing trend chart of Little Yin Star is similar to that of Little Yang Star, but the closing price is slightly lower than Opening price 。 It indicates that the market is weak and the development direction is unclear.

C. Small male line

Its fluctuation range is small and the positive star increases. The bulls have the upper hand, but the upward attack is weak, indicating that the market development is complicated.

D. Hanging male line

Figure 3 Upper Male Line

If there is a positive hanging line in the low price area, the stock price shows that the trading volume shrinks in the process of bottoming. With the gradual rise of the stock price, the trading volume is evenly amplified, and finally ends with a positive line, indicating that the future stock price is bullish.

If there is a positive hanging line in the high price area, and the stock price goes out of the shape shown in Figure 3, it may be the main force Increase shipment , you need to be careful.

E. Lower shadow male line

Its appearance indicates that Empty The attacks from various parties during the war were steady and powerful. The stock price fell first and then rose. The market has the potential to rise further.

F. Upper shadow male line

Display the top of multi-party attacks Pressure dumping Heavy. This kind of figure is commonly seen in the main Test panel Action indicates that there are many floating chips and the rising trend is not strong.

G. Wear the male thread of head and foot

It indicates that many parties have taken the advantage, and wave by wave Go up in the market , share prices rose steadily with the cooperation of trading volume, indicating a bullish future.

Also Wear the male thread of head and foot If the stock price trend is shown in most of the day Horizontal plate Or it may fall end of the market suddenly pull up Indicates that the next day may Jump high Walk low behind.

Another situation is that if the stock price trend is characterized by a wide range of oscillations throughout the day, and the tail market is rising in volume, it may be that the main force of the day drives away the sedan passengers through the oscillation washing, and then easily raises, and the future market may continue to be bullish.

H. Bald male thread

If the bald positive line appears in the low price area, it is shown as Stock price bottoming Later, it rose and the trading volume increased at the same time, indicating the beginning of a round of rising market. If it appears on the way up, it indicates that the future market will continue to be optimistic.

I. Barefoot male line

It means that the rising trend is strong, but at a high price Both parties In case of disagreement, purchase with caution.

J. Yin line of upper shadow

It indicates that the selling pressure on the stock market is serious, the market is weak, and the stock price may reverse and fall; If it appears on the way up in the middle price zone, it indicates that there is still room for growth in the future market.

K. Yin line of lower shadow , Shadow Cross stars , T-line

When any of the three types of lines appears in the low price zone, it indicates that the lower gear has a strong carrying capacity and the stock price may rebound.

50. Variable disc cross star

This type of line is often called the variable disk cross star. Whether it appears in the high price area or the low price area, it can be regarded as the top or bottom signal, indicating that the general trend is about to change the original trend.

M. Great Yin Line

The share price traded sideways for one day, Tailstock The sudden large-scale downward attack indicates that Empty party In the battle of one day, it finally occupied the dominant position, and the next day, it is more likely to open lower.

Special form

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Crosshair

The name of the candlestick line that can provide its own information and has many important pattern characteristics. When the market opening price and closing price are equal, the candle body is the smallest and forms Doji.

Hammerhead

Candlestick Chart Of Price model , which occurs when the market trading price falls first after the opening, then rises again on the same day, and the closing price is higher or close to the opening price. This pattern forms a hammer shaped candlestick.

Inverted hammer

The price pattern in the candlestick chart appears when the market transaction price rises significantly after the opening, but then falls. At the end of the day, the price pattern appears as follows: shadow line Of Minor cathode perhaps Small male line , indicating that market price Being unable to rise due to greater pressure, if this pattern occurs continuously, it can be used as a signal to judge the market direction adjustment or even turning.

Tombstone

Opening higher than the previous transaction Daily closing price The rising market gap. It will reach a new high, and then lose its power to close near the lowest price. This is a bear market momentum. Next transaction China Japan lower than Shooting Star The entity's opening price will confirm the reversal of the trend. If the opening price and closing price are the same, this indicator is considered as gravestone doji （Gravestone Doji）。 Gravestone Doji is more reliable than Shooting Star mode.

Shooting Star

Candlestick reflecting reversal. Before that, the stock price was at a high level and the candle was very big. The opening price of the day when the shooting star phenomenon occurs (usually) will be higher than the closing price of the previous day, and then the stock price will climb to the high point, but finally close at a price lower than the opening price.

White Sanbing

The white three soldiers are the reversal model of the bull market, forming three consecutive white candles. After a period of decline, the White Three Soldiers model indicates the change of market mentality and the reversal trend from a bear market to a bull market. There is no doubt about the confirmation of the bull market. Sometimes a reversal will form a price support level 。

Three black crows

The bear market reversal mode consists of three consecutive black candles. The opening price was higher than the lowest price yesterday, but the closing price was lower than the lowest price yesterday.

Research and judgment method

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Single day K-line form

The uniqueness of the K line chart is that it can preliminarily judge the strength of the market by using the single day K line pattern.

Several basic K line forms are introduced below for reference only:

· Dayang Line (Changhong): The opening price was close to the lowest price of the day, and then the price rose all the way to the highest price to close, indicating that the market buyers were enthusiastic and the rising trend was not exhausted;

· Great Yin Line (Long black/ Evergreen ）: The opening price is close to the highest price of the day, and then the price drops all the way to the lowest closing price, indicating a strong downward trend in the market, especially in high price areas, which is more dangerous;

· Lower shadow male line : The price once fell sharply, but was affected by Bid Powerful support, the price rises again, closing at the highest price, which is a strong form;

· Yin line of lower shadow : After a sharp decline in the price, it was supported by buying forces, and the price rose upward. Although the closing price is still lower than the opening price, it can also be regarded as strong. But in High price area When it occurs, it indicates that the price has a callback requirement, and attention should be paid to selling;

· Upper shadow male line : The price rises and falls back, and the rising trend is blocked. Although the closing price is still higher than the opening price, there is resistance above, which can be regarded as weak;

· Yin line of upper shadow : The price is blocked from rising, the closing price is lower than the opening price, and there is resistance above, which can be regarded as weak;

·Lower cross line: after the opening, the price dropped sharply, but it gained support at the low position, and bought at the bottom aggressiveness , and finally closed near the highest price, which is strong. When Long undershoot Appears in Low price zone Is often an important inversion signal;

·Reverse cross line: after the price soared, it encountered strong resistance at the high level, and was finally forced to close near the opening price. Although there is a desire to go up, the market has requirements for repair and is weak. When the inverted crosshair appears in the high price area, it is often an important steering signal;

· Cross stars : The buyers and sellers are evenly matched and the trend is stable; But in a strong market, the cross stars often become the intersection of market strength and weakness, and may change in the future;

· Straight line : Four price in one K line reflects that the market transaction is light and the future market is hard to come by Big changes ； However, if it appears at the limit of increase (limit of decrease), it indicates that the power gap between the buyer and the seller is too large, the future direction is clear, and it is difficult to reverse in the short term.

Two day K line combination

By observing the shape of the K line for two consecutive days, and considering whether it is located in the high price area or Low price zone It is more reliable to measure the market.

high position Reversal Patterns ：

·Yesterday, the cross line was closed, and the bull attack was blocked; The next day, it opened high and closed low again. The final closing price was near yesterday's closing price, indicating that the competition between long and short was fierce Selling pressure Heavy, pay close attention to the future market and shipment.

·The cross line was closed yesterday, and the price showed signs of reversal; The next day, the market opened below yesterday's closing price, and then the price fell all the way down, and finally closed with a negative line, indicating that the short side took the initiative, indicating that the market would turn down, and shipment should be paid attention to.

·Yesterday, the positive line was closed, and the buyer's momentum was in full swing; The next day, after the high opening, many parties were unable to follow the trend, and fell sharply below yesterday's closing price, so the market weakened; High level consolidation This form will appear later, and the dealer should be careful to pull up the shipment.

·Yesterday, the positive line was closed, and the buyer's momentum was in full swing; On the second day Attack and receive However, it was still above yesterday's closing price, which means that the battle between long and short is extremely fierce, and the bulls win one upmanship. We should pay close attention to future changes.

Low order inversion form ：

·The cross line was closed yesterday, indicating that the lower buying was active, and the price stopped falling and stabilized. The price continued to rise after the opening of the next day, and finally Small male line As a result, bulls' confidence was strengthened and the price recovery was imminent. This combination appears in the low price area, which is a standard rebound form.

·Received yesterday Midline ， short position The coming trend was fierce. The next day, the market opened sharply lower, but the buyer actively entered the market at a low level. Instead of falling, it rose. Finally, it closed on a positive line and was higher than yesterday's closing price, indicating that the short side was weak in downward attack and the price was likely to rise again.

·Yesterday, the negative line was closed, and the short position was full of vigor, but the next day it opened sharply, the price went up all the way, and finally closed at the highest price, indicating that many parties have won a great victory, and the future market is expected to become stronger.

be careful ：

There are many combinations of K lines, and their meanings are different price level And Change trend To analyze. Other auxiliary indicators (such as Moving Average ， SAR ， Deal accumulation ）And so on.

Method characteristics

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advantage

Be able to observe the real changes of the market comprehensively and thoroughly. From the K line chart, we can not only see the trend of the stock price (or the big market), but also understand the fluctuation of the daily market conditions.

shortcoming

(1) The drawing method is very complicated, and there are many trend chart One of the most difficult to make.

(2) Yin line and Male line There are many changes.

Form application

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brief introduction

How to use the K line to judge the changes of stock prices in the medium and long term?

First of all, we will introduce the basic forms formed after several K lines are connected.

Head shoulder type

After the K line gathers for a period of time, there will be three vertices or bottoms in a certain price range, but the second vertex or bottom is higher or lower than the other two vertices or bottoms. However, sometimes more than three vertices or bottoms may appear; If one or two heads (or bottoms) appear, the two left shoulders and Right shoulder , called composite shoulder type (or composite type Bottom of head and shoulder ）。

Double roof

Double top is when a certain stock rises rapidly to a certain price Profit taking Of Selling pressure The trading volume expands, and the stock price falls from the peak. Then the trading volume gradually shrinks with the decline of the stock price Stop falling and pick up Then it began to rise upward and rose to the price near the previous peak, volume It increased again, but the trading volume was less than that created by the previous peak. The upper selling pressure reappeared, and the stock price fell again, and fell below Neckline , forming a weak position of going down. The neck line is to draw a parallel line at the low point between the two peaks. As the neck line is broken after the completion of the double top, it is very similar from the figure English letter "M", so the double top can also be called "M" head.

Double bottom

Namely, double roof Reversal Patterns , forming a "W" shape; That is, the stock price rebounded when it fell to a certain price, but the buyer's power still failed to concentrate, and the stock price softened again, and then Downtrend It tends to ease, and gets support near the previous low price. At this time, the buyer's power increases, and the stock price begins to show a stronger trend.

It should be noted that when a double top (or double bottom) occurs, it may not always show a reverse trend, but sometimes it still shows a consolidation pattern. After the completion of the double top or double bottom, the breaking neck range exceeds the stock market price by more than 3% Effective breakthrough Otherwise, it may still be circling or even reversing the trend.

Comprehensive application of K line and MACD cable

The most commonly used Technical indicators yes KDJ And MACD indicator 。 KDJ index It is a leading indicator, which is used mostly Short line operation Dominant; MACD is also called Smooth Similarities and Differences Moving Average , is the market average cost The deviation of, generally reflects the overall trend of the midline. Theoretically, the advance of KDJ index is mainly reflected in the speed of reflecting the stock price. It belongs to a strong overbought area near 80, and the stock price has certain risks; 50 is the wandering area; Near 20, there is a relatively safe area, which is oversold and can be used to build a warehouse. However, due to its fast speed, frequent buying often occurs Sell signal More mistakes; MACD indicator Because basic and market price Synchronous movement increases the requirements and restrictions for sending signals, thus avoiding False signal The occurrence of. The advantage of combining the two to judge the market is that you can more accurately grasp the short-term buying and selling signals of KDJ indicators. At the same time, because of the midline trend reflected by the characteristics of MACD indicators, it can be determined by using the two indicators Stock price Of Short term volatility 。 from Shaanxi Gold Leaf (000812) It can be seen that KDJ reached a low point on December 20, 2014, while MACD bottomed out on January 22 with the share price. When KDJ and MACD simultaneously spread upward on January 23, the buying signal is very easy to grasp. 2015^[2] When KDJ started high passivation on February 4, MACD was still moving upward, indicating that the upward momentum still exists, but there will be some adjustment in the short term.

From these aspects, we can see that when MACD maintains its original direction, KDJ index Over buy or Oversold status Next, the stock price will still follow the established trend. Therefore, in operation, investors can use this to judge whether the market is adjusting or reversing, and can also appropriately avoid short-term adjustment risks to win Shortfall 。 While observing this unit, Horizontal plate The adjustment is nearing the end. It can be seen that the MACD is still maintaining its original Upward trend And the KDJ index has been adjusted and will be formed in the direction of 50 kdj , indicating that there is still a chance for the stock price to rise again in the short term. In general, for the judgment of short-term trend, the buying and selling signals sent by KDJ need to be verified with MACD. Once both of them send the same order, they will buy and sell Accuracy Will be higher.^[2]

relationship

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Relationship between K-line diagram and technical indicators

1. Although the analysis of indicators and K charts is a necessary process for transactions, they can only be a reference tool for technical analysis. The conclusions drawn from the analysis of a classic K line chart or a commonly used indicator are not necessarily true make a concrete analysis , should not be the same.

2. The application of indicators often refers to the data within a period of time statistical analysis Or change observation, but the data in this period may also have operational factors, or due to the Fundamental plane The changes caused by the news have affected the trend as a whole, which may affect the accuracy The same is true for the K line diagram. They are more or less affected by some external factors, not absolute.

3. In daily transactions, some Trader The comprehensive analysis of several different technical indicators is often carried out, but the comprehensive utilization of indicators or K line charts alone may not only make the original right direction more ambiguous, but also make the transaction process more complex. Global Jinhui said that the correct method is to make comprehensive use of technical indicators and K line diagram, and think in both directions as analysis Auxiliary tools And make the conclusion more credible.

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