Japanese candle patterns have been used for about 300 years. Originally the Japanese candle patterns were predicted by merchants and used to profit from the rice trade. It can be said that it plays a very important role in any financial market. If the Japanese candle patterns were not reliable, they would have disappeared long ago. Now it would not be wrong to say that the whole world is useless without Japanese candle patterns.
The candlestick pattern was used in the 17th century and was found in the 16th century by a Japanese rice merchant named Munihisa Homma. Munihisa used it to settle his rice business.
He has found a way to properly monitor the behavior of his buyers and manage the buyers for his benefit. He used to write down the high price, low price and closing price of the day's rice. Made a chart with high price, low price and closing price. These were graphic making columns that looked like candles. Hence the name candle pattern. Munihisa Homma since it was first made and he lived in Japan. This is why these candle patterns are also called Japanese candle patterns.
He had brought order back to a very chaotic market through this method. Patterns that have repeated themselves over and over again become dependent on it for future pricing. Homa made a significant contribution to early candlestick charting, creating the candlestick we use today.
There are some reports and sources through which he made a lot of profit in business. Tradition has it that he made a lot of money doing business in this way. If he were alive today, he would be the most successful businessman in the world.
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