This article was first published on Genesis Vision Blog - Medium
Nowadays, Japanese candlesticks are so ubiquitous in all forms of trading, that even the newly emerged crypto industry has borrowed it. However, candlesticks were popularised in the West quite recently — about 25 years ago. The first person who revealed the candlestick charts to the western hemisphere was Steve Nison, who wrote a book called “Japanese Candlestick Charting Techniques”, initially published in 1991.
Before Steve wrote the book, he travelled to Japan and was fascinated by the way Japanese traders looked at the market. Keep in mind that at that time, pretty much no one knew about Japanese candlesticks and the bar charts dominated the western market. Steve Nison, who was brought up on the teachings of Charles Dow, was very surprised to see that Japan already had an established groundwork of the technical analysis, which did not originate from the works of Dow. So who made this possible?
The rice billionaire
The father of Japanese candlestick is considered to be Munehisa Homma, who was born in 1724 in the city of Sakata, which was a major port and one of the centres of rice trade. The Homma family owned vast rice plantations and also engaged in rice trade.
In 1750, after the death of his father, Munehisa, being the youngest son, started managing family capital. This happened contrary to the tradition according to which the eldest son became the heir of his father’s business, and could testify to his remarkable commercial abilities. At this time, a rice exchange also appeared in Sakata. Homma traded on it for several years and then transferred his activities to Osaka and Edo, where he made a considerable fortune.
It is rumoured that Munehisa had achieved such a level of proficiency he at one point made one ...
To keep reading, please go to the original article at:
Genesis Vision Blog - Medium