Cords and Candlesticks

You can imagine cords as a battle between the bulls and the bears and in this battle the bears defeats the bulls, or vice-versa. If the candlestick represents a day, then the battle is in the same day.

Example
The day started very positive bulls are raging up and buying all the ASKs in the way, and scaring away the bears. But the intraday picture is a relatively long white day where the bulls are winning.

Slowly bulls are running out of steam and their buying power fades. Then a sudden high volume of sellers absorbing all BIDs in the market and the bears gain power, prices recoil, and the cord appears. The longer the cord the more the bears are dominating; this could be a signal for the next bears day, and it is even stronger when it is accompanied with affirming additional signals.
Cords are fine signals pinpointing an entering point to a reversal signal and for day traders, their main interest is to gain from price recoiling.