The shadows represent the high and low of the day. The shorter the upper shadow on a black body, the closer the open was to the high. A short upper shadow on a white body means that the close was near the high. The relationship between the day's open, high, low and close determine the look of the daily candlestick. Real bodies can be long or short and black or white.
Shadows can be long or short as well.
This represents a bearish period in the market. Prices experienced a wide range, and the market opened near the high and closed near the low of the period. Long White Body. This is the opposite of a long black body, and represents a bullish period in the market. Again, prices experienced a wide range, however, the market opened near the low and closed near the high of the trading period.