Who trades on levels share their experiences - page 38
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I will describe it using a real-life example: You go to the market all the time to buy cucumbers, there are always about a dozen cucumber sellers and the price is about the same in all of them and formed by competition.
But one day you come and for some reason there is only one seller and the price is inflated by 20%. You buy cucumbers for a high price, because there is no choice. But, that is not an excuse to go around and tell everyone that the price of cucumbers has increased, because any next day in the market all the sellers are again in place and the price is again the same ... competitive. So you have formed a price "spike", which is unlikely to happen again.
It's the same in our market, well, there was no liquidity, so we bargained for any price.The shadow is a phantom.
You have to look at the body of the candle - it's volumes and they were and are traded on them.
When there are no shadows, it's just a predisposition to stick to the level, when there is - the level does not let us in. It's just a sign, that's what they're working with.
No, the long shadow is a harbinger, a sign that price is more likely to bounce back than break through
Here's the same chart.
With shadows.
Without shadows
Heiken Ashi
If we consider candlesticks without shadows, there is some regularity although the chart looks less informative without shadows at first sight
P.S. It is about abnormal shadows, not ubiquitous shadows.
50/50. I have already told you what a shadow is
You are looking at how the price reaches the level, if it is being pushed to it or if it creeps up little by little, that is "it is more likely to break than to be recovered".when the market is huge, when bulls dominate, the level attracts price to itself (resistance), and there are no long shadows, when price went to a level but is not dominated by someone, then there are long shadows, etc., this is all IMHO
Here is the same graph
With shadows.
Without shadows
Heiken Ashi
If we consider candlesticks without shadows, there is a certain consistency, though the chart looks less informative without shadows
Maybe, I haven't studied Heiken Shi
Silver, took out b/w, but after level at LP Buy, and rebounded the loss
New day, new opportunities, the metals have taken over again
Gold, a break of yesterday's level,
On gold, yellow level on H4 is holding the price back.
We have to watch for further behaviour. Will it break the level or will it bounce. Now we just have to pips.
On gold, the yellow level on H4 is holding the price back.
How did you calculate it? What is the formula?
Mihalych is in a good mood, he gave it to me
How did you work it out? What's the formula?
There's a complicated algorithm involved. One formula doesn't give you anything.