July 2015
Intermediate to advanced
352 pages
9h 40m
English
book
A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
by Michael C. Thomsett
Content preview from A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
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Long Candlesticks
Long candlesticks were introduced previously and explained. The length of the candlestick does not refer to a specific number of points, because scaling is not the same for every chart. Rather, a “long” candlestick has to be defined as a session that is exceptionally long in comparison to typical sessions before and after.
Key Point
A “long” candlestick is a relative signal. Due to dissimilar scaling of charts, it is defined as long compared to other signals close by, and it is not based on the number of points of price movement.
As a continuation signal, the proximity of the long candlestick is crucial to its power. For example, in Figure 6.14 two long candlesticks were located, the first marking the point of reversal and ...
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