Euro / U.S. DollarEducation
Trading Candles - Part 15
TUTORIAL
Today's candle formed a Spinning Top. A Spinning Top is formed by a small real body with supper and lower shadows less than the length of the real body. By itself, a Spinning Top indicates a drifting market. Notice the Spinning Top's real body remains between Support and Resistance.
REFRESHER
The green Spinning Top that formed three days ago indicated the market a drifting. Based upon a drifting market I placed a Support line off the low of the Spinning Top and a Resistance line off the high. A breakout above the resistance line would then indicate the market is reversing upward and a breakdown below the support line would indicate the continuation of the downward trend.
TRADING
A breakout above Resistance would setup a Long Trade. A breakdown below Support would setup a Short Trade.
Today's candle formed a Spinning Top. A Spinning Top is formed by a small real body with supper and lower shadows less than the length of the real body. By itself, a Spinning Top indicates a drifting market. Notice the Spinning Top's real body remains between Support and Resistance.
REFRESHER
The green Spinning Top that formed three days ago indicated the market a drifting. Based upon a drifting market I placed a Support line off the low of the Spinning Top and a Resistance line off the high. A breakout above the resistance line would then indicate the market is reversing upward and a breakdown below the support line would indicate the continuation of the downward trend.
TRADING
A breakout above Resistance would setup a Long Trade. A breakdown below Support would setup a Short Trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.