Candlestick Patterns:
The chart shows 4-hour candlestick patterns with colors corresponding to price movement:
- green fill and green outline indicates price closed above candle open price
- green fill and red outline indicates price closed below candle open price
- red fill and green outline indicates price went below previous candle low but closed above current candle open
- red fill and red outline indicates price closed below previous candle and current candle low
- yellow is the color for a consolidated candle (aka "1" or inside bar)
- blue is the color for the "3" candle that went above and below previous' candle high and low
The numbers "1," "2," and "3" likely represent The Strat methodology, a popular trading framework:
1 (Inside Bar): Price action is contained within the previous candle's range.
2 (Directional Bar): Price breaks either high or low of the previous candle.
3 (Broadening Formation): Price takes out both the high and low of the previous candle.
Support and Resistance Zones:
Multiple horizontal lines represent key support and resistance levels:
- Yellow lines indicate historical highs/lows or significant levels (e.g., "Previous All-Time High Zone").
- Red and blue lines mark specific levels like the "Open WK" or "ABR1 Upper,"
- Labels such as "High of Day," "Previous Weekly High," and "Previous Daily Low" provide context for recent price action.
Broadening Formations:
- Diagonal white lines identify broadening formations, consistent with "The Strat." These formations reflect expanding ranges, suggesting increased volatility or market indecision.
Key Dates and Events:
- Specific dates and times, such as "4hr Mon, Nov 11 @ 1:30 pm," appear next to significant price levels, helping to pinpoint areas where the stock reacted strongly.
Indicators:
- ATR (Average True Range) and DTR (Daily True Range) values are shown at the bottom right:
- ATR: 4.58 — Indicates the average price movement range over a period.
- DTR: 5.16 — Suggests the range within the day (113% implies higher-than-average volatility).
Directional Signals:
- Green and red arrows identify potential buy and sell signals based on the methodology applied, likely aligned with price action breakouts or reversals.
Analysis:
- Trend: The stock has moved from consolidation (inside bars and 2s) to a broader upward trend with several green directional bars (2-ups). However, recent candles show retracement and potential consolidation.
Key Levels to Watch:
- Resistance: $148.68 ("Open WK") and $149.77 ("Previous Weekly High").
- Support: $140.08 and $137.33 ("Low of Day, Tuesday, Nov 5").
- Volatility: Broadening formations and ATR/DTR metrics suggest significant volatility in the price action.
Potential Trading Setups:
- Look for directional moves off major levels (e.g., $148.68 and $140.08).
- Monitor broadening formation boundaries for potential reversals or breakouts.
The chart shows 4-hour candlestick patterns with colors corresponding to price movement:
- green fill and green outline indicates price closed above candle open price
- green fill and red outline indicates price closed below candle open price
- red fill and green outline indicates price went below previous candle low but closed above current candle open
- red fill and red outline indicates price closed below previous candle and current candle low
- yellow is the color for a consolidated candle (aka "1" or inside bar)
- blue is the color for the "3" candle that went above and below previous' candle high and low
The numbers "1," "2," and "3" likely represent The Strat methodology, a popular trading framework:
1 (Inside Bar): Price action is contained within the previous candle's range.
2 (Directional Bar): Price breaks either high or low of the previous candle.
3 (Broadening Formation): Price takes out both the high and low of the previous candle.
Support and Resistance Zones:
Multiple horizontal lines represent key support and resistance levels:
- Yellow lines indicate historical highs/lows or significant levels (e.g., "Previous All-Time High Zone").
- Red and blue lines mark specific levels like the "Open WK" or "ABR1 Upper,"
- Labels such as "High of Day," "Previous Weekly High," and "Previous Daily Low" provide context for recent price action.
Broadening Formations:
- Diagonal white lines identify broadening formations, consistent with "The Strat." These formations reflect expanding ranges, suggesting increased volatility or market indecision.
Key Dates and Events:
- Specific dates and times, such as "4hr Mon, Nov 11 @ 1:30 pm," appear next to significant price levels, helping to pinpoint areas where the stock reacted strongly.
Indicators:
- ATR (Average True Range) and DTR (Daily True Range) values are shown at the bottom right:
- ATR: 4.58 — Indicates the average price movement range over a period.
- DTR: 5.16 — Suggests the range within the day (113% implies higher-than-average volatility).
Directional Signals:
- Green and red arrows identify potential buy and sell signals based on the methodology applied, likely aligned with price action breakouts or reversals.
Analysis:
- Trend: The stock has moved from consolidation (inside bars and 2s) to a broader upward trend with several green directional bars (2-ups). However, recent candles show retracement and potential consolidation.
Key Levels to Watch:
- Resistance: $148.68 ("Open WK") and $149.77 ("Previous Weekly High").
- Support: $140.08 and $137.33 ("Low of Day, Tuesday, Nov 5").
- Volatility: Broadening formations and ATR/DTR metrics suggest significant volatility in the price action.
Potential Trading Setups:
- Look for directional moves off major levels (e.g., $148.68 and $140.08).
- Monitor broadening formation boundaries for potential reversals or breakouts.
Note
On Monday, Nov 18, the first 4-hour (4hr) candle at 9:30am hit Nov 5th's low-of-day (@ $137.33) and bounced back up to close within the previous all-time-high zone @ $140.20.
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.