How to Trade Forex and Currency Markets, A Beginner's Guide to Professional Forex Trading: Understanding the Psychology and Strategies of Big Banks and Institutions by Zarr Zack
Author:Zarr, Zack [Zarr, Zack]
Language: eng
Format: epub
Published: 2018-03-01T16:00:00+00:00
Figure 41. GBPUSD 4H chart from 2011
On the chart shown in Figure 42, I selectively highlighted in blue a few candles, while all of the other candles have similar white shading. No special indicator and merely simple code were used to highlight these nine candles. (For those of you who are reading a paper copy of this book, the reference to blue highlighting will obviously not present. The nine specific candles I highlighted will appear black in your version of book.)
Figure 42. Highlighting a few candles
Before moving on to the next chart and my explanations, I would like to ask you to examine this Figure 42 and rationalize the significance of these blue candles (black in the paper edition of this book). I would suggest you jot down your thoughts before moving to the next figure. The first time I did this practice for myself, several “irreversible” processes occurred in my mind. I am quite sure that some changes will happen in your way of seeing this chart as well, should you be new to the concept. Now let’s move on.
Figure 43 contains the same chart as in the previous figure, but with some additional annotations. As can be seen, the highlighted candles have some common features:
These are among the largest upward candles and show a significant increase in the price during the four-hour duration of the move.
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