RTYH2023 02 MAR 2023 (Candle basics)
Some candle basics that are worth revisiting.
It almost seems intuitive. A long wick can very well represent a drastic change of course. Using the 1 and 4 hour is usually the better time frames to use when looking for major changes in direction.
If you rely only on wicks on smaller time frames, you can be deceived so its important to start with the bigger time frame and wok your way down.
You can see the situation here with the current candles. This would be a bad place to short. It May continue down sure, but with candles like this, the probability of this going higher does increase.
Look for wicks at previous demand and supply zones.
It almost seems intuitive. A long wick can very well represent a drastic change of course. Using the 1 and 4 hour is usually the better time frames to use when looking for major changes in direction.
If you rely only on wicks on smaller time frames, you can be deceived so its important to start with the bigger time frame and wok your way down.
You can see the situation here with the current candles. This would be a bad place to short. It May continue down sure, but with candles like this, the probability of this going higher does increase.
Look for wicks at previous demand and supply zones.