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Learn to speak spanish Ebook — planning a holiday in Spain? All downloads listed here were purchased by floodle. If you take a moment and think about day trading, what is important? The close of the price bar or candlestick, right?
So in essence, the movement of price during the process of the candlestick forming on the chart holds little meaning. If you think about a daily chart candlestick close, it encompasses the highs and lows of the trading day. It is a single structure that shows where control was during the day and ultimately, who won the battle. When the candlestick closes on the daily chart, you know traders are holding positions over night either long or short depending on their conviction. Not Everyone Can Trade The Daily Chart Let’s face it, in a world of instant gratification, it’s very difficult for a trader to look at the higher time frame for setup. It’s hard to see price movement during the day to capitalize on but you have to sit aside. Not only that, the higher time frame requires a large stop loss placement and in instruments like the Forex market, you need to keep your stop a little further away from price than other markets.