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Dear TRO: I am a newbie for FOREX and Futures, I ask you a question that you may laugh at me, can I LONG or SHORT when current bar price crossing previous bar closing price if previous H1(say EURJPY H1) is green or red, or strictly trade at its previous HIGH or LOW? Because I watched the EURJPY H1 history chart, maybe we can do that?
Can you help answer these questions from other members on NexusFi?
One way is to read the candles. Not sure of the chart time frame but the direction price has been traveling is bound to reverse. So I would expect a pullback then see price shoot upward. Spinning top(s) don't mean a reversal but often means indecision. If the body of the Spinning top was lower with a larger upper wick then it would be safe to say that price will continue to the downside. Just an observation.
I believe that different people look at the same thing in a different way. That's the way it is with trading approaches. Big Mike or Sharky might trade differently than TRO or whoever..... ultimately you have to find a way that makes sense to you.
Trendlines don't prevail. Trendlines shows a trending market(either up or down like a flight a stairs), patterns forming, possible entry into a trade if the pattern breaks the trendline. Take a look at Jeff's chart he just posted. Pictures can show allot of great information.
Candle recognition comes with time.
Don't be afraid of drawing trendlines on a chart. They can help you see things that you are possibly not seeing.