Hh forex
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You should be able to deduce what each candlestick is telling you. All you are doing here is analyzing thecombination of higher highs HH higher lows HL on the uptrend and lower highs LH and lower lows LL for the downtrend. Take a look at the upward trend. HL start from the bottom of the chart and end up with HH further up. This suggests a strong surge by the bulls.
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On the left hand side you have LH and LL taking shape. This suggests a strong slalom run down the slopes by the bears.
- ZigZag HH HL LL LW!
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What we are doing here is analyzing the highs and lows of both the uptrend and the downtrend. Now imaging throwing these indicators on the screen. What you will see is just one ugly looking mishmash that will drive you insane.
Also by identifying the high and low points on the price chart, you are laying the building blocks for your price chart analysis. In so doing you avoid the fatal mistake of overlooking the layout of the price action which results in your failure when the market is trending or which direction the market is blowing to. Surprisingly this is one rope that beginning traders keep tripping over.
The price in a given period is moving in an uptrend if its highs are always higher (HH = higher high) and its lows are always higher (HL = higher low). Prices are. I have some questions about HH, HL, LH and LL. I find them very hard to understand. [image] Why at the red circle it isn't a HH? I don't really.
Well, news flash! They are only as good as their creators can make them.
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You, on the other hand have the capacity to make rational decisions as far as identifying the trend goes. Just follow these two simple formulas for identifying the trend. Now let me show you two price action illustrations of these two formulas:.
This is what a bullish trend looks like. The higher lows start from the bottom with the higher highs taken shape as the price of the currency as the price strengthens.
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So when you see such a trend, your instinct to buy should immediately kick in. Make your entry when the price is low such that as he price reaches the HH barrier, your profit margin increases. If you can apply these simple formula,you should be able to identify such a trend like clock work. Now the bearish trend is the complete opposite. The downward slope suggests the sellers have seized the initiative from the sellers.
The lower highs start from up top with the lower lows taken shape as the price drops further. Whenever you see a slalom race like this, your instinct to sell should immediately kick in.
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You put in your entry to sell at the LH point lower high. Look, identifying a market trend is like solving a crossword puzzle. Just map out the highs and lows and connect them as indicated on the above graphic,and everything becomes crystal clear. But be very careful that you do not misread the trend or make the wrong entry. Do that,and you will be severely burnt -not to mention put a major dent on your trading account.
Remember this simple phrase: Buy low and sell high. In short The market is going up when price is making higher highs and higher lows The market is going down when price is making lower highs and lower lows The market is going sideways when price is not making higher highs and higher lows OR lower highs lower lows This may sound like child's play and a statement of the obvious but you will be surprised at how often people will forget these simple facts.
One of the biggest questions I get asked is, which way is it a market going? By doing a simple exercise you can see which way that price is going and decide on your trading plan and more importantly timing of a trade. What do I mean by timing? More on this shortly. More on our website