These are my thoughts on Impulse and correction You may differ from that.
could you give a specific example of which pair currently falls under this impulse and correction candles?
Does candle of equal size means there are adequate balance of buyers and sellers pushing up and down the price whereas if the candles are much longer, that means more buyers are pushing the price up?
should there be an average pip size to take into consideration else visually seeing the candles can be quite misleading, no ?
I'm fairly new to tradingview, and can't figure out how to insert a picture version of the chart above.
Here's some knowledge that very few professionals that I've met seemed to understand. I'm only posting this to help other traders find their way. If there is such a thing as a holy grail, this is pretty much the closest I've found. I know this is probably going to leave you with more questions, and I will try to help if there is enough interest. This is knowledge that has taken me a long time to learn, so I'd rather not waste my time on deaf ears.
The chart on the left is the weekly chart. I picked an example to explain what a leg is. Pretty simple, and straightforward for most people I imagine. On the right is a 240min chart. What is less straightforward is that when a leg start forms (a new swing high/lo) a new leg is created.
Now you may be asking what is accumulation? Accumulation is the process of slowing momentum from a downward move. Price accumulates to a leg start. Why do we get such a big "impulse" as you worded it off a leg start? Simple. During the accumulation or distribution process, price tests support and resistance levels clearing the way through them on the next test.
This chart is just to show you the big picture of how we break down levels, as we begin to test the leg start which was formed on 4/13/2015.
So we know where the leg start is in this example, let's zoom in on what's happening as we approach it:
Many people would call the accumulation process "consolidation" followed by an "impulse" move or whatever. None of that explains why this is happening. I could get really deep into the market maker process as to why this happens, but for simplicity sake, it allows a market to be created etc. Anyways, consolidation does not happen because the market is trying to decide. That's just ignorant. Consolidation happens because a significant level of support/resistance is approaching, and momentum generated from higher time frame trends must be first offset.
In the chart above, I illustrated how price lost support levels, and came back to test them as price approached the leg start established back in April 2015. The move is setup for an 'impulse' as you put it, because there are no significant resistance levels above left to test in the immediate area. Also, realize that markets are setup for these moves, and new events are used to propel them out of the consolidation areas people speak of, but don't understand. After you really start to understand this, you will realize how non-random the market really is, and you won't care about news releases, because you will already know what's going to happen. I was long during this ECB release, not because I knew anything about what would be released, but because I could read the chart, and understand that price was about to test a significant leg start, and would get a huge pop from it.
I hope this helps with understanding how price action works. It's not my intention to be rude. Using words like 'impulse' is fine, but it does nothing to help a trader really understand why something is happening. As a matter of fact, there's a lot of words traders use to explain something visually, but very, very, very few seem to understand why things happen via technical analysis.
I know you probably don't do this for Follows and Likes, or whatever ...but, figured I'd drop a note to show that these kinda things go a long way to help the community!