Technician

Spotting Support & Resistance through Candles

FX:GBPNZD   British Pound/New Zealand Dollar
This is an example on the importance of the high/low of long-legged candles.

When spotting a long legged candle(long shadows) its important to keep an eye on the high and low of the candle as potential key levels of resistance and support. In many cases those levels act as barriers for the price action and could provide good trading signals if accompanied with other technical analysis tools within your whole strategy.


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These particular candles are called high wave candles according to Nison & Bulkowski.
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Great. The one above is a long-legged doji in particular.
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