To qualify as a power candle, it’s important that the range of the candle (high-low) is larger than the surrounding candles.
The candle must have a dominant presence on the chart that communicates a decisive move took place during the candle’s open period.
Notice how the bullish Power Candle is very large in range, and is larger than the surrounding candlesticks.
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○ RR 1:1
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Price action traders believe that the trading chart is combination of the many beliefs and emotions that other traders have in regards to a certain trading instrument. They believe that all price movement occurs due to the psychology of the crowd, and that the dominate crowd belief will push the market.
When reading a price chart, price action traders will look for various trading patterns that are formed by the movement of price. These price patterns will then lead them to make decisions based on the context the pattern is found in.
As shown in this chart, price action traders will often highlight support and resistance zones on the chart where the market has responded to in the past. They will watch for candlestick patterns such as inside bars, pin bars, and more complicated price patterns such as head and shoulders and double/triple bottoms.
if you want to learn how to trade the market using my price action trading strategies,
i highly recommend purchase my ebook (the candlestick trading bible). if you are interested,check it out in my bio, or send me a private message.
The biggest shift in my trading career came from when I started trading LESS. I stopped trying to trade EVERYTHING that moved and focused solely on a few setups/patterns that I could predict very well and consistently. Then I started increasing my position size on these setups when they formed and had greater conviction and confidence because I had studied and mastered them over and over and I knew exactly what to expect and what to do. I've said it before and I'll say it again... There are a million different ways to trade the markets, but you only need to learn 1 or 2 patterns to make a career out of it.
Hope everyone is doing well.
Time to get the tunes on and spend the rest of the evening dissecting the charts. 👨🏽💻