is resistance at the height of the bar or the candle wick?

Discussion in 'Technical Analysis' started by cashclay, Oct 25, 2017.

  1. Anyone in particular or are you just repeating what others have said?

    Because my understand about market makers behavior relates almost exclusively to intraday price movements.
     
    #31     Dec 20, 2017
    murray t turtle likes this.
  2. %% Ever read the book ;which was my post point?? Sounds like you have not??:cool:
     
    #32     Dec 20, 2017
  3. Ever read ..................... what book?
     
    #33     Dec 20, 2017
  4. I am confused how come you wouldn't use the wick considering price reached that level.
     
    #34     Jan 9, 2018
    Xela likes this.
  5. Wicks for the most part are exaggerations of price moves, traders who got caught betting on the move continuing. From today's ES globex session:
    ES wicks.png
     
    #35     Jan 10, 2018
  6. slugar

    slugar

    If there is a wick it's a sign of rejection and very few trades take place there. Try to think of support and resistance as zones not exact lines!
     
    #36     Jan 10, 2018
  7. But the value actually touched that point so it counts. If you change the length of the candles the body will change anyway. The top of a 5 minute candle might be the upper part of the body on a 2 minute candle.
     
    #37     Jan 10, 2018
  8. slugar

    slugar

    You are correct but if it happens at a s/r zone or previous swing high or low it's still a sign of rejection. The higher the time frame the more important the wick as far as rejection
     
    #38     Jan 10, 2018
  9. The way I use or ignore wicks on trend bars (the key) is valid and just as important on all time frames. Of course a signal on 5 minutes is not valid for 5 hours etc.
     
    #39     Jan 11, 2018
  10. YM - this morning's globex session this time:
    YM.png
    Actually just noticed middle example is just trend bar, no wick to ignore. And I missed another example up near top of move.
     
    #40     Jan 11, 2018