Jumbo candles for day trading
Candles give trading levels
The jumbo candles show the day's candles in charts in smaller time units. The idea comes from German trader Helmut Schmidt. In day trading, the four key levels of the previous day (opening, closing, highest price and lowest price) are often used. These levels are displayed clearly and simply by the jumbo candles.
This example shows the jumbo candle in a 15-minute chart. The jumbo candle is always at the beginning of the day. The four key price levels are clearly indicated. Traders use these levels as resistance and support.
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Jumbo candles in your day trading charts
The jumbo candle can be shown in any day trading chart. It is also possible to show only the candle or only the four levels.
This example shows jumbo candles in a 30-minute chart. A total of three days are visible. In day 1 and day 3, the highest price is a resistance that is not broken. The price collides with the resistance, hesitates, and falls rapidly. Only in day 2 is the high price easily broken and the price continues to rise.
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Trading with candles
The trader can instruct the NanoTrader trading platform to issue an alarm when the previous day's high or low is reached.
This example shows an alarm in the chart. The alarm can also be a sound.
This example shows a trade based on a jumbo candle. After a rise, the price falls back to the previous day's closing price. The trader assumes this level can serve as support and buys a position. The price slowly but surely rises. The position can be closed with a profit.
The jumbo candles in the platform
- Open a chart of the instrument you want to trade.
- In the WHS Proposals folder, select Jumbo candles.
- If necessary, adjust the settings to your own preferences.
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