Candlesticks For Support And Resistance

[Teljmanel66]

Observation is the best friend of the technical analyst. By watching the markets, I noticed something interestingabout candlestick charts, which I use extensively. I realized the real bodies used in candlestick charting can be usedto determine significant support and resistance points, a strategy I had never seen before. Take a look at how it canbe done.

 

[Fin_Trader]

I also noticed that such levels work well, especially when volume has formed on such a candle. But for such cases it is better to use higher timeframes.