What exactly do traders mean when they say "local high"
You've probably heard the term used in a sentence somewhere, for example, "I'm now looking for divergence on the one hour chart of bitcoin because a local high has been established"
Well this snap shot shows how a local high for an hourly time frame is established. The top of the wick (the highest point reached as of late) is at $13880 and soon after you see a candle trading below the low of that candle ...
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I will be adding to this post to show more examples
Well this snap shot shows how a local high for an hourly time frame is established. The top of the wick (the highest point reached as of late) is at $13880 and soon after you see a candle trading below the low of that candle ...
If you're interested in learning more, subscribe to my youtube channel : "Kick Back Time"
If I start to recieve subsbribers I will be encouraged to make instructional videos there, going into greater in depth knowledge and detail
I will be adding to this post to show more examples
Comment:
...so the high candle's price ($13880) is now considered the local high according to the above 1 hour spot price chart.
Comment:
Comment:
Traders look for local highs - and local lows -when they think a trend is coming to an end (a potential reversal is happening)