Better Than Candlesticks? This NEW Trading Chart Is A Game Changer | Summary and Q&A

TL;DR

Tradingview introduces High Low charts, a new chart type that simplifies price action analysis, making it easier to find trends and trade with momentum.

Key Insights

• 😘 High Low charts simplify price action analysis by focusing on highs and lows.
• 😘 Understanding the four candlestick formations is essential for trading with High Low charts.
• 📈 Following six easy rules can help identify the current trend using High Low charts.
• 😘 High Low charts are effective in trading support and resistance levels and can help avoid false breakouts.
• 😛 Liquidity clear-outs can be traded by joining the market after a failed breakout in the direction of the main trend.
• 👻 High Low charts eliminate market noise and allow traders to easily identify market swings and support/resistance levels.
• 🔈 Other methods, such as volume analysis and indicators, can be combined with High Low charts for more advanced trading strategies.

Transcript

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Questions & Answers

Q: How do High Low charts simplify price action analysis?

High Low charts remove the open and close prices, making it easier to identify the range in which the value changed and analyze highs and lows.

Q: How can High Low charts be used to identify bullish and bearish momentum?

By comparing the high and low of the recent candlestick to the high and low of the previous candlestick, traders can determine whether the market is in a bullish or bearish momentum.

Q: What are the four candlestick formations to memorize when using High Low charts?

The four formations are bullish candlestick (higher high and higher low compared to the previous candle), bearish candlestick (lower high and lower low compared to the previous candle), inside candlestick (lower high and higher low contained within the range of the previous candle), and engulfing candlestick (higher high and lower low compared to the previous candle).

Q: How can High Low charts be used to trade support and resistance levels?

High Low charts are effective in trading support and resistance levels by identifying breakouts and liquidity clear-outs in the direction of the main trend.

Summary & Key Takeaways

• High Low charts remove the open and close prices and display the range in which the value changed, making it easier for price action traders to analyze highs and lows.

• Reading price action with High Low charts can be done individually for candlesticks, making it simple to identify bullish and bearish momentum.

• With only four candlestick formations to memorize, High Low charts simplify candlestick trading, making it more accessible for traders.