Guys, I have a question, I noticed this when i was updating my ongoing TA with LTC. Am I crazy or does this symmetrical wedge look like it is tightening up into a new wedge? Does this have a formal name? is this even relevant?
Additional newby question, is it best to always use the highs and lows or the opens and closes? I have noticed that the big orders or the manipulation by whales on stop losses can sometimes cause a large spike that may not be indicative of the overall pattern. Thoughts? Thanks for the advice in advance!
You can use either the bodies or the wicks, but always use the same when drawing a given line/pattern. If you use the bodies for the highs, use them for the lows as well. Which is "better" is a subjective matter. I tend to use the bodies, but I may alter that based on the coin and where I'm trading. For example, I know a large wick is virtually guaranteed to occur any time I'm expecting a fast drop or rise so I'll use the wicks.