Today on The Support Line we are going to walk through Price Action, what it means, and how to find a trend using nothing but the price action. Furthermore its going to help us keep our charts clean, and can help us remove some silly indicators which we may not need! Whoa!
Remember, if you click the share button towards the top right of this write-up you can choose "Make it Mine" and look at this chart in your own window, and you'll be able to edit it, and use the "camera" button to post it back here in the comments section... to ask questions, or ask for more advice. That is a great feature -- and I can't wait for one of you to use it! (Hint!)
Thanks for lessons, Nuke! I think I've got the idea. Can you please tell more, about what happened here because such huge green bars suddenly appeared during the downtrend and then it continued to go down with small bearish bars. Maybe it's just some big players has entered the market?
blessmywork
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@MR.didgi, Thats entirely possible. It certainly looks like there were a few large orders. A couple bigger orders maybe stirred up some activity. We'd also have to compare it to BTC at the same time right - The Storj/BTC pair is against BTC as well. Sometimes when BTC takes a nasty move -- the Alts will have some subsequent trading which triggers a big buy or big sell (in this case buy) because the price shows an opportunity to arbitrage a coin. We can't rule that out.
However, to keep things simple... I would say that we saw an extreme uptick in volume, that volume pushed the price upward, and we see bigger bars, and bigger extremes outside the bars because of it. Unfortunately that volume dried up just as fast as it came!
great eye though, and thanks for bringing a chart and asking such a great question! Good work!
mr.didgi
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@nukenowakowski, got it, thanks!
tanitaeva
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Excellent video, I have watched many and this is the best by far :)
How about setting entry/exit points based on price action?
blessmywork
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@tanitaeva, Goodness. You're throwing out aces with the idea's aren't you? That does indeed sound like a good idea. That will take some thought to figure out how to best illustrate that.
Challenge accepted.
Thanks for the great idea.
tanitaeva
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@nukenowakowski, thanks for doing all the work to educate us, I am excited to see what you come up with in the next video :)
Radar2018
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Thanks for the educational videos! Really helpful for newbs like myself. Please keep them going!!
Also...just playing around with trading views settings...to get a scale on the volume you need to "unmerge" the volume indicator down or up. (By clicking the white down arrow next to the indicator name "Vol 14").