POOR HIGH/LOW and EXCESS
Just showing a candlestick pattern to explain in details PoorHigh/Low and excess..
Let us discuss to candle stick patterns which you all know hammer/hanging man except on basics of close there is nothing special for us in classical TA ,but profile user sees this on basics of time
Bullish hammer (with respect to the recovering from LOW) if it is done is swift manner within very short time then it is Excess and profile users give more importance to this one.On basics of time POOR HIGH/LOW AND EXCESS are very vital for profile traders
If that hammer is formed near any support with in uptrend which almost makes it double bottom or a revisting area (demand) and time taken to recover is much longer then it is called
“POOR LOW”
If that hanging man is formed near any resistance in downtrend( rally in downtrend) which is also a revisting resistance and time taken to crack form that high longer then it is
“POOR HIGH”
In uptrend we will have poor low’s i.e; market moves away from trend and resuming previous trend after spending some time in opposite direction (poor low ) if the time spent is very less then it is excess low
Below chart of Nifty Spot and demand and supply zones marked
Just classify date marked into Poor high/low and excess and post charts watching intra day charts ..on basics of this I can move further
Note:Manual drawn lines not from any AFL
In profile Language
Poor High – When exactly 2 TPO’s exist at the high for the day. A poor high will generally lead to higher prices unless it occurs against resistance. This is referred to as a double top in most trading circles but a poor high should generally never be shorted as it indicates acceptance at the market high.
Poor Low – When exactly 2 TPO’s exist at the low for the day. A poor low will generally lead to lower prices unless it occurs against support. This is referred to as a double bottom in most trading circles but a poor low should generally never be bought as it indicates acceptance at the market low