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The concept of a trend is one of the primary concepts in technical analysis. A trend is either up or down and for the complete neophyte observing a market, an upwards trend can be described simply as a period of time over which the price has moved up. An upwards trend is also known as a bull trend, or a rally. A bear trend or downwards trend or sell-off (or crash) is where the market moves downwards. The definition is as simple as the analysis is varied and complex. The assumption is of serial correlation, i.e. once in a trend, the market is likely to continue in that direction.[15]
On any particular time frame, whether it's a yearly chart or a 1 minute chart, the price action trader will almost without exception first check to see whether the market is trending up or down or whether it's confined to a trading range.
A trading range where the market turns around at the ceiling and the floor to stay within an explicit price band.A range is not so easily defined, but is in most cases what exists when there is no discernable trend. It is defined by its floor and its ceiling, which are always subject to debate. A range can also be referred to as a horizontal channel.
[edit] OHLC bar or candlestickBar and candlestick terminology is briefly:
Open: first price of a bar (which covers the period of time of the chosen time frame)
Close: the last price of the bar
High: the highest price
Low: the lowest price
Body: the part of the candlestick between the open and the close
Tail (upper or lower): the parts of the candlestick not between the open and the close
[edit] Range barA range bar is a bar with no body, i.e. the open and the close are at the same price and therefore there has been no net change over the time period. This is also known in Japanese Candlestick terminology as a Doji. Japanese Candlesticks show demand more precision and only a Doji is a Doji, whereas a price action trader might consider a bar with a small body to be a range bar. It is termed 'range bar' because the price during the period of the bar moved between a floor (the low) and a ceiling (the high) and ended more or less where it began. If one expanded the time frame and looked at the price movement during that bar, it would appear as a range.
[edit] Trend barThere are bull trend bars and bear trend bars - bars with bodies - where the market has actually ended the bar with a net change from the beginning of the bar.
[edit] Bull trend barIn a bull trend bar, the price has trended from the open up to the close. To be pedantic, it is possible that the price moved up and down several times between the high and the low during the course of the bar, before finishing 'up' for the bar, in which case the assumption would be wrong, but this is a very seldom occurrence
