July 14, 2020
How to Read Forex Charts: What Beginners Need To Know
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How to Read Forex Chart Patterns

Choosing a timeframe is one of the most important aspects of reading forex charts. To toggle between timeframes, zoom in and out of the chart. Time is represented on the ‘x’ axis and exchange rate pricing on the ‘y’ axis. To view historical data, move to the left of the chart. Those were the first chart patterns. Traders called them price patterns because the first patterns looked similar to geometric objects, like a triangle, a square, a diamond. When it became available to see the chart on a computer screen and analyze longer periods of time, new patterns started to appear. 12/30/ · Forex reversal chart patterns are formation which suggest winds of change have arrived on a price chart. These chart patterns indicate that the dominant trend is coming to an end. Among popular reversal patterns are head and shoulders, double tops, double bottoms, triple tops and bottoms, and directional wedges.

How to Recognize and Profit from Forex Chart Patterns
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How to read a currency quote

Those were the first chart patterns. Traders called them price patterns because the first patterns looked similar to geometric objects, like a triangle, a square, a diamond. When it became available to see the chart on a computer screen and analyze longer periods of time, new patterns started to appear. 7/16/ · Forex traders have developed several types of forex charts to help depict trading data. The three main chart types are line, bar, and candlesticks. For forex traders, candlestick charts seem to be the crowd favourite, and it’s easy to see why. 12/30/ · Forex reversal chart patterns are formation which suggest winds of change have arrived on a price chart. These chart patterns indicate that the dominant trend is coming to an end. Among popular reversal patterns are head and shoulders, double tops, double bottoms, triple tops and bottoms, and directional wedges.

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What is Forex?

1/30/ · The head and shoulders is one of the easiest forex chart patterns to spot, and many traders also regard it as one of the most reliable indicators of the imminent reversal of a trend. In its classic form, this pattern predicts the likely end of an uptrend, but the inverse head and shoulders can also indicate a forthcoming bearish to bullish reversal. 10/27/ · We should pay attention to the steepness and size/length of those waves to identify the trend strength. You can see the 1st trend wave on the chart below. It is a steep and long one. The second wave is shorter and less steep. The final one is short but steep. It has broken the high of the previous wave. To trade these chart patterns, simply place an order beyond the neckline and in the direction of the new trend. Then go for a target that’s almost the same as the height of the formation. For instance, if you see a double bottom, place a long order at the top of the formation’s neckline and go for a target that’s just as high as the distance from the bottoms to the neckline.

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Market Insights and Trade Ideas from a Professional Trader

1/30/ · The head and shoulders is one of the easiest forex chart patterns to spot, and many traders also regard it as one of the most reliable indicators of the imminent reversal of a trend. In its classic form, this pattern predicts the likely end of an uptrend, but the inverse head and shoulders can also indicate a forthcoming bearish to bullish reversal. Forex charts are the basis for a discipline called “technical analysis”, which aims to anticipate future exchange rate movements by analysing historical price data, recurring chart patterns, etc. Every Forex chart represents one currency pair, such as the EURUSD chart, USDJPY (US dollar/Japanese yen) chart, or GBPUSD (British pound/US. Choosing a timeframe is one of the most important aspects of reading forex charts. To toggle between timeframes, zoom in and out of the chart. Time is represented on the ‘x’ axis and exchange rate pricing on the ‘y’ axis. To view historical data, move to the left of the chart.

How to Read the Most Popular Forex Chart Patterns
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4 most effective Forex & stock chart patterns

To trade these chart patterns, simply place an order beyond the neckline and in the direction of the new trend. Then go for a target that’s almost the same as the height of the formation. For instance, if you see a double bottom, place a long order at the top of the formation’s neckline and go for a target that’s just as high as the distance from the bottoms to the neckline. Those were the first chart patterns. Traders called them price patterns because the first patterns looked similar to geometric objects, like a triangle, a square, a diamond. When it became available to see the chart on a computer screen and analyze longer periods of time, new patterns started to appear. Choosing a timeframe is one of the most important aspects of reading forex charts. To toggle between timeframes, zoom in and out of the chart. Time is represented on the ‘x’ axis and exchange rate pricing on the ‘y’ axis. To view historical data, move to the left of the chart.