Does the forex market close
Date: 2017-03-22 02:52
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It goes sideways for a while and this is a daily chart, so 6, 7, 8, 9 5, 6, 7, 8, 9, 65, 66, 67, almost about 7 weeks actually. Little more than 7 weeks actually, because these are trading days. So just consolidates for over 7 weeks, and then it goes down a little bit more.
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We have studied this chart before, but because the formation is so clear, we will use it once more while discussing the range pattern. It is an hourly chart of the EURCHF pair, showing one breakout that connects two successive ranges. During the first range which develops between March 9th and March 67th, we note the price moving with a gentle slope and mild speed between the two support and resistance lines at , and . The upper and lower limits of the price action (support/resistance lines, in other words) are touched five times during this pattern, and the final, 5th one results in a breakout which takes the price to much higher levels in a short time.
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For another excellent trading video including day trading support and resistance clusters, simply click here:
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Those with even a brief experience with charts know that price action on an ordinary day is highly unpredictable and volatile. Although long term price trends depend on economic factors which are non-random, short term prices depend on money flows and positioning which are independent of fundamental realities. Thus, in order to smooth out the day-to-day fluctuations of the market, traders have long been using simple lines drawn on the chaotic price action, and these lines are termed “trend lines”.
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Now in this shot, what I’ve done is I’ve added a moving average to the RSI indicator strategy. So this is a 9 period moving average, the black line of the RSI Indicator. So all that does is smooth it out a little bit, and because it is a moving average, it will be a little lagging. But it doesn’t create all of these jagged lines. That’s option if you want it or not. You don’t have to use that. But again, you’ll see the signals watching those different horizontal lines as to where it is.
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In this example, we see the highly volatile daily downtrend of the USDJPY pair. The trend line was hit four times, and following the third, a short term parabolic movement (the very long red candles around 65th August) created a brief bubble which also signaled the end of the brief daily trend. The reaction of the buyers was swift and strong, and after a few swings, the price broke out of the downtrend line and rallied.
instead of using this rather confusing indicator it is probably better if you observe the volumes indicator and the price movement indicator seems to be an attempt at combining both and dumbing it down but ends up being more complicated and hence less effective.
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In this four-hour chart of the GBPUSD pair, we note a very sharp spike which takes the price from around up beyond in about a day. The first attempt to breach the major support line at is successful, and the price manages to hold on to this previous resistance line as a support during the ensuing countertrend movement. However, the brief but large momentum of the trade is exhausted already, even as the price holds above the newly created support line during the many attempts to breach it by sellers which last for more than a week. Eventually, we see a somewhat difficult to identify head and shoulders pattern developing, with the reversal breaking the support line, and sending the price down.