Forex technical indicators explained pdf
Date: 2017-05-13 11:27
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Prices will be making Lower Highs (LH) and Lower Lows (LL). The chart shown below is a really ideal case, see chart below for clarity:
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If you want to be really good price action trader, you have to understand this concept of how price moves in swings. This is especially true if your style of trading is trend trading or swing trading.
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Now, it’s easy to say here that “ you could have bought here and sold here” etc based on what happened in the past because now you can see how the market has played out in the past…
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From my own experience and from what I’ve seen, I say this “the release of economic news can be both a friend and an enemy for your trades.”
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Let me explain. If you see are bearish spinning top in a support area or in a downtrend, this can be considered a bullish reversal signal when the high of tha bearish spinning top is broken to the upside.
This next chart below shows 8 bullish candles in an uptrend each with decreasing lengths. In an uptrend, when you see such happening around resistance levels, you should take notice. Also watch for bearish reversal candlestick patterns to form. This will give you the confidence to sell:
Technical analysts believe that there’s no reason to analyze a company’s financial statements since the stock price already includes all relevant information. Instead, the analyst focuses on analyzing the stock chart itself for hints into where the price may be headed.
And even though you are trading with a setup in the daily chart, for your trade entry, you are actually switching to the smaller timeframe and watching for a sell signal in the 6hr timeframe?
See chart below for this: if you see a support major support level and price is heading down to it and at the same time, that support level is coinciding with an upward trendline…
Similarly, in an uptrend you will also see such happening where Resistance levels get broken and when price heads back down to these, they now will act as support levels…Here’s an example: