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Understanding charts is the first step for every trader. Charts display market data visually and provide quick analysis opportunities for Forex traders. Therefore, it is important to recognize patterns, repeated and common occurrences on the charts quickly so you can react to the market instantly.
Candlestick is a popular chart type that provides data almost like a bar chart but with additional colours representing market direction. If the block in the middle is filled or coloured, then the closing price of that currency pair is lower than the opening price. If the closing price is higher than the opening price, the block in the middle is white (empty) or unfilled.
It all starts with a great strategy… But how do you build your own winning formula? Creating a strategy can be a daunting challenge for a beginner. The first thing to learn is how to get essential technical analysis. Creating a strategy by trial-and-error method comes at a price. Make sure you have everything you need to get started.
Charts are an indispensable tool for trading in the financial markets. However, as a Forex trader, you may never have enough information about the market. In this book, you will learn about a powerful technical indicator called Moving Averages. There are two common types of moving averages: simple moving average and exponential moving average.
Pivot points are basic points that represent the average of the open, high, low, and close prices over a given time frame. Traders mainly use pivot points to calculate alternative support and resistance levels similar to trendline analysis.
Being able to pinpoint the exact moment when the market will turn is an invaluable skill. As a result, traders often look for signs or patterns on trading charts to forecast when such a trend reversal might occur. Some key signs or patterns can provide such insight, and this e-book discusses those signs or patterns.