How to read forex chart patterns

How to read forex chart patterns

For the forex trader, a critical aspect of their technical analysis is the reading of forex chart patterns. Whether day-trading intraday or swing trading the forex market, knowing how to trade and profit from them is how traders can advance themselves.

How to read forex charts forex charts can help traders to recognise patterns, gain an understanding of how many traders are trading in a market and identify areas of support and resistance. Choosing a timeframe is one of the most important aspects of reading forex charts.

If you want to learn how to read forex patterns the right way, the most important trading tool youll come across is a live forex chart. Forex trading without a chart can be a daunting task because the forex chart patterns allow seeing at first glance what the financial markets are doing and provides an effective way to time the market.

However, the art of how to read forex chart patterns is incomplete if you do not apply other studies such as volume (not always possible in forex), riskreward ratio, and some fundamental factors. The first step to trade a chart pattern is to locate a price structure that complies with all requirements for that formation. Do not cheat by trying to force it because the market will make you pay.

  forex traders tend to choose between four main types of chart candlestick, hloc, line and mountain each of which is read in a different way. The type of chart you choose to use will come down to personal preference, though candlestick and hloc charts are the most popular as they display much more information than line and mountain charts.

Forex chart patterns are on-chart price action patterns that have a higher than average probability of follow-through in a particular direction. These trading patterns offer significant clues to price action traders that use technical chart analysis in their forex trading decision process. Each chart pattern has the potential to push the price toward a new move.

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How to read forex chart patterns

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