Learn forex Trading📊

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Do you want to know what happens on the other side of the trading terminal?

Only those who know how the forex industry works can make a steady profit.

Join me and you will hear what others prefer to keep silent about:

Forex behind the scenes

To improve as a trader is to be open to change.

📖 Educational Post

Double TOP

🤙A double top is a bearish technical reversal pattern.

✊It is not as easy to spot as one would think because there needs to be a confirmation with a break below support.

🛍In the chart above you can see that two tops were formed after a strong move up.

✍️Notice how the second top was not able to break the high of the first top.

❓This is a strong sign that a reversal will occur because it's telling us that the buying pressure is just about to finish.

✌️With the double top, we would place our entry order below the neckline because we are expecting a reversal of the uptrend.

Elliott Wave Theory Previously, we covered Flat Patterns, and today we're diving into the Traingle Patterns

📐 Understanding Triangles:
Triangular patterns signify a period of sideways movement, marked by declining volume and volatility. With their 5-sided structure, triangles boast a unique 3-3-3-3-3 formation, offering traders invaluable insights into market dynamics.

🔍 Exploring Triangle Types:

1 Ascending: Indicates a bullish continuation pattern, characterized by higher lows and a horizontal upper trendline.

2 Descending: Signals a bearish continuation pattern, featuring lower highs and a horizontal lower trendline.

3 Contracting: Reflects decreasing price range, with converging trendlines, suggesting a potential breakout.

4 Expanding: Displays an increasing price range, with diverging trendlines, often preceding a volatile move.

📊 Guidelines for Triangle Analysis:
• Corrective structure labeled as ABCDE.
• Typically occurs in wave B or wave 4.
• Subdivided into three waves (3-3-3-3-3).
• RSI confirmation across multiple timeframes enhances the reliability of the triangle pattern.
• Subdivision of ABCDE can manifest as abc, wxy, or flat, offering traders multiple avenues for analysis.

🍀Tomorrow Lesson We Will Cover Double Three Patterns🍀
👇👇

Educational Post:

#Rounding_Bottom
#forex
👉A rounding bottom chart pattern can signify a continuation or a reversal. For instance, during an uptrend an asset’s price may fall back slightly before rising once more. This would be a bullish continuation.

👉An example of a bullish reversal rounding bottom – shown below – would be if an asset’s price was in a downward trend and a rounding bottom formed before the trend reversed and entered a bullish uptrend.

Trading classic charts patterns

Includes a chart pattern scoring system

•Entry Stops

Buy stop orders are used to enter trades once the price breaks out.

•Breakouts

Violation of Trend Line, Support or Resistance, or previous reversal point. It signifies that a change in buyer and seller behavior and signals the beginning or end of a trend.

#Education_post
                                
👉Two consecutive, roughly equal peaks with a moderate trough in between (resembles an “M” shape).

👉This powerful chart pattern occurs after an extended uptrend and often represents a reversal pattern that indicates a minor, if not long term, change from a uptrend to an downtrend (i.e. bearish).

👉Trade:  Place a SELL order when the price breaks through the support line (neckline) and completes the pattern.

Identifying the Direction; Buy, Sell or Stay away?

* Firstly, you need to decide a direction; to buy or to sell. Do not predict the market’s direction because market is always right. In an unsure situation, deciding to stay away is also as important.

* Scalpers only trade when the big players are in the game as they only care about quick profit when the price moves.

* For beginners, trade only when market is trending. After using the higher timeframe to narrow down the trading range, a scalper will buy when the market is buying and sell when the market is selling
.
* How to identify when market is buying or selling at the key levels? A scalper uses the candlesticks and chart pattern formations in the lower timeframe as a guide.

* It is advisable not to scalp against the trend. This is a counter trend strategy. Build your confidence in focusing in only one direction. Remember, you just need to execute 4 trades in the next 4 trading hours during the New York market. There are ample opportunities to scalp. So, be patient, discipline and focus to identify the highest winning probability trades.

Forex Trading - Profitable Candlestick Patterns By Matt Anderson

Emotion vs. Strategy in Trading:

Trader Type 1: Sticks to a plan, quickly stops losses, and ends up making $549.

Trader Type 2: Lets emotions take over, holds on too long, and only makes $178.

Even if you’re limited on trades, don’t let emotions control your decisions. Stay calm and stick to your plan.

A Master Candle is like a guide that helps us spot when the market is about to make a move. 📊

The Master Candle is a big candle that comes first.

After that, if 4 or more smaller candles stay inside the range (high and low) of this big candle, it shows the market is preparing to break out.

Our job is to wait for the price to break out of this range ⬆️ or ⬇️, and that’s where we enter a trade.

So, remember: big candle first, small candles next, then we watch for the breakout for entry.

UNDERSTAND THE CANDLESTICKS STRENGTH

Big green candle = Strong buying, market’s pushing up hard (very bullish).

Small green candle = Buyers are still in control, but not as strong (less bullish).

Neutral candle = Small body, meaning neither buyers nor sellers are in charge (indecision).

Small red candle = Sellers are starting to push down, but not with full force (less bearish).

Big red candle = Strong selling, market’s dropping fast (very bearish).

These candles tell you who’s running the show—bulls or bears! Keep an eye on them to catch the market’s next move.