In forex trading, there are certain chart patterns that appear from time to time on the charts. In general, chart patterns signify the mass psychology of the market.
As such, knowing how to identify them can save time, money and effort and ultimately make you reap big returns from the currency market. Knowing how to detect and analyze forex chart patterns can make you take your trading career to the next level.
It is also important to scrutinize these important chart formations on different time frames to add strength to your trading decision.
For example, if you entered a position based on your analysis of an hourly chart but there could be an important chart pattern being formed on a daily chart, which could have hinted otherwise, you could have saved yourself from the loss.
To put plainly, knowing how to spot the common forex chart patterns can help you develop a profitable trading plan. At forextradingbig, most of the trades we take are based on our analysis of the patterns that regularly occur in the forex market.
Chart patterns are of great help in assisting to figure out when a break out is about to take place in the market. Furthermore, they can assist in pointing out whether the current trend will be maintained or a change in trend is imminent.
Whereas there are several forex charts available, here we will be discussing the commonest ones and provide a relative simple strategy for trading them.
• Double Tops and Double Bottoms
• Triple tops and triple bottoms
• Head and Shoulders and Inverse Head and Shoulders
• Rising and Falling Wedges
• Bullish and Bearish Rectangles
• Bearish and Bullish Pennants
• Triangles (Symmetrical, Ascending, and Descending)
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