Identifying and drawing support and resistance levels are some of the first few things a novice trader learns in forex technical analysis. And depending on the instructor or trade academy, there are several ways to draw them on your charts.
So, you’ve employed your strategies on the demo account and you feel you are ready to start live trading? Great! But how do you know for sure that you’re ready to switch over to a live Forex account?
One of the most widely used sets of tools in forex is the Fibonacci one. And the most common Fibonacci tools are Fibonacci retracement, expansion, arcs, time zones, and fan.
There is a popular belief among traders that you can start Forex trading with a little amount of money and become a multimillionaire in just a few weeks. But is it really so?
The rectangle pattern forms when parallel support and resistance levels cover the price at the top and at the bottom. You'll often find this pattern during consolidation in trending markets.
Before you do any trading, you first have to learn how to read Forex currency pairs. You may then learn all kinds of analysis and trading strategies, but only after you understand Forex quotes.
One trading style that relies heavily on pivot points is the intraday or day trading. The reason behind this is that pivot point trading includes strategies that often allow intraday traders to get in and out of trades within a day.
Pivot points are potential turning points for currency pairs in forex. Prices often react when they get close to these levels, offering trading opportunities to forex traders.
One of the two approaches to trading Forex is fundamental analysis. It relies heavily on measuring the performance of the economies of currencies. And one way to go about this is through the news.
Did you know that the ratio of the length of your forearm to the length of your hand is 1.618? That's the golden ratio. And it's found in the Fibonacci sequence and exists in almost everything if you know where to look, even in Forex.
