Famous Myths and Legends about Forex Trading
March 4, 2024
Forex traders aim to profit by buying currencies at low prices and selling them at higher prices. This type
Price Patterns
Price patterns are one of the methods for determining buying and selling areas, these patterns are based on determining supply and demand, most patterns depend on the principle of support and resistance, and determining the direction and strength of the trend.
The price pattern can be formed within a day or less, or within a year or more, it works on all time frames, and the types of patterns are divided into two models:
🔸Continuity models.
🔸Reflexive models.
There are many price models that analysts adopt during technical analysis in the financial markets, but the most famous of them are:
🔸 Head and Shoulders: It is considered more accurate for price movement patterns, represented by two highs “shoulders” with a higher high between them “head” and the inverse pattern contains two “opposite” lows between them “lows”.
🔸 Rectangle: It is a continuation pattern that follows the price movement, represented by a strong price movement followed by two or more nearly equal “tops and bottoms” that create two horizontal parallel lines, and the descending rectangle pattern starts after the downward movement.
🔸 Triple Pattern: It is a reversal pattern, represented by three approximately equal levels with a distance, while the triple bottom is created from three approximately equal “bottoms”, considered more successful when the price covers the same distance after the breakout.
🔸The Price Channel: It is a continuation pattern, represented by an upward trend movement followed by a series of lower “highs and lows”, while the descending price channel is represented by a bearish movement followed by a series of higher “lows and highs”.
🔸 Triangle: It is a continuation pattern, represented by an upward trend movement followed by two or more “equal highs” and a series of “high bottoms”, while the descending triangle follows one or more “equal lows” with a series of “lower tops”.
🔸 Flag: It is a continuation pattern, represented by a strong “bullish” movement followed by a rapid series of lower “tops and bottoms”, or a strong “downward” directional movement followed by a rapid series of higher “lows and highs”.
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