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The Turning Bar Trading Method
The Turning Bar Trading Method
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Description:
Techniques for Trading
Momentum Patterns Support & Resistance
Reversion to Mean Indicates Fundamental Attitude
One of the oldest and most popular ways to predict price movement is by using patterns. People behave in similar ways under specific, predetermined conditions, according to the theory underpinning patterns. Patterns often feature distinct exit points as well as distinct entering points. There are many different patterns and pattern kinds that may be used. Two typical chart patterns on which traders rely are shown to the right. Other patterns, like the Doji patterns, are based on one or more candlestick patterns (below). Additionally, there are less obvious patterns, such as those found in point-and-figure charts (not my cup of tea).
What is forex?
Quite simply, it’s the global market that allows one to trade two currencies against each other.
If you think one currency will be stronger versus the other, and you end up correct, then you can make a profit.
If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.
Foreign Exchange
You go up to the counter and notice a screen displaying different exchange rates for different currencies.
An exchange rate is the relative price of two currencies from two different countries.
You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!”
When you do this, you’ve essentially participated in the forex market!
You’ve exchanged one currency for another.
Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.
Currency Exchange
Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.
It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.
Salepage : The Turning Bar Trading Method
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