How Important Are Chart Patterns In Forex Academy

written by August 11, 2022

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How Important are Chart Patterns in Forex? | Forex Academy.

Source: www.forex.academy

Forex Chart Patterns | Forex Academy.

Source: www.forex.academy

113. Introduction To Forex Chart Patterns | Forex Academy.

Mastering Chart Patterns Part 1 - Forex Academy

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There are two important ways that people trade the currency markets: The first system is by way of fundamental analysis, such as trading based on macro economics, including interest and exchange rates and national productivity. The second method is by way of technical analysis. In this section we will be looking at technical analysis. Traders look at charts with different time frames to show them a picture of how a particular financial asset is moving/trading over a particular time frame (up or down, or sideways). They will then use this information to decide the direction of their trade.
So let's start with diagram A. In this chart we can see the daily price action (movement) of the Euro Dollar against the US dollar (EUR:USD) pair and where the current exchange rate is quoted at 1.09837. This particular chart is the most basic with just a simple line graph which starts on the left hand side of the chart and where you can see that the line graph is going up and down in a random looking fashion, while capturing the exchange rate on the chart on an hour-by-hour basis, and where the pair ends up to the right of the diagram, which shows the current exchange rate...