Emekadavid

Emekadavid

A new point 3 has formed in the 123 pattern for the pair and it had to be updated. Now, a pin bar has formed for point 3. This is a short. Place pending order to enter at the low of the pin bar, some pips below it, and stop loss some pips above the high of the pin bar. TP is shown on the chart; at the next support.

Emekadavid

We have said before that changing attitudes determine price and price moves in trends that tend to perpetuate. So, how can a trend be defined? Simply, it is the movement of price in an irregular but persistent direction. When you zoom out your chart and watch price movement, whatever is obvious is the trend. The USDZAR chart below illustrates some trends you will...

Emekadavid Updated 

A bearish engulfing has formed at the 3 point of 123 pattern. A signal to short the pair. It is going down.

Emekadavid

Technical analysis has been defined as the art of identifying a trend reversal at a relatively early stage and riding on that trend until the weight of evidence shows or proves that the trend has reversed. This definition has influenced my choice of strategies and why I chose price patterns to trade the forex market. Here is how I do it according to the...

Emekadavid

Price patterns are patterns that were made by price based on the relationship between time and the movement of price on a price chart. They could be based on a single bar or candlestick, two or more, or even several bars or candlesticks. For now, I would be using just bars. They could be just for one session based on the timeframe or several sessions or days. The...