Forex Chart Pattern Analysis part
Forex chart patterns are very popular in forex trading, with chart pattern analysis forex traders can earn good profit and send good forex signals by understanding chart patterns.
In these article series I want to write my experience about chart patterns and show you why chart patterns are good to send your forex signals and I will explain why this chart patterns work well.
For instance, please let me start with a simple chart pattern I mean flags and Pennants:
Flag contain pole and flag sometimes you can see that the chart shape it’s look like flag:
The flag pattern rules say that market can continue trend for example in above picture you can see bearish flag pattern the best strategy for flag pattern is send stop order trough the trend or wait till break down signal your profit should be equal to the flag pole if you look carefully you can understand that when the market goes up or down rapidly it means that market trend is powerful when market trend is powerful you will understand that it’s probable that market continue trend …
Pennants pattern is look like flag too:
Again it’s tell us market will continue trend and this forecast is more probable than breakdown signal.
In fact, the pennants and flag pattern tell us that when market trend is powerful after the trade area or range area it’s probable that market continue trend now when we understand this we can found a lot of good opportunity to earn profit without look at exact pattern shape on the chart for example look at bellow pictures:
Have good forex trade.