In the Hello traders: GBPJPY moved up once again correctively to a recent double tops, and we can expect a bearish reversal price action. We see the first LTF impulse didn't reach the lows of the correction before a bullish reversal up move. However, the latest price action shows a ascending channel reversal, and another LTF ascending structure, good to see more In Weekly time frame, there is an uptrend and price is at the lower band of the ascending channel. In H4, price has reached to the upper band of the descending channel and is above 1.

A double bottom pattern has been created which is a good reversal pattern at the end of a downtrend. IF the neckline broken out to the upside and TradingView EN. Videos only. See all ideas. Currencies are traded on the Foreign Exchange market, also known as Forex. This is a decentralized market that spans the globe and is considered the largest by trading volume and the most liquid worldwide. Exchange rates fluctuate continuously due to the ever changing market forces of supply and demand. Forex traders buy a currency pair if they think the exchange rate will rise and sell it if they think the opposite will happen.

The Forex market remains open around the world for 24 hours a day with the exception of weekends.

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Before the Internet revolution only large players such as international banks, hedge funds and extremely wealthy individuals could participate. Now retail traders can buy, sell and speculate on currencies from the comfort of their homes with a mouse click through online brokerage accounts. There are many tradable currency pairs and an average online broker has about One of our most popular chats is the Forex chat where traders talk in real-time about where the market is going.

More majors. More minors.

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More exotics. Dollar U. Dollar Currency Index. Euro Euro Currency Index. More currency indices.

How to read forex charts

Within each bar, the lowest part of the vertical line represents the lowest traded price for the specified currency pair during a certain timeframe. Similarly, the highest part of the line shows the highest traded price during the same timeframe. Each of the vertical lines meets with two shorter horizontal lines.

The one on the left-hand side shows the opening price for the chosen currency pair at a specific time; the one on the right-hand side shows the closing price for the currency pair at that time. The candlestick chart has Japanese origins and is probably the most useful of the three main chart types.

When reading a candlestick chart, it is important to understand the basic candle structure. Each candlestick represents a timeframe — this could be anything from one minute to an entire week. When reading forex charts, it is important to be aware of some of the most popular forex chart patterns and trends you might observe and what they might indicate in terms of future prices.

These signals include reversal and continuation trends:. After this level has been reached, the price tends to dip slightly before returning back up to the top level again. If it bounces back down again, this is known as a double top.

What is a forex chart?

After reaching the second top, it is likely that the price will dip again. This bullish forex chart pattern is usually seen following a downtrend — the price will drop down to a new low, increase slightly and then dip back down to the lowest point. After reaching the second low point, it is likely that the price will increase again. After the second peak, it is likely that the price will fall. In contrast to the standard head and shoulders pattern, the inverse version is bullish. Look out for an initial dip, a slight increase followed by an even lower dip, another slight increase and finally a further dip that is not as low as the middle one.

Analyzing Chart Patterns to Improve Your Forex Trading

After the second dip, it is likely that the price will rise again. Sometimes called the ascending wedge, this bearish pattern often forms during an uptrend and can signify either a reversal or continuation trend. Look out for the price consolidating between rising sloping support and resistance lines. If this pattern shows just after an uptrend it usually indicates a reversal pattern, so you can expect the price to start dropping again. During a continuation trend formation, you might spot one of the following patterns:. Just like the rising wedge, the falling wedge can indicate either a reversal or continuation trend.

If it forms at the end of a downtrend, this bullish pattern indicates that an uptrend can be predicted. If it forms during an uptrend, the price can be expected to continue increasing. Rectangle patterns appear when the support and resistance levels of the price are parallel. A bearish rectangle appears when the price increases for a period during a downtrend. If you spot this pattern, you can expect that the price will continue to fall.

A bullish rectangle appears following an uptrend. If you spot this pattern, you can expect the price to continue going up. Following a significant upward or downward move in price, there is usually a short pause before further movement in the same direction. As a result, the price tends to consolidate. In a forex chart, this can be identified by a small symmetrical triangle shape called a pennant.

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Bearish pennants form during vertical, steep downturns. Following a sudden drop in price, some traders will choose to close their positions whereas others opt to join the trend, meaning that the price consolidates for a short time.

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Once enough sellers have moved into the trade, the price drops below the bottom point of the pennant and it can be expected to continue moving down. Bullish pennant patterns are the opposite of bearish ones, so they appear after a sharp increase in price. This uptrend can be expected to continue after a brief period of consolidation.