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Forex continuation patterns pdf
continuation patterns actually show that there is a temporary pause in the trend where prices consolidate after a big move. Prices were in an uptrend before consolidating into a rectangle. Should if a wick trades to a low below the first large blue candles low, it casts doubt over the strength of the continued uptrend. We distinguish bullish and bearish pennants.
Continuation, patterns in, forex - AuthenticFX
Being able to recognise both doubles your opportunities as a trader.
The same set of forex candlesticks can represent either a trend reversal or a trend continuation.
The simplest way to explain this is to give a specific example.
The bearish pennant signifies a bullish price move. This occurs because the sellers are more aggressive than buyers. After such a huge price rally, buyers usually take a pause to catch their breath before continuing their previous actions. With the bullish Rising Three Methods this is especially important for the lows. Continuation chart patterns are formations that show sideways price action. Triangles usually have a more horizontal direction. Just remember to wait for the pattern to be completed (wait for a decisive close of the price either above or below the triangle). Measuring the Price Target The measuring technique for the price target for wedges is similar to that for triangles. As a continuation pattern, a falling wedge in an uptrend is considered bullish.