forex trading course (part 1)

Short bodies imply very little buying or selling activity. In street forex lingo, bulls mean buyers and bears mean sellers.Upper shadows signify the session high.

There are many types of Japanese candlestick patterns, but they can be categorized into how many bars make up the candlestick pattern.

There are single, dual, and triple candlestick formations. The most common types oJapanese candlestick patterns are the following:

Just refer to the Japanese Candlesticks Cheat Sheet for a quick reference on what these candlestick patterns meanCombine candlestick analysis with support and resistance levels for best results.

Just because candlesticks hint at a reversal or continuation, it doesn’t mean it will happen for sure! You must always consider market conditions and what price action is telling you.

We will be using Fibonacci ratios a lot in our trading so you better learn it and love it like your mother’s home cooking.

Fibonacci is a huge subject and there are many different Fibonacci studies with weird-sounding names but we’re going to stick to two: retracement and extension.

No, Leonardo Fibonacci isn’t some famous chef. Actually, he was a famous Italian mathematician, also known as a super duper uber ultra geek.

He had an “Aha!” moment when he discovered a simple series of numbers that created ratios describing the natural proportions of things in the universe.

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After the first few numbers in the sequence, if you measure the ratio of any number to the succeeding higher number,

If you measure the ratio between alternate numbers you get .382. For example, 34 divided by 89 = 0.382 and that’s as far as into the explanation as we’ll go.

These ratios are called the “golden mean”. Okay that’s enough mumbo jumbo. With all those numbers, you could put an elephant to sleep.

You won’t really need to know how to calculate all of this. Your charting software will do all the work for you. Besides, we’ve got a nice Fibonacci calculator that can magically calculate those levels for you.

always good to be familiar with the basic theory behind the indicator so you’ll have the knowledge to impress your date.