Technical analysis of the forex market
Technical analysis is a method of forecasting future price movements. It is the most used tool for analyzing forex markets by both - beginners and advanced traders.
What Is Technical Analysis?
Technical analysis is a trading discipline employed to evaluate investments and identify trading opportunities by analyzing statistical trends gathered from trading activity, such as price movement and volume.
Unlike fundamental analysts, who attempt to evaluate a security's intrinsic value, technical analysts focus on patterns of price movements, trading signals and various other analytical charting tools to evaluate a security's strength or weakness.
Technical analysis can be used on any security with historical trading data- stocks, futures, commodities, fixed-income, currencies, and other securities.
In fact, technical analysis is far more prevalent in commodities and forex markets where traders focus on short-term price movements.
What is Japanese Candlesticks?
Japanese Candlesticks provide more detailed and accurate information about price movements, as compared to bar charts. They provide a graphical representation of the supply and demand behind each time period’s price action.
Candlestick charts are flexible. Users run the spectrum from first-time chartists to seasoned professionals. This is because candlestick charts can be used alone or in combination with other technical analysis techniques.
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