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How to Use Price Channels In a trending market, a price channel can often be drawn between two parallel support and resistance levels.

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There can be a lot of risk and uncertainty when going after large gains in short amounts of time. The stock market is country specific, and deals only in business and currencies within that region. There are set business hours that typically follow the more traditional business day, and is closed on Holidays and weekends. The forex market, also known as the foreign exchange or the fx market, is the place where currencies are traded. It is the largest, most liquid market in the world with an average traded value of over 4 trillion per day and includes all of the currencies in the world.

It actually equates to more than 3 times the total amount of stocks and futures markets combined. What exactly is traded on the forex market you ask? The simple answer is money. It is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker and are always traded in pairs.

Unlike the traditional stock market, the forex market is open 24 hours a day. At any time, somewhere around the world, a financial center is open for business and is exchanging currencies every hour of the day and night. There are several safety options, such as limit that we will discuss in another chapter. One of the most critical things that you must understand in forex trading is hour to correctly determine the value of multiple currencies.

But with so many variables, how can you tell a good buy or sell without complete understanding of the value of foreign currencies? Your first step is to figure out the current exchange rate between the currencies in question. I highly recommend using this free currency converter:.

They are very reliable and have tons of information to help you as well. Aside from the information that I am giving you here, I highly recommend you study the materials available on their website as well.

Keep in mind that these currency converters will not be consistently accurate down to the cent or fraction of a particular currency at all times throughout any day, but it will give you a solid starting point. Currency conversion is usually expressed in a ratio known as the cross rate. The base currency is usually always listed as a whole number, while the converted currency will be expressed with a decimal that is as close as possible to the base rate.

Also with the consolidation of most of the European market using the Euro, many currencies such as franc or the lira have been eliminated, making trading currencies much less complicated. You want to be sure to understand what these terms mean in your trading. The bid price is the price that a party is willing to purchase, while the ask or offer price is the price at which the party is willing to sell the same. The difference between the two prices is considered the spread.

If the spread cannot be closed, then no deal can be made. The forward price or agreed upon price and all details involved in the transaction are written in a contract and referred to as forward points. Currency Pair — since the value of one currency is only relevant when put in terms of another, forex traders will always deal in currency pairs. The amount of margin that a trader puts up determines his leverage.

In other words, when a trader opens a position larger than the amount of funds required to open it, the trader has put down margin to receive leverage. While margin refers to the amount of funds a trader has put down as collateral, leverage refers to the amount of money he controls relative to the margin.

Pip — Percentage in Point refers to the very last digit of a currency price. If the sell price was 1. Stop — Limit Order — An order to buy or sell a certain quantity of a certain security at a specified price or better, but only after a specified price has been reached. A stop limit order is essentially a combination of a stop order and a limit order.

It guarantees traders at least some return on their medium and longer term positions. In the carry trade, speculators buy high interest currencies and sell currencies with low interest rates. These positions ensure that each trading day rolloverinterest will be posted to the traders account. It has the potential to significantly enhance a return. Rollover is also sometimes referred to reinvesting any earnings in additional stock or currencies.

Whipsaw — A term for what happens when the market trends point toward a specific direction, causing a buy or sell and then the opposite effect occurs. These will happen occasionally and you realistically cannot expect to win with every purchase. My best advice when it happens is to wait it out. The market will rebound and you can still make a profit or at least break even, if you are patient. Those are just some of the most commonly used terms that I wanted you to be familiar with.

It should help you to understand a bit about the market lingo before we get into the meat of the course, where you will learn the details of many of the terms above. General Concept The forex market is by far the biggest and most popular financial market in the world. It is traded globally by individuals as well as banks and large organizations. The chart below shows the global foreign exchange activity, with the United States dollar USD being the most traded currency, with the Euro share at 2nd and the Japanese yen at 3rd.

The forex market is an over the counter market, which simply means that there is no central exchange or clearing house where orders are matched and transactions occur. Such banks will only make their quotes available to other banks with which they trade. This market is not accessible to individual or retail traders.

Then there is the online market makers. This is where individual traders can access the forex market through online market makers that primarily trade out of the US and the UK. Because of the rise of the internet, online forex trading firms are now able to offer trading account to normal folks like us. Now all you need to trade in the forex market is a computer, a high speed internet connection and this guide. Exchanged Traded through open outcry in trading pits; some contracts are traded by ECN after hours.

Orders on listed stocks are placed with a specialist, who matches buyers and sellers, providing liquidity from his own account as well. OTC orders can be sent to market makers who take the opposite side of the trade at their quoted side.

Orders are executed via open outcry at the exchange pit for each future contract. Orders entered electronically are routed to the pits to be executed. Orders executed with online market makers are executed at the market maker with the market maker as the counter party.

OffOff-hours trading hours trading is possible but illiquid. In fact, all trades have spread… stocks, futures, commodities, etc. Be aware that many online trading firms like to promote margin forex trading as virtually cost free — commission free, no service charge, no hidden cost, etc.

The spread may seem to be a small expense, but once you add up all the costs of all the trades, it can eat up your share of the profits pretty darn fast! On the other hand, while you want to find the tightest spread possible, anything that is far lower than typical is skeptical.

The following are some of the different types of orders available that can help you to protect yourself in your trading ventures. Generally, the entry orders, stop loss orders and take profit orders are all GTC orders in online forex trading. The order will be filled once the requested price is met. It is designed to limit a traders loss on a given position.

This is how it works… if the position is opened with buying a currency pair, the stop loss order would be a request to sell the position when the price fell to a specified level and vice versa. Traders are strongly recommended to use stop loss orders to limit their losses. It is also important to use stop loss orders when investors may enter a situation where they are unable to monitor their portfolios for an extended period of time.

A margin account allows customers to open positions with a higher value than the amount of funds they have deposited in their account. Also known as trading on a leveraged basis, most online firms offer up to times leverage on a mini contract account. The forex market offers the highest leverage among other trading instruments with a margin requirement of 0. The equity in excess of the margin requirement acts as a cushion for the trader. If a trader loses on a position to the point that the cushion runs out, then a margin call will result.

The trader must then deposit more funds before the margin call or the position will be closed. Most trading firms offer customizable leverage; traders can choose the leverage ratio that they feel most comfortable with.

I believe that the premise of technical analysis is that all current market information is already reflected in the price movement which is why we will focus on the latter.

In the following chapter I will explain briefly the primary tools used for technical analysis, arming you with the knowledge of the professionals. Use this to compare notes and ideas, suggestions and advice with your trading firm. Charts are the most important tool in your understanding of the total sum of what is happening in the market.

We will get into a bit more detail with the Candlestick charts a bit later, since they are the most commonly used charts amongst active traders. Bar Charts — Bar charts provide traders with 4 key pieces of information for a given time frame:. Bar charts can be applied to all time frames and therefore, a single bar can summarize price activity over the past minute or the past month.

A good rule of thumb is that the longer the time frame, the more significant it is since it will account for more data and will be a better reflection of the markets psychology. The main difference being that the candlesticks body will show the range between the opening price and the closing price during that particular time frame.

Candlestick charts are more popular than the bar charts or line charts since they are more visually appealing and helps to identify more information. They only show the closing price for a series of periods, therefore serve best to measure the overall direction of long-term trends. Line Charts are of limited use for most traders but will show simply and clearly the direction of the trend which can be extremely useful.

If the current price is at a strong support level, then traders can expect buyers to step in and drive the price up — or at least keep it from moving any lower. If the price is at or rises to a strong resistance level, then sellers in short term positions may enter the market while sellers in long positions may cover their positions to take their profits. Many times when a price breaks through a resistance level, it will trigger a large number of stop orders and thereby greatly increases buying power.

Be careful here though since not every breakout is valid. The same dangers of false breakouts apply to support levels as well. There is a physical law stating that an object in motion tends to continue in that motion until some extreme force causes it to change direction. Price trends are no different. There are 3 phases of major trends that you should be aware of in your analysis; Accumulation, public participation and distribution. The accumulation phase is the first part of the trend which represents those who are well informed that will buy or sell.

The public participation is essentially when the masses would recognize the same and follow suit. It is at this point that the well informed, seasoned investors who accumulated during the accumulation phase would begin to sell, or vice versa.

As a general rule of thumb, the existence of a trend depends on a series of highs and lows. A 3 rd relative high would confirm that trend. The price during a sideways market is often simply building support for a continued move in the original direction.

Trend lines are drawn on historical price levels that show the general direction of where the market is heading and also provides indications of support or resistance. Drawing trend lines is a highly subjective matter, due to the fact that there are so many variables.

The line connecting the lows in a longer term position will be a support line that can provide a floor for partial retracements. The downtrend line that connects the relative highs on the chart will similarly act as resistance to shorter moves back higher. It is important to be flexible when drawing trend lines and redraw trend lines whenever necessary. In a trending market, a price channel can often be drawn between two parallel support and resistance levels.

The key to this price channel is that the lines be drawn parallel to each other and the value of the price channel depends on that.

Unlike trend lines, price channels should not be forced on a chart where they are not quickly apparent. Then move it up to the relative highs above or down to the relative lows below the trend line. If two or more fit with the line, then you may have located a valid price channel.

On a daily chart, each candle represents a 24 hour period and contains the information indicated above. But since the forex market never opens and closes, how can there be an open and closing price? To identify this information, the chart provider will decide on a time, say 5 PM EST, as the daily open and closing time. Keep in mind that different chart providers may have different opening and closing times and traders may notice that the charts may differ from different providers.

There are recurring patterns on these candlestick charts that can be observed by technical analysis. They provide an excellent visualization of the price movements and can give us a good idea of what is happening in the market. If a candlestick is very short, it implies that the range for trading that day was very tight. Eventually, with a bit of practice, these candlestick patterns can be easily used to identify potential trends in the market — especially when used in conjunction with other indicators, allowing you to enter the market with strong references to the patters.

This is an indication of a good reversal pattern after a severe trend. It signifies a weakening market. Pattern is considered a hammer after a downtrend and a hanging man after an uptrend. Keep in mind that you will recognize these patterns as you gain more experience. These are just some of the patterns to watch out for. Fibonacci retracements are based on mathematical numbers that repeat themselves and attempt to measure the likely points that a currency pair will retrace, or pull back to within a range.

I will let you know that you can use a charting software with the Fibonacci function, or simply let your forex firm help with your charting. Also, note that Fibonacci retracements can be used in both bull uptrend and bear downtrend markets. You will need to look for retracement levels and use them with your candlestick patterns to confirm your trades. Based on different mathematical calculations, technical indicators are statistics of past market data.

Traders use them extensively in their technical analysis to predict currency trends.