pattern occurred on the gbpnzd 4-hour chart. While thats an impressive gain on its own, whats even more impressive is the fact that you would have made.6 in just 32 hours. Understanding the reasons behind the formation of such patterns can help traders spot subsequent symptoms. Around resistance levels, sellers start taking short positions and buyers start profit booking for their long positions.
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The fact is, however, that markets spend most of their time in trading ranges going nowhere. Just remember that like any other trading strategy, this breakout strategy is not without flaw. (For related reading, see: Forex Currencies: The Four Major Pairs ). He illustrates the point further that traders, in their desire to buy low sell high, create risk for themselves. Inside day forex usd sgd historical data trading should be avoided during low liquidity periods. A trader who takes a trade in the anticipation that it will move, may have to wait a long time to see the trade move his way, if it does at all. We will also take a look at several examples on both the 4-hour chart as well as the daily chart.
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