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Open accountMost traders, including novices, know that prices that reach the support line, bounce up and prices that reach the resistance line retract. This applies to price activity within a range. In fact, it taps into the very definition of range: price action within a bounded area on the chart. Due to this, range trading is very popular. So much so that many systems have been designed around trading support and resistance and extracting the most out of the predetermined path of the price.
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Open accountPivot points are extremely popular with traders, they are used to spot direction, probable reversal points and potential support and resistance levels. It’s a well-known tool that is of particular interest to novice traders, due to the simplicity of the mathematical formulas it incorporates.
In the past, pivot point calculations were used on daily, weekly and monthly timeframes. These days, new technology means we can calculate pivot points on smaller timeframes too.
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Open accountOne of the core principles of technical analysis is that prices move in trends. Subsequently, the goal of technical analysts is to identify the trend in its very early stages of development. While experienced traders may nod their head in agreement, often beginners face difficulties identifying the trend on the price chart. Lack of experience and practice is to blame, of course. Trend is identified once the turning points of the market are spotted.
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Open accountSince the introduction of harmonic patterns in Harold M. Gartley’s 1935 book, Profits in the Stock Market, a lot has changed. So it’s inevitable that the original Gartley 222 pattern would undergo some developments as well – after all, the only thing that remains constant is change. Browsing the internet, one comes across many different variations of the original harmonic pattern. What these patterns have in common is the adoption of Fibonacci ratios as a prerequisite.
The AB=CD Pattern
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Open accountEURUSD could rock when clock strikes 13:30GMT
Get ready for a (potentially) tumultuous Thursday, especially for euro traders (which likely includes most FX traders, seeing as EURUSD is the world’s most popularly traded currency pair).
At 13:30 GMT today (Thursday, March 10th 2022), there are two major events that are set to happen simultaneously:
Are Oil Bulls Unstoppable?
Oil prices have hijacked the financial market headlines by surging to levels not seen since 2008.
Brent crude punched above $131 on Tuesday as the United States and Britain moved to ban Russian oil imports. Given how such a move is likely to squeeze supply and create further disruptions in the global energy market, this could propel the oil prices even higher.
