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Daily Market News — January 22nd 2020

The US stock market and the pound are looking bullish today. The precious metals such as gold and the Japanese yen are looking weak. The EUR/USD pair is retesting the support at 1.1081 and the double bottom pattern seems to be under threat. The resistance levels are 1.1110, 1.1141, and 1.1169. The support levels are 1.1081, 1.1043, and 1.1039. The USD/JPY pair has recovered from the dip and looks likely to retest the key resistance level at the 110.07 […]

Seven Mistakes Novice Traders Make — Please Avoid Them

In this video, you will look at the seven mistakes that beginner traders make in forex trading, and you will learn how to avoid them. 1. Risking what you cannot afford to lose: Trading is a very risky business. Many traders lose money as they start with forex trading. So, do not risk the money that you cannot afford to lose. It is important that you […]

Daily Market News — January 21st 2020

Precious metals like gold and the Japanese yen are looking strong. The US dollar and the greenback are looking weak at the moment. The EUR/USD pair has formed a double bottom pattern after finding support at the 1.1083. The resistance levels are 1.1110, 1.1141, and 1.1169. The support levels are 1.1081, 1.1043, and 1.1039. The USD/JPY pair looks more bearish due to risk aversion and the BOJ statement. The resistance levels are 110.07, 110.09, and 112.46. […]

Forex Trading for Beginners — Double Tops and Bottoms

In this video, you will learn about the double top and double bottom pattern. The double top formation is a reversal pattern found at the end of an uptrend. It is noted by two successive highs and the pattern becomes complete once the neckline is broken. The height is measured from the highs to the neckline and this height is taken from the point of breakout to find the take-profit level. The double bottom formation is a reversal pattern […]

Forex Trading for Beginners — Pennants and Flags

In this video, you will learn about the flag and pennant pattern. Both the flag and the pennant pattern are continuation pattern. Both of them break out in the same way. However, they differ from each other in the way they are formed by the support and resistance level. For a pennant pattern, the support and resistance lines converge at a common point. However, they are parallel for a flag pattern. The height of the flagpole of a bearish pennant is used […]

Daily Market News — January 20th 2020

The trading week has begun with the stock market and the precious metals like gold are looking strong. The pound looks relatively weak. The EUR/USD pair seems to have found a medium-term double bottom at 1.1083. The resistance levels are 1.1110, 1.1141, and 1.1189. The support levels are 1.1083, 1.1043, and 1.1039. The USD/JPY pair has made a bullish breakout at the 110.00 level, but the price action to the upside seems to be fading at the moment. […]

Forex Trading for Beginners — Ascending and Descending Triangles

In this video, you will learn about ascending and descending triangle patterns. The descending triangle is found in a downtrend. It consists of bearish trendline and a flat horizontal line meeting at a common point. The bearish trendline is drawn by connecting lower highs. The horizontal line is drawn by connecting the lows. When the market breaks to the downside, it is your signal to take a short entry position, with your stop-loss above the previous […]

Forex Trading for Beginners — Fibonacci

In this video, you will learn about the basics of Fibonacci ratio. The Fibonacci sequence consists of a sequence like 0,1,2,3,5,8, etc. The sequence starts with 0 and 1. Then the next number is obtained by adding the previous two numbers. The important Fibonacci retracement levels are 23.6%, 38.2%, 50%, and 61.8%. It is at these levels, you can expect the market to retrace in the direction of the trend. In case of an uptrend, you can expect […]

Forex Trading for Beginners — Support and Resistance

In this video, you will learn about support and resistance. Support is a level that prevents price from falling further down. This is a level that attracts the attention of the buyers. As buyers start buying at this level, it increases the demand of an asset. You can use the horizontal line tool available on your MetaTrader platform and the trendline tool in case of an uptrend. A resistance level is one which prevents price […]

Forex Trading for Beginners — Head and Shoulders

In this video, you will learn about the head and shoulders pattern. This pattern is observed at the end of an uptrend. At some point, the bulls lose strength, and the market forms the high, which is the left shoulder. The market forms a higher high due to resistance, which is the head. Then the market forms a lower high, which is the right shoulder of the pattern. The pattern becomes complete when it breaks the neckline, which is […]

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