Chart Patterns

Chart Patterns
Ascending wedge
Head and shoulders pattern
Bear Flag
Bull Flag
Descending Wedge
Rising wedge
Rectangle Short
Rectangle Long
Falling wedge

All Traders MUST memorize the most prolific chart patterns in the Forex. You can learn what they are and how the market usually reacts to them by studying the graphic to the right (click on it and it will expand) .

Which ones are the most important?

Bear and Bull Flags, Descending and Ascending wedges, Rectangles and Head and Shoulders patterns.


Why?

 

Market participants all know these patterns and trade them. For ProAct Traders, on the breaks of these patterns we almost always get a RF1010, Wild Card or a 6 Aces trade setup. That means that if you memorize the patterns you can anticipate what the market will try to do in the future and have a clear trading setup to help you enter the trade. This increases your statistical probability in trading, your confidence to push the button and helps struggling traders immensely.

 

We have a Free Pattern Recognition trainer on this page  http://proacttraders.com/content/pattern-recognition-trainer

Note the screenshots to the right are the most common ones (click on it and it will expand): We will usually get an RF1010,  Wild Card (arrow and painted candle) either to make the break or after the break of the pattern.

Below is a PowerPoint that you can review to get your head wrapped around this!

Don't have Powerpoint?  Download a viewer here.

 

Chart Patterns that explode your trading

"Trading Forex involves substantial risk, is not for every trader and only risk capital should be used."

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