Trading Classic Chart Patterns

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Trading Classic Chart Patterns The Easy Way
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Charting has always been used as a way to
analyze and prediction for forex and is part of
technical analysis for trading classic chart
patterns. It is based exclusively on the study of
patterns by trend lines plotted on a price chart
and candlestick chart formations.
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The Three Principles Of Trading Classic Chart
Patterns
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Charting has three principles which are
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A trader that studies the price will be able to
identify clearly the trend of a particular
currency pair and anticipate its changes as well.
Therefore, future probable behaviour can be
predicted.
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The problem is that although traders may be able
to identify these patterns but trading classic
chart patterns require some skill and patience
which most traders struggles with.
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Common Patterns Used in Trading Classic Chart
Patterns
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Here we will list a few when trading classic
chart patterns and recommend how a trader can
trade them in a easy way.
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Reversal Patterns
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Continuation Patterns
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These formations are normally trend continuation
patterns where prices will go into consolidation
for awhile after a period of continued trend
movement to take up more momentum and continue
its trend.

• Although these chart patterns can be easily
  found in any Forex books and explained in detail,
  traders always faced the problem of
• 1) identifying and
• 2) executing trade when trading classic chart
  patterns.

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How Can the Problems of Trading Classic Chart
Patterns be Solved?
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Solving The Challenges Derived From Trading
Classic Chart Patterns

• For identification, a trader can opt to use a
  chart pattern recognition service such as
  Autochartist which provides chart pattern signals
  and its trade potential. He can also opt to use
  his brokers report or resource tools for advice
  as well for trading classic chart patterns.
• These services often provide detailed analysis
  of the trade signals and the quality of the
  signal produced.

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Through the usage of such service, the trader
can train himself to identify such patterns on a
chart easily. After some time he will able to
identify these patterns without the help of these
services or simply using these services as a
confirmation of his findings.
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For easy execution when trading classic chart
patterns, a trader has to find ways to automate
the process of executing his trade when the
signal is right for entry. As charting to
identify chart patterns may result in many trend
lines, support or resistance levels being
plotted, it is hard to sometimes trade off the
lines due to limitations of the trading platform.
It is advisable to be able to develop or have a
forex trading tool that can not only help a
trader in his charting process but also the
execution of his trades as well.
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These solutions will help a trader to ease his
burden of having to spend time charting and
monitoring his charts where he can now do it
easily and automatically with lesser trading
stress. Trading classic chart patterns will be
easier than before with better quality trading
signals and more profitable trades.
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