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Reading Chart Patterns Part 3

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This is part 3 of my series in how to read a forex chart and recognise chart patterns. Included here are moving averages, continuation patterns, reversal patterns and MACD.

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Reading Chart Patterns Part 3

  1. 1. Copyright © 2007 Stephen Margison www.sm-forex.com “IT’S TIME TO GET MORE OUT OF LIFE” www.sm-forex.com Reading Charts 3
  2. 2. The Forex Codes Moving Averages –Shows the trend in a smoothed fashion –Used as moving levels of Support and Resistance –No good in sideways, tight-ranging markets –It is a “lagging” indicator. It follows price action Copyright © 2007 Stephen Margison www.sm-forex.com
  3. 3. The Forex Codes Moving Averages Copyright © 2007 Stephen Margison www.sm-forex.com
  4. 4. The Forex Codes Moving Averages • On all our charts we use: 1. 10 DAY EMA 2. 200 period EMA/SMA 3. 5 WMA 4. One or more other EMAs depending upon timeframe used Copyright © 2007 Stephen Margison www.sm-forex.com
  5. 5. The Forex Codes Moving Averages Copyright © 2007 Stephen Margison www.sm-forex.com
  6. 6. The Forex Codes Moving Averages Copyright © 2007 Stephen Margison www.sm-forex.com
  7. 7. The Forex Codes – Chart Pattern • Chart Pattern is one KEY to trading success • It is a Market “Fingerprint” or “CODE” • Use only the most basic and obvious chart patterns just like the Pros do! • Others will have spotted them hence more probability of success Copyright © 2007 Stephen Margison www.sm-forex.com
  8. 8. The Forex Codes Continuation Patterns • These occur when the prevailing trend pauses • The next move usually in the same direction as the Trend • Higher the timeframe the more powerful the pattern • There are always exceptions Copyright © 2007 Stephen Margison www.sm-forex.com
  9. 9. The Forex Codes Flags and Pennants • Very powerful patterns to trade. Very reliable. • Brief pauses in a dynamic market move • Must be preceded with a sharp and almost straight line move • After the pause the trend resumes on a burst of trading activityCopyright © 2007 Stephen Margison www.sm-forex.com
  10. 10. The Forex Codes Flags and Pennants Copyright © 2007 Stephen Margison www.sm-forex.com
  11. 11. The Forex Codes Flags and Pennants Copyright © 2007 Stephen Margison www.sm-forex.com
  12. 12. The Forex Codes Flags and Pennants Copyright © 2007 Stephen Margison www.sm-forex.com
  13. 13. The Forex Codes Reversal Patterns • Higher the timeframe the more powerful the pattern • Can be more risky because you are going against the trend • Must have a prior trend • It may only be a short-term reversal of trend • First sign may be the breaking of an important trendline Copyright © 2007 Stephen Margison www.sm-forex.com
  14. 14. The Forex Codes Reversal Patterns - Double Tops • Very frequent and easily recognised • Top is often referred to as an “M” • Ideal DT has two prominent peaks at about the same price level • It is a bearish pattern at the top of an uptrend • Good for bounce trading off a high Copyright © 2007 Stephen Margison www.sm-forex.com
  15. 15. The Forex Codes Reversal Patterns - Double Tops Copyright © 2007 Stephen Margison www.sm-forex.com
  16. 16. The Forex Codes Reversal Patterns - Double Tops Copyright © 2007 Stephen Margison www.sm-forex.com
  17. 17. The Forex Codes Reversal Patterns - Double Tops Copyright © 2007 Stephen Margison www.sm-forex.com
  18. 18. The Forex Codes Reversal Patterns - Double Bottoms • Very frequent and easily recognised • Top is often referred to as an “W” • Ideal DB has two prominent troughs at about the same price level • It is a bullish pattern • Good for bounce trading off a low Copyright © 2007 Stephen Margison www.sm-forex.com
  19. 19. The Forex Codes Reversal Patterns - Double Bottoms Copyright © 2007 Stephen Margison www.sm-forex.com
  20. 20. The Forex Codes Reversal Patterns - Double Bottoms Copyright © 2007 Stephen Margison www.sm-forex.com
  21. 21. The Forex Codes Reversal Patterns – Where Could a Reversal Occur • At a Key “Cluster” Level • At a Pivot Level • At a break of solid Trendline • At a Fibonacci level • At strong Support or Resistance • With MACD DivergenceCopyright © 2007 Stephen Margison www.sm-forex.com
  22. 22. The Forex Codes Reversal Patterns – MACD • MACD is a simple momentum indicator • Can help us spot trend reversals • I use it for spotting “Divergence” only • Must be used in combination with other tools and never on its own Copyright © 2007 Stephen Margison www.sm-forex.com
  23. 23. The Forex Codes Reversal Patterns – MACD Copyright © 2007 Stephen Margison www.sm-forex.com
  24. 24. The Forex Codes Reversal Patterns – MACD Copyright © 2007 Stephen Margison www.sm-forex.com
  25. 25. The Forex Codes Reversal Patterns – MACD Copyright © 2007 Stephen Margison www.sm-forex.com
  26. 26. The Forex Codes Reversal Patterns – MACD Copyright © 2007 Stephen Margison www.sm-forex.com
  27. 27. The Forex Codes Copyright © 2007 Stephen Margison www.sm-forex.com
  28. 28. Copyright © 2007 Stephen Margison www.sm-forex.com “IT’S TIME TO GET MORE OUT OF LIFE” www.sm-forex.com Reading Charts 3

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