moonchild
VIP Contributor
What is technical analysis/, technical analysis is the process of using the chart data in making trade decisions, with good technical analysis skills forex traders can better predict price movements and make more informed trading decisions. It is important to note, however, that technical analysis is not a guarantee of a successful trade and should be used together with other forms of analysis and risk management strategies, here are three ways technical analysis can help your trading.
1- Identify the currency pair you want to trade and select a time frame for the analysis. This could be anything from a few minutes to hours, depending on your trading strategy and goals, as a scalper you will probably use a lower timeframe and vice versa for higher timeframe.
2- Use a charting platform or software to plot the price data for the currency pair. Look for patterns and trends that can indicate potential entry and exit points for trades, the best platform to use is Tradingview and it is free to use.
3- Use technical indicators to confirm the trends and patterns you see on the price chart. Some popular indicators used in technical analysis include moving averages, relative strength index, stochastic oscillators and others.
Please leave a feedback if you find this helpful.
1- Identify the currency pair you want to trade and select a time frame for the analysis. This could be anything from a few minutes to hours, depending on your trading strategy and goals, as a scalper you will probably use a lower timeframe and vice versa for higher timeframe.
2- Use a charting platform or software to plot the price data for the currency pair. Look for patterns and trends that can indicate potential entry and exit points for trades, the best platform to use is Tradingview and it is free to use.
3- Use technical indicators to confirm the trends and patterns you see on the price chart. Some popular indicators used in technical analysis include moving averages, relative strength index, stochastic oscillators and others.
Please leave a feedback if you find this helpful.
