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Mastering a chart model can speed up the technical analysis process by observing the price structure on the chart. Let’s learn the basics here.
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Among the many technical analysis methods, you can say that analytics using chart patterns is the most accurate and simple technique to read market price movements. Accuracy is higher than traditional candlestick models because it takes into account the creation of more candlesticks. However, the chart template is simple because you do not need to use anything other than the price list.
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The problem is that many novice traders do not know the meaning of the chart model because they still rely on indicators as trading signals. In fact, most indicators come from price movements on a chart. Logically, if you can see the market potential directly with the naked eye, why bother installing some indicators?
In Indonesian, the meaning of a chart pattern is a pattern of animation in a price chart. At first glance, this definition means that you can observe the price pattern as a guide to execute market orders, buy or sell.
A chart pattern is a recurring value chart pattern so that a pattern can be used to predict where a value will move. Chart models are very important in technical analysis because in addition to being able to find price directions, these models can be observed on all time frames from minutes to months.
If you take a closer look, the value model is being created in the table above. It can be seen that the price is trying to rise again and again, but jumps again and again as it peaks around the resistance zone.
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After twice trying to reach the top, the value forms a double top pattern. From there, hundreds of pipe prices dropped after a few days. Wow, if you position the sell from the price pattern trading signals you can clearly see the profit potential.
Again, it must be highlighted that the main attraction of analyzing chart patterns is the repeated appearance of specific value profiles. Thus, value structures can appear multiple times in pairs with the same or different time frames.
Note that market reactions to a particular model are not always the same. Due to the clearer price modeling, the market sentiment is stronger for that price model. For example
This model is taught to have a high probability of predicting prices in one direction, but in fact there are market players who use price models to catch inexperienced Forex players.
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Yes, the explanation is long and complicated if we have to prepare all the business scenarios. But that is not the point of this article. We will only discuss the basics so that you understand why an understanding of chart patterns is important.
The example above is one of several chart patterns. There are many more profitable price models you should know.
Have you ever heard the word triangle? Or head and shoulders? Or have you never done it? In fact, the meaning of chart patterns varies. To make it easier to remember, chart patterns are generally classified into two categories:
This price pattern signals that the price has a high probability of a reversal from the previous main trend. This means that price models in this category can give the first signal when you should sell at a higher price or buy at a lower price level. Very lucky, right?
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This value model is one of the value models with the highest frequency of appearance due to its easy-to-identify formulation. A double peak formation indicates that prices will fall as they reach their peak.
This price model is a variant of the previous price model. The difference is that the accuracy of this pattern is slightly higher because the value indicates a strong reaction at the Resistance or Support level.
The first and second shoulders are shorter than the head, indicating a weak momentum to maintain the value to the highest point (head). As soon as the price starts to appear to break the chain, you can execute the sell order.
The definition of a chart pattern is very simple; If the price starts to show a downward cone, it means that the price is likely to fluctuate. Falling wedges also often appear on price charts.
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Simply put, this price model is a drop-down version of the falling wedge. If prices are fluctuating, the market is likely to respond with selling activity.
Compared to other inverse patterns, this is rare. Because creating a Rounding Bottom requires a lot of candlesticks, you can be sure that this price model is designed for long-term trading.
This chart pattern actually appears frequently on the charts. However, many still do not recognize this pattern. In fact, the structure is simple and really successful.
In contrast to the chart reversal pattern, the price pattern now signals that the trend will continue even if the direction is reversed. This is very common, especially since market movements often experience reversals.
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At first glance, the price structure of this model resembles a trend network device. It is true that channel flags and channel trend patterns are often used by traders to track potential separations from resistance or support boundaries (diagonal lines).
The Pennant model shows the potential for price changes after a period of consolidation. At first glance, this pattern is similar to the wedge pattern, but the difference is the level of the slope. A wedge pattern tends in one direction while the pan pattern is almost symmetrical.
This pattern looks almost identical to the pan pattern, so what’s different? In comparison, this pattern usually requires an additional lamp stand to complete the creation. For example, a pen can be created with only a few candles, while a symmetrical triangular pattern can take twice the total number of candles to complete its creation.
Second, compared to the embroidery pattern, this pattern can be said to be more desirable because the price can break up or down.
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Note the difference between this chart pattern and the previous equivalent triangle pattern. In an upward triangle pattern, the value is consolidating upwards but continues to touch the resistance range. When prices break through resistance, a strong buy signal appears.
So if the price jumps forward and it is not clear what the top and bottom are, you are dealing with a rectangular price model.
Are you hungry for profit? Quench your thirst by drinking the beneficial water from this cup-shaped table pattern. This price pattern is similar to the round bottom, but the difference is that there is a consolidation of values at the “handle”.
Technical analysis by observing the value structure has the main advantages of practicality and simplicity. So if previously you relied solely on stock indicators to get trading signals, now you can clear the chart display by choosing a more accurate price profile.
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For accuracy, chart patterns are perceived as subjective. However, once you have mastered it, you can make quick trading decisions by observing the creation of specific price patterns. Ideally, this method is used effectively by traders who want to filter trading opportunities on any pair and time frame with a fast analysis process.
Anton is a beginner trader who relies solely on trading signals from a set of traditional indicators such as MACD, RSI, Bollinger Bands. Unfortunately, he relies so heavily on these indicators – but each indicator has its own needs – that he can only trade on a few key pairs.
Make a difference with Budi. He has experience using pure technical analysis by looking at price models. Since he no longer needed the help of indicators, he was able to follow a set of currency pairs, looking for the best trading opportunities from cross skills, rare items and commodities such as oil and gold.
Unfortunately, the biggest weakness of technical analysis with price models is its subject matter. Although the time frame pair and the broker are identical from one trader to another, the interpretation of the chart pattern may vary. Do not be surprised if one trader receives a buy signal but another trader on the same chart receives the opposite signal.
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The problem arises only if you use sample quotes from other traders as a trade reference, regardless of your own trading system.
First, some price patterns require longer holding times, such as round bottoms, which are usually intended for long-term trading. If you are an autopsy, imagine that a concentration of floating withdrawals could cause you to close your position before prices fall again.
Second, the accuracy of a value model depends on the discipline applied to the criteria of creating a specific value model. There are some traders who like the technique of recognizing free chart patterns, so there are some requirements that they deviate from where they should be. He gets the signal faster by paying for the accuracy of the goal.
Third, still related to signal accuracy, chart patterns can be combined with support indicators to improve its quality. Just remember that adding a stack of indicators does not make the chart pattern signal 100% accurate.
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Considering the advantages and disadvantages of the above chart model, technical analysis is possible using this topic technique.
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