The 10 Essentials of Forex Trading – Book [PDF]

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The 10 Essentials of Forex Trading – Book

As prices begin to fall and get closer to the level of support, once again major banks and financial institutions will enter the market, and there will be a change of the tide from bearish to bullish, due to more buyers than sellers.

If the consolidation is going to hold, prices will then U-turn and begin to rally. When prices get close to another level of support, once again, traders will look to confirm their decision to buy and look for bullish Japanese candlestick formations near a level of support or a prominent low.

They will enter going long after the bullish formation appears, and they will trade the bullish candlestick formation according to the rules of that formation and within the guidelines of equity management (which will be discussed in Chapter 12). The bullish candlestick formation gives confirmation that the market is about to U-turn.

A trader then needs to turn back to a larger time frame and look at where resistance is currently and take the ride back up to the level of resistance. Traders can repeat this process over and over again for weeks or months until the market breaks out of the range.