Forex encyclopedia

The main feature of global Forex market is that there is no centralized ground for holding trades as it for example takes place in stock market. All market players (banks, investment funds, hedge funds, insurance companies, brokers etc.) work in different time zones around the globe. As the result, rate fluctuation keep going all the time. Official time of market operation is 24 hours, 5 days a week from 8 p.m on Sunday till 11 p.m of Friday (UTC/GMT). Exception is state holidays when all financial bodies are out of duty. On holidays Forex market works unofficially as well but because of the low liquidity and activity volumes, it is rather hard to find liquidity suppliers on the market. During that time all financial operations take place between various financial entities, banks and more often upon urgent issues.
Popular article: Andrew’s Pitchfork
Andrew’s Pitchfork is the indicator which is used in market technical analysis and was designed by Alan Andrews. It represents three lines, parallel to each other, upon that, median line is equidistant from upper and bottom lines of channel. This way trend channel is constituted, which is divided into two smaller channels (watch pic. 1). Each of the lines is the support or resistance line. In Alan Andrews' terms, maximum and minimum points serve as pivot points in which price changes its direction. Author used B and C lettes for designation. A letter marks the start of the median line – starting point of trend. For building the median line, it is required to find an average price between those two points which in its turn should be pivot as well and be the price of the previous maximum or minimum.(watch pic. 2).
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