Forex encyclopedia

On Balance Volume (OBV) – is an indicator applied in Forex technical analysis. This indicator was firstly described by Joseph E. Granville in 1963 in his book “New Key to Stock Market Profits” . Author applied the indicator for commodity market analysis, because considered volume figure to be a key driving force. The main point is the possibility to forecast change of price on the basis of changing trading volume. Although at present the indicator “On Balance Volume” has a widespread application for analysis of the Forex market.
Fibonacci Channel represents a sort of Fibonacci Retracement, but this time all trend lines are drawn diagonally and not horizontally. Drawn channels can serve as supportive or resistance lines. Fibonacci Channel is built with a common method: the line is put through trend's High and Low, this line composes entire width of channel and its value is taken as equal to one. Further, parallel lines are drawn through obtained channels through the levels 23,6%, 38,2%, 50%, 61,8%, 76,4%, 100%, 161,8%, 261,8%, 423,6%. It is assumed that resulting lines can serve as support or resistance lines as well as pivot or correction points of a trend.
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