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Random article: Candlestick Analysis
Forecasting the currency market by technical analysis consists of a variety of methods. One of them is the candlestick charts analysis. In this article we look at this kind of analysis. Directly the analysis of candlesticks and philosophy of this method was created in Japan in the XIII century. Its founder was a Japanese rice trader Homma Munehisa from Osaka. He traded on the rice stock exchange and tried to understand the psychology of buyers and sellers. Thanks to the timely warning heralds he received information about the slightest change in price, and thus quickly react to exchange events. This contributed to the fact that he was able to achieve unprecedented results - profit for one hundred consecutive transactions. In order for distinguished service Munehisa was awarded the title of samurai and received the right to be emperor adviser. His portrait can be seen on this picture.
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Popular article: Forex Reversal patterns: Head and Shoulders etc.
A number of reversal patterns is indicated in Forex: Head and Shoulders, Double top, Double bottom, Triple top, Triple bottom, Diamond. Head and Shoulders Top – is a classical reversal pattern of technical analysis, which is formed following to a long upward trend. The model is considered to be fair reliable and is often formed. But despite above-mentioned, many beginning traders do not manage to take profit using this graphic pattern. The reason is that positions are opened prior to forming this model. Let's figure out the structure of the figure and its formation on the chart of trading terminal. The model consists from three subsequent price extreme points, the middle one is higher than others (head), and the rest two are below the middle one and are roughly equal (shoulders). All three uphills are supported by the neck line.
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Features of the analysis of Japanese candlesticks
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