Forex encyclopedia

Of course, the crocodile often fails in his hunting. Prey may be dodged and escape. But the crocodile never panics. He returns to the waiting position and prepares for the next opportunity. One weapon to face the uncertainty in the Forex market is the discipline. When the Forex market moves in uncertainty, then the pro trader will protect his/her accounts with a high self-discipline. They create trade rules for themselves in accordance with the strategies they use, and with high self discipline, they always follow the rules of the trade. Forex is the world that is free to a high extent. But every trader should create trade rules for himself and should be responsible for the trading rules. This is the factor that distinguishes a pro trader from a trader who failed.

Tirone levels represent a sequence of several horizontal levels decreasing in succession. This method is used for determining support and resistance levels within trading range at definite moment of time. Tirone levels were elaborated by John Tirone. In practice, TL are applied to improve visual reception of price movement. Also through these method of technical analysis one can generate signals for opening positions. For example, if price reaches TL from upward – it is an alert for purchase and a signal for sale is received, when prices approaches from bottom.