Forex encyclopedia

In general, the candlestick charting technique originated in Japan in the XIII century. Its founder was the Japanese rice dealer Munehisa Homma from Osaka. He traded on the rice exchange and sought to understand the psychology of sellers and buyers. Thanks to the herald alert system, he promptly received information about the slightest price changes, and, accordingly, responded as quickly as possible. This contributed to the fact that he was able to achieve unprecedented results and make a profit on a hundred transactions in a row. Munehisa was awarded the title of samurai for his outstanding services and received the right to be an adviser to the emperor. You can see his portrait in this picture.

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.