Forex encyclopedia

Random article: Murrey levels
In their trading on the Forex market, most part of traders apply various tools, which are able to assist them in decision making. For example, Murray levels have been an instrument applied by traders for a long period of time. Unfortunately, not all traders handle Murray levels properly. Originally, Gann theory (Gann squares) were put on the ground of building the Levels. In the beginning of trading, one puts square on chart. Borders of square will signalize about beginning and end of existing tendency. Murray levels are used by traders on various time-frames. But the most significant levels are still long time-frames. Repeated character of market underlies building of ML, which imply drawing of twelve horizontal lines with each of them serving as an important level. (Pic. 1) Levels of greatest importance are the bottom and upper levels – 0 and 8.
Popular article: Renko Trading System
This type of chart is applied in technical analysis, which renders movement of the price in the form of diagonal rows consisting from rectangles (bricks). Each new rectangle is always built to the right from the previous one and its location is higher or below the previous Renko rectangle. Mentioned upward or downward movement of price (for example, each 10 points) is marked by adding rectangle below (above) and to the right from the previous one. Upward movement is indicated by a transparent brick whereas downward movement (below previous value) – by a colored brick.
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