Developed by Scott Carney, the harmonic bat pattern, a variation of the Gartley harmonic pattern, is a 5-point retracement structure composed of Fibonacci measurements used to create a potential reversal zone, or PRZ.
‘It pays to know where you are in the bigger picture’. We’re not entirely sure where this statement originated from, but it is certainly one that should be memorized. What is a multi-timeframe approach? It’s no secret that adopting a multi-timeframe approach can enhance your trading. The problem, however, is that some traders find it … Continue reading Using a Multi-Timeframe Approach
Many of the best traders began their careers on a frustrating note, experiencing the same difficulties most of us go through. Trading is a process that can take years to master. Much of the learning consists of governing one’s psychological state and deciphering between high and low-probability situations. Any trader worth their salt will tell … Continue reading Trading Confluence: a High-Probability Approach
Updated February 2020. Markets ebb and flow; they advance, decline and consolidate. Traders construct a framework around market fluctuations using support and resistance, the underpinning of technical analysis. Determining support and resistance, however, is trader dependent, often leaving newer traders overwhelmed. Perhaps the most prevalent method of identifying support and resistance is from traditional swing … Continue reading How to Use Yearly, Monthly and Weekly Opening Points
Without a clear understanding of different order types, success within the forex market is unlikely. Similar to a plumber using a specialised wrench to adjust to different pipe diameters, a trader must know which order to use to communicate efficiently with the broker. It’s surprising how often newer traders feel equipped to tackle the live … Continue reading Making Sense of Basic Order Types: A MUST For All Traders
