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Forex Tips & Tricks
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Different Ways to Determine Resistance and Support
There are many different ways to determine resistance and support. I prefer horizontal lines/trading ranges. You can also use diagonal lines/trend lines and internal trend lines to determine specific prices.MACD: Moving Average Convergence/Divergence
When it comes to trading the forex market, there is no OI data to follow. While you can use futures and options by proxy to give you an idea of the potential momentum activity that is occurring in the spot market, it is also just as common to use the MACD to determine momentum.Technical Analysis Strengths and Weaknesses
Technical analysis has many strengths and weaknesses. Each strength gives it a sense of reliability, while each weakness puts you one step closer to making a fatal mistake. By becoming adept at knowing the weaknesses, you are able to shore them up with the proper money management and risk management techniques.Why Technical Analysis Works in Trading
When it comes to market behavior, there are two schools of thought. The first is the “random walk theory” and “market efficiency.” While both are convincing ideas, only one supports technical analysis.Choosing Your Technical Indicators
No matter what you may think about trading, the first myth we have to dispel is that trading is technical analysis. The thrust to create a pseudo-scientific face to trading has led many people to look at technical analysis as the end all-be all of trading. Somehow, it is believed that if you can figure out the right combination of indicators, then you will become the best trader ever. I am sorry to disappoint you, but that is not how it works.