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And some even desire a better edge, maybe looking to get in before a trend reversal starts. One pattern that we're going to discuss in this section that can help support our inclinations that the herd may be changing directions is called the tweezer.
Although it's relatively unknown to the mainstream, the tweezer may be one of the best indications that a short- or long- term trend may be nearing its end. Learn more about double tops and bottoms in Analyzing Chart Patterns. A Classic One of the first technical formations that many traders learn about is the double top or bottom.
Simply, the double top or bottom reversal is a pattern that tends to form after a prolonged extension upward or downward. It signifies that the momentum from the uptrend has stalled and may be coming to and end. The following battle between buyers and sellers lasts temporarily and ends with buyers attempting a final push upward before we see the price action decline.
This final push creates a second peak in an otherwise stable channel pattern, forming a double top. Learn more about technical analysis in our Technical Analysis Tutorial. Individual traders want the opportunity of this highly liquid and tradeable asset class. In simple terms, forex or currency traders buy and sell one form of money with another form of money.
A simple example is when you buy euros in exchange for US dollars at an airport kiosk when traveling. You can use a number of different forex trading strategies. You could also trade futures contracts on the euro. Recently, many traders are choosing a new way to trade forex: They are flexible and powerful enough to use in almost any forex trading strategy.
Currency is any form of money issued by a government and circulated within an economy. Currency is basic to trade; we use money to buy and sell goods and services. Recently, digital currencies like Bitcoin have emerged which are not backed by any national government, but rely on technology like Blockchain to ensure value. You can also trade the price of Bitcoin on Nadex.
Most countries have their own currency. Switzerland's official currency is the Swiss franc; Japan's is the yen. The euro is the currency for all the member states of the European Union. Before you trade, make sure to look over the forex contract specifications to see trading hours and other details.
You can trade binary options and option spreads on 10 forex pairs:. Forex market trading offers tremendous opportunity. The market is open around the clock, five days a week.
It is highly liquid and constantly in motion. Or, read more articles on DailyFX. Your forecast is headed to your inbox. An error occurred submitting your form. Please try again later. Upcoming Events Economic Event.
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Security Trading, Forex, Options, Futures and Commodities are highly leveraged products which involves large potential risks.
Any more than approximately eight to 10 candle sessions and we may actually be looking at a double top or bottom formation. In a top or bottom formation, the prongs have exactly the same high prices in a tweezer top or low prices in a tweezer bottom.