How To Read A Forex Chart Part 3 | The Best Forex EA Bot

How To Read A Forex Chart Part 3 | The Best Forex EA Bot


Alan Solarsh here The Passive Income
Guru & this video tutorial explains the last steps of analyzing your moving
averages and our next videos are going to be about candlestick technical
analysis. right so we still analysing the euro Cad
chart and we said yesterday that the stock would turn roughly let’s go back
to the 30-minute chart we were looking at the hidden shoulders so there’s the
hidden shoulders over here head shoulder shoulder and kept on doing that
continuous sideways trend and then we opened up this morning and a twin south
and now we are definitely trending in the upward direction which is according
to the hidden shoulders formation and analysis so there’s a couple more things
that I want to mention which gives you a clear indication of the currency going
in a northerly direction so let’s start with the day chart and we’ll continue
from there so the Charter the the currency opened this morning over here
and as you can see the trend for the day was well below the red and white 8
exponential moving average which gives you the sentiment that the trend for the
day is still going to continue going bearish going down so as you can see the
candle is moving very far away from the red and white line now here is a key
point that you need to understand with the 8 exponential moving average that
the candle will always come back to meet the exponential moving average which is
good news for us because the take profit for our currency that we’re looking at
at the moment is around about there and is round about there and the currency is
actually going to come back to Abacha and we
that profit with the specific currency so let’s go and look at the 4-hour chart
and as you can see here the candle has bounced well above the eight exponential
moving average as you can see it stopped over here on the white this is the
middle of the Bollinger Band which is not a serious land to be stopped at so
we’re expecting the currency to go further north and to actually get to
about the yellow line okay so let’s look at the next moving average which is
sorry the next time frame which is the h1 the one-hour chart so let’s make a
little smaller so that you can see what’s happening in the history so this
is a very key point over here this is a point of resistance remember we spoke
about resistance when you’re touching the roof you can’t go through the roof
because the roof is resisting you from going through it so we were hoping that
this resistance line over here becomes a point of support if the if the candle
goes above this this point and actually closes and a new candle form four forms
above this line of resistance this line of resistance becomes a new line of
support and we can expect the currency to go north to the blue the blue line
which is the MA 100 which is a quite an important moving average according to
the technical analysts okay which is well above our tech profit over there so
let’s look at the next moving average and see also why we stopped on that what
Bollinger Band and that point of resistance and let’s look at the 30
moving average and as you can see we’re also on there’s the there’s that point
over there but we’re very close to the outer band of the Bollinger Band now
normally what happens is and that’s probably why we also been stopped there
so it’s to two points of contact we’ve got the point of resistance over here
and we’ve got the art of Bollinger Band which is touching over there so what
will happen is is when it touches the Bollinger Band it normally comes down
about 50% maybe 60% to the fob the fob moving average and then
we will break forwards again over here going above that moving at this the slam
of resistance touching the white Bollinger Band over here coming down and
then we will carry on going north to our take profit and that blue in my 100 so
let’s look at the 15-minute shot that was the 15-minute shot let’s look at the
farm and a chart and see why on the farm what’s happening on the 5-minute chart
again still stuck on their column of obviously on that line of resistance
there is the white Bollinger Band so we’ve got three confirmations now three
time friends showing the same thing and the one minute we’re going down to the
watts this is the mid of the Bollinger Band we’ll probably stop there if it
doesn’t stop there it’ll go down to the yellow and if you look at the bottom of
the screen you’ll see that the yellow is important an important indicator where
most technical analysis analysts have the the moving average 34 MA on their
charts and we will have a lot of orders buying orders and selling waters at this
point and hopefully we’ll have more by what is in selling orders I presume we
will have because we’re now in a bullish trend and people would have executed
their bullish orders around about here above and below and the currency will
then carry on trending in the northerly direction so I’ll carry on with this
video in the next twenty minutes and show you what the result is so that we
can have confirmation of of the moving averages another point note of that of
the of the changing direction is these doji’s are we guess now a doji is
basically a long wick with a very very small body gives you an indication that
the change in sentiment of that currency has taken place the Bulls and the Bears
don’t quite know what to do yet and if there is a doji at the at the top of
above the eight moving average the eight ma you can expect
the the currency to reverse which it has done and come back to the eight moving
exponential when you see a doji it’s above the eight exponential ma it’s time
to take profits and wait and see what happens to the currency you can always
jump back in if you make the wrong decision and you can always jump back in
and if you notice yeah it’s very very small of a change in input value you’ve
only got this is the Euro CAD so you’ve got let’s have a look at it
it’s five pups over here from over here 35 to 45 it’s ten it’s a tempered move
so it’s not major so if I had to actually get out I only would have lost
ten people or five pups I would have gotten back in over yet and then carried
on with my with that bull trend and then obviously there’s that there’s a parish
for raw meat I’m gonna explain all these candles in my next videos and you can
see it starting to come back again above the light in my head okay so I’ll carry
on with this video in the next 20 minutes and showing you exactly what has
transpired right so as you can see on the 50 minute chart it’s testing that
land of of resistance making it a line of support we’ve gone above we’ve gone
above let’s try and get it there we go which there is the last point that it
hit which was two days ago coming down it’ll it’ll close about here
maybe over here and then it’ll start going up again and we’ll go above this
line of resistance making this line and line of support and the more go into
profit so let’s look at those trades and as you can see we’re about 11 tips away
so here it is the take profit is 635 and we’re on 53 so it’s 53 minus 65 which is
what is that it’s 10 pups with 10 pups away from from going into massive profit
non pups now and can’t wait to see what this is going to look like in the next
few and I’ll resume the video when we get on
to the next candle and break above the land of of support so as you can see the
five-minute chart was still way above the 8 ma touching on the fab man at ma
over here and so it’s thought very much in a bull market these are land of of
resistance over there so we hit it five minutes ago
now we retracting back to the 5 minute and we’ll carry on going north in the
next few minutes and let’s look at the 1-minute chart one-minute chart will
below the fact that the 8 exponential hit the yellow line which is the 34
retraced back up to the mid Bollinger Band and we’re hovering in this area but
I’m not too concerned about the the one-minute I’m more concerned about the
5 minute we were still way above the 8 exponential moving average let’s look at
the 15 you can see the 15 we’re very high above the 8 exponential now as I
said before when you’re high above the 8 exponential usually what will happen is
the currency will retrace back down to that 8 exponential hitting a new time
frame in the next this is a 30-minute chart so 30 minutes it’s got to come
down a new time frame will start and we’ll touch on the 8 expect on that on
the 8 exponential and then carry on going north again to touch the Bollinger
Band and so I’ll continue in that formation right really exciting NASA as
you can see the next candle has formed above the land of of resistance possibly
forming a new line of support so if the next candle closes above you and we test
down to this land of support resistance and a doesn’t go through this land this
land has now converted from alarm of support to a land from a land of
resistance to a new land of support now supporting the new price level so
there’s been price action yeah and we’re now going to continue going up so let’s
have a look and see at at the trades and the take profit so I think we’ve taken
tack we’ve taken some property we have so a lot of the euro cats have taken
profit and so the profit for the day there was two hundred and forty four
dollars which is absolutely phenomenal so if we go back here the next lamb of
the next lamb that we’re looking for for the stake profit for these massive
trades is the take profit of 1.50 seven six eight so it’s one point five seven
six eight which is about sixteen puts away so let’s turn turn the turn the
phone and let’s look at it from another angle let’s go down to the thirty minute
let’s go down to the the one hour and let’s look at the take profits and the
take profit is over here we 16 pips away it’s dropped below the lamb of that land
off support let’s go back to the five minutes and see if it has actually so it
hasn’t gone through that line of support resistance it’s testing that land very
carefully lots of buying and selling orders are going off now and we’ll see
who is who’s gonna win this battle between the Bears and the Bulls as you
can see we’re well above four we’re not so far above the the eight ma so I would
probably possibly test down to the eight ma and then carry on going up let’s look
at the one-minute so the one minute is we are testing the the far other the
midline of the Bollinger Band and if we continue going south we will then hit
the mi 34 over here testing that land and then we try some deck to the sixteen
pups I think that Europe cat is fine we
turned and is now on a bull run and everybody can expect to to take profit
and have a massive passive income died due to the Forex ninja bot so let’s wait
and see what happens I’ll resume the video in the next couple of minutes and
show you what has transpired with the price action if we’ve gotten support on
the Nealon north who stole hitting resistance
right so it appears that the line of resistance has now become a new line of
support and the parents is definitely trending in a Polish polish momentum and
we’ve hit the one take profit we’re waiting for the next type profit to to
take effect let’s go and look at what are we on a farm on a chart it’s the
15-minute shots as you can see same thing over there we had a slaughter doji
over there which showed sentiment of the change in direction the the long wick
came down to the five minutes I think yeah came down to the five minute a new
candle opened way above the DOE Jeep and the Lamb of resistance new line of
support and we’re now heading in a northerly direction to take profit and
we are I think we are 13 cups away let’s go and check it out right so we are
approximately 7-6 8-6 63 so what is that 13 cups 13 cups away from this account
and I mean to profit so if you turn the phone sideways again you can see that
we’ve definitely gone into a new line of support which is really exciting so as
you can see bars the moving averages are very predictive they’re a great
indicator that gives you insight into the direction of the currency so instead
of making emotional decisions learn how to read a chart learn how what these
moving averages actually represents and how they can benefit you so as to make
profit instead of losses my next asset you that the next couple of videos
they’ll be a full video series on candlesticks understanding candlesticks
and how the candlestick and an understanding what candlesticks are what
the formations are what the patterns are will change your your perception of
trading and we’ll put you in about an 80 to 90% profitable situation every time
you tried so I hope that you found this video tutorial and series interesting if
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