If we take this trend line theory one step further and draw a parallel line at the same angle of the uptrend or downtrend, we will have created a “channel”.
Trend lines are probably the most common form of technical analysis in forex trading.
“Support and resistance” is one of the most widely used concepts in trading.
Finding the right combination is different for every trader, so it’s important to start with the basics before you start working your way into using technical indicators (which we cover later).
Sentiment analysis is used to gauge how other traders feel, whether it’s about the overall currency market or about a particular currency pair.
No need to be intimidated by such fancy-sounding words though. For now, just know that fundamental analysis is a way of analyzing the potential moves of a currency through the strength or weakness of that country’s economic outlook. It’s going to be awesome, we promise!
Technical analysis is the framework in which traders study price movement.
To begin, let’s look at three ways on how you would analyze and develop ideas to trade the market.
The “bid” is the price at which you can SELL the base currency.
The “ask” is the price at which you can BUY the base currency.
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