These are key elements of trading and mastering them should be one of your primary goals. All these patterns predict the future direction of an asset and needless to say, if you know the direction, you can make money. The most well known chart recognition software is AutoChartist, which is a tool offered for free by some Forex brokers and lately by Binary Options brokers as well.
For an in depth review of this tool, please read our article Autochartist Tool — Making Life Easier for Traders.
Once a pattern is identified, the trader can decide to trade the following possibilities:. On the pictured chart you can see a clear descending triangle, which provides three trading opportunities as described above.
Without any news release to promote Euro bullishness, the trade possibilities will hold and will all score profits if appropriate expiry dates are used. Candlestick reading can be a very powerful tool and I strongly recommend you learn to master it.
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Price Action recognition software may be cool, but it has some major drawbacks. One is that it does not predict how long the future pattern will last. So while the trader may have an idea on the future price direction of the asset, it leaves him no clue as to what expiry time he should set.
Another reason why the chart pattern recognition tool sucks is that it will not work when a major news release how can i make money fast in doa2 impacted the price of the asset. Same with support and resistance, same with candlesticks.
The perfect chart pattern can fail and the strongest support or resistance level can be broken so always use multiple confirmations before trading.
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