The application of the resistance and support lines in Forex trading.docx

The application of the resistance and support lines in Forex trading.docx

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The application of the resistance and support lines in Forex trading 1. What is Foreign Market? The market in one country for the trading of securities registered and based in another country. Trading in a foreign market may involve trading on a foreign exchange electronically, or it may involve trading those foreign securities on a domestic exchange. Foreign markets often, but do not always, expose the investor to foreign exchange risk. 2. Software for trading MetaTrader is a trading software that is most commonly used amongst forex traders as their trading platform. Posing similarly as a connecting channel between currency trading systems and your computer (or mobile device), and so MetaTrader is the link. Let’s take a look at the MetaTrader in review. 2.1 Why trade with the MetaTrader Platform? Besides being easy to download and install, MetaTrader has many trading capabilities and features which other platforms lack. Follow instrument price fluctuations and examine the charts and graphs, while plotting the trends to locate your planned trades. Setting up your trading orders is simple and predefined stop losses and targets are executed immediately. The trailing stop loss and pending orders are just as easily accessed. Expert advisors (EA’s) can automate your trading by using scripts that are uploaded to the platform and the instructions of the scripts are easily carried out. Saving you the hassle of being close to your computer or missing out on a trading opportunity. 3. Strategy Our strategies are based on the strategic Symmetrical Triangle model and the resistance line, the support line. Besides, the method of trading orders is applied according to the book Forex: Patterns and Probabilities of author Ed Ponsi. Our trading platform with MetaTrader 5 currency pair is the EUR / USD. This strategy can be implemented on any timeframe, but because to give a result as quickly as possible, we choose a time frame of 15 minutes.
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  • Fall '16
  • Jane

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