trends retracements to our advantage, and always get into the trend at a smarter price. Financial products move in a correlated fashion. In a text book scenario ranging markets occur when price is trapped between two major levels so you continuously see high and lows printed at the same horizontal levels Everyone knows the text book range structure but this rarely occurs in every day markets. The bottomline- this method of determining where to get in and out of the market does require you to change the way you think about the markets a little. You guessed: the gbpcad cross. When reaching that point, correlations become obvious. This is such a simple hurdle that barricades too many traders from advancing with their chart reading skills. Before we get into this, I'd like to make it clear that. Unreadable Market Structure To finish off the discussion on market structure, there is one very important thing you need to know something that traps a lot of traders and becomes a huge black hole for money.
The most notorious one is the CAD and oil correlation. If it holds as resistance, the market will most likely reverse here.
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Now, anything can happen in Forex at any time but there are two highly probable scenarios here Price will retrace into the old support, and use that as new resistance and reverse there Price will continue to sell into the major range support level, where. The order in which new highs or lows occur, can give you a very solid foundation to determine where the market is moving to, or not moving. This is where we step up our technical analysis and use things like horizontal levels and trend lines. Let the chart communicate to you what it is trying. But this comes after a clear understanding or markets and how markets function and move. The more clearly defined the range the better. I stick to the very basics, and it serves me well. This is where the saying buy low sell high comes into play.
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