Live forex charts with indicators

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So, if you have a downtrend on a 1 hour chart and an uptrend on a 5 minutes chart, technical analysts will look at signs of the uptrend on a 5 minutes chart fading before calling a resumption of the higher timeframe downtrend. Another way technical analysts identify trends on charts is via moving averages. A moving average is a technical indicator that smooths out the price action and plots a constantly updated average price with a line. If for example you want to use a 50 period moving average, then the indicator will take the previous 50 closing prices and divide by 50 to get the average price.

The most popular moving averages are the EMA20 exponential moving average of the last 20 bars , followed by SMA Simple moving average of 20, 50, the and period moving averages. So, you can either just look at the swing highs and swing lows by eye, use the moving averages or combine both methods to better identify different trends. How to use indicators? Indicators can help technical analysts to better navigate the noise in the markets.

Indicators should not be used on their own but as an extra confluence to the overall analysis. They serve different purposes, but the ultimate goal is to better make sense of the price action. Moving averages are used to identify trends and to provide dynamic support and resistance for the price.

For example, if the price is above a moving average, then it is said to be in an uptrend and generally the technical analyst will look at possible points on the chart where the price may pullback to and then bounce off of. Oscillators are used to identify momentum and possible turning points. The RSI is measured on a scale from 0 to and a default period of 14 most recent closing prices.

The RSI is also said to be in overbought or oversold territory whether it crosses the 70 or 30 levels respectively on the scale. When the MACD line crosses the Signal line to the upside it can indicate the beginning of an uptrend momentum and when it crosses the Signal line to the downside it may signal the start of a downtrend momentum. The histogram visually displays the magnitude of the distance between the MACD line and the signal line.

The histogram can signal overbought or oversold conditions when the two lines diverge too much. When the histogram rises well above the baseline at 0, the price momentum may fade a bit as it becomes overstretched and prone to a pullback and vice versa when the histogram falls too much below the 0 baseline.

MACD line blue , Signal line yellow and Histogram green and red bars Popular chart patterns A chart pattern is a recognizable configuration of price movement that is identified using a series of trendlines or support and resistance levels. Chart patterns can signal reversals or continuation of trends.

There are many timeframes that can be used and there can be many patterns at any given time that can make all the process confusing. If you see, for example, price consolidating after a bull run caused by a fundamental catalyst giving you a flag pattern, you know that that can signal a further bullish momentum once the flag gets broken. Chart patterns can help a technical analyst to identify possible future price moves.

You can even find triple tops or triple bottoms that have the same psychology behind them as for double tops and bottoms. These patterns are considered reversal patterns, meaning that the price upon successful completion of the pattern goes the opposite way reversing the previous trend. Generally, once the price breaks the neckline it confirms the pattern and it can either continue on its way or come back to the neckline for a retest and then continue again the new trend. Sometimes the price may even hover near the neckline before making the real move.

Once the price breaks the neckline it can either continue in the new direction or come back for a retest of the neckline before continuing again. Triangles signal a consolidation due to indecision or lack of fundamental drivers in the market. A symmetrical triangle can be broken on either side and it can help showing where the price wants to go.

A descending triangle generally breaks to the downside as the price keeps pushing against the support and then breaches it. An ascending triangle usually breaks to the upside as the price tries multiple times to break the resistance and eventually succeeds. Note though that even descending and ascending triangles can break on either side. Beware not to be too carried away by the price action when spotting triangles as they can be prone to spikes that look like false breaks.

The price generally makes the first impulsive move and then goes into a slow consolidation that looks like a flag. Once the price breaks out of the flag it starts to run. They are considered a reversal pattern. Now you have around 20 different chart pattern examples.

But which are the best chart patterns to trade? We will discuss this in the next section of the guide. Our Top Forex Chart Patterns Now that we have shared the chart patterns basics, we would like to let you know which are the best chart patterns for intraday trading. Then we will give you a detailed explanation of the structure and the respective rules for each one. However, we like to treat these as one as they have a similar structure and work in exactly the same way.

The bull Flag pattern starts with a bullish trend called a Flag Pole, which suddenly turns into a correction inside a bearish or a horizontal channel. Then if the price breaks the upper level of the channel, we confirm the authenticity of the Flag pattern, and we have sufficient reason to believe that the price will start a new bullish impulse. For this reason, you can buy the Forex pair on the assumption that the price is about to increase. Place your Stop Loss order below the lowest point of the Flag.

The first one stays above the breakout on a distance equal to the size of the Flag. If the price completes the first target, then you can pursue the second target that stays above the breakout on a distance equal to the Flag Pole.

In addition, the two pink arrows show the size of the Flag and the Flag Pole, applied starting from the moment of the Flag breakout. The Stop Loss order of this trade stays below the lowest point of the Flag as shown on the image. A bullish Pennant will start with a bullish price move the Pennant Pole , which will gradually turn into a consolidation with a triangular structure the Pennant. Notice that the consolidation is likely to have ascending bottoms and descending tops.

Moreover, if the price breaks the upper level of the Pennant, you can pursue two targets the same way as with the Flag. The first target equals the size of the Pennant and the second target equals the size of the Pole. At the same time, your Stop Loss order should go below the lowest point of the Pennant. The image gives an example of a bull Pennant chart pattern. The only difference is that the bottoms of the Pennant pattern are ascending, while the Flag creates descending bottoms that develop in a symmetrical way compared to the tops.

This is the reason why we put the Flag and Pennant chart patterns indicator under the same heading. How to the Double Top and Bottom Chart Pattern The Double Top is a reversal chart pattern that comes as a consolidation after a bullish trend, creates a couple of tops approximately in the same resistance area and starts a fresh bearish move. Conversely, the Double Bottom is a reversal chart pattern that comes after a bearish trend, creates a couple of bottoms in the same support area, and starts a fresh bullish move.

We will discuss the bullish version of the pattern, the Double Top chart pattern, to approach the figure closely. To enter a Double Top trade, you would need to see the price breaking through the level of the bottom that is located between the two tops of the pattern. When the price breaks the bottom between the two tops, you can short the Forex pair, pursuing a minimum price move equal to the vertical size of the pattern measured starting from the level of the two tops to the bottom between the two tops.

Your Stop Loss order should be located approximately in the middle of the pattern. The pink lines and the two arrows on the chart measure and apply the size of the pattern starting from the moment of the breakout. To clarify, we use a small top after the creation of the second big top to position the Stop Loss order. Notice that the Double Bottom chart pattern works exactly the same way but in the opposite direction.

Similarly, the Head and Shoulders is another famous reversal pattern in Forex trading. It comes as a consolidation after a bullish trend creating three tops. The first and third tops are approximately at the same level. However, the second top is higher and stays as a Head between two Shoulders. This is where the name of the pattern comes from. The line connecting these two bottoms is called a Neck Line. When the price creates the second shoulder and breaks the Neck Line in a bearish direction, this confirms the authenticity of the pattern.

When the Neck Line breaks, you can pursue the bearish potential of the pattern that is likely to send the price action downward on a distance equal to the size of the pattern — the vertical distance between the Head and the Neck Line applied starting from the moment of the breakout. Your Stop Loss order in a Head and Shoulders trade should go above the second shoulder of the pattern.