We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
  • RT @anilvohra69: USD inverted (red) is correlated to Excess Reserves (blue) and Reserve Balances (green). 1/2 https://t.co/bbO1pPWY4F
  • RT @FactSet: $SPX is reporting a decline in earnings of -1.9% for Q4, led by the Energy (-42%), Consumer Discretionary (-14%), and Material…
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/6iMyDFqnqe
  • Knowing how to accurately value a #stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/2mjzvYvgSn
  • Previewing the Texas Rangers new home! https://t.co/WITZGSQPlc
  • Thanks for having me on @MartinSEssex https://t.co/fg8uOe16wr
  • The MACD is often used with its default setting when entering trades. However, this versatile indicator can be customized to assist traders in exiting trades too. Learn how to better incorporate the MACD into your trading strategy here: https://t.co/HnY7gzsI2q https://t.co/5F1DSvAXyy
Foundations of Technical Analysis: Identifying Confluences & Opening Ranges

Foundations of Technical Analysis: Identifying Confluences & Opening Ranges

2017-08-04 15:45:00
Michael Boutros, Technical Strategist
Share:

- Part 1: Introduction to Basic Trendline Analysis

- Part 2: Introduction to Basic Pitchfork / Median-line Analysis

- Part 3: Introduction to Multi-Time Frame Analysis

- Webinar- Foundations of Technical Analysis: Trendline & Slope Analysis

See these tools & methodology used in practice, Join Michael for his Weekly Strategy Webinar on Monday mornings.

In this bi-weekly webinar series on the Foundations of Technical Analysis, we discuss the methodology of constructing a basic trade setup. In this session, we review how to use slope-lines and convergences in horizontal support / resistance to identify key reaction levels in price. We also disuscussed the basic concept of opening-ranges.

In this webinar, we dressed a EURUSD chart from scratch, working our way down from the weekly, to the daily and then to the 4hour chart. We went into depth on the use of opening ranges as a way of offering further conviction on our near-term directional bias. This study of price action can be utilized on multiple timeframes and can be a great addition to your trading strategy.

We also discussed how to identify areas of confluence support / resistance as key reaction points in price. These convergences of slope with moving averages, key highs/lows or major Fibonacci levels can often times offer great opportunities, as seen during today’s webinar.

A review of the latest EURUSD & USDCAD setups published earlier this week highlight live examples of how we utilities this type of analysis to translate an idea into an actionable trade.

In future webinars we’ll be discussing how to integrate basic slope analysis with various overlay & momentum indicators, classic candlestick formations and proper risk management to create a more holistic trading approach. Next week, we’ll discuss the use of Fibonacci retracements & extensions. Click here to register free!

Want more information on technical trading strategies? Check out our Free DailyFX Trading Guides!

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.