TECHNICAL ANALYSIS
This form of Trading is when you Analyse the Market using Indicators, Charts Patterns , Candlesticks, Fibonacci, Support and Resistance, Pivot Points, Elliott waves..etc
When you use any of the above to analyze the market, It's called Technical Analysis.
Majority of what we listed on the Course outline are Technical Analysis
So because everyday can't be Promo/Bonaza 🎈
High Volatile News like NFP is not going to be released everyday , so you have to learn how to Analyze the market and Trade in the absence of any major News release. That's what makes you a complete Forex Trader
Among the 2 major Forms of Analysis,
No one is superior to each other and also no one is used in Isolation.
So you will learn as we move on, how to blend the two
Currency pairs analysis is very paramount and also a mt4 app is needed to partake in trades
You can also search for MetaTrader 5 on your playstore or appstore and download it
IF YOU CAN'T FIND START WITHOUT REGISTRATION, AND IT TAKES YOU TO A PLACE WHERE IT'S ASKING YOU TO SELECT BROKER, JUST SELECT
METAQUOTES DEMO .
THEN FILL IN YOUR DETAILS ON THE NEXT PAGE THAT WOULD COME OUT.
THIS SECOND METHOD WOULD ALSO CREATE A DEMO ACCOUNT FOR YOU
This Demo Account is what we’ll be using for Now
To see currency pairs
If you can't see the Currency pairs
Open up your MT4 App
Click on that double arrow icon below pointed at by the red arrow from any screen U are, it would automatically take you to the CURRENCY PAIRS PAGE
For Those that already Logged in, You’ll see where Currency pairs are listed, Like in the image above
Even if it's in a different format, Don't worry.
The most important thing for now is that U are seeing the Currency pairs
We would address the Formats later
These are some of the list of Popular Currencies traded on the Forex market
With their abbreviations and Full meanings
As u observe on your MT4.....
It's mostly written as their abbreviations
[SCREENSHOT WITH IP5 MOBILE DEVICE]
Now Let's continue with the Lectures
If you Look at those Currencies listed up there...
You’ll observe that they are listed in pairs.
Among those pairs of Currencies
The first Currency within the pair is called
THE BASE CURRENCY
WHILE
The second Currency within the pair is called the QUOTE CURRENCY
Let's note these down...VERY IMPORTANT
Take note of which is the base and which is the quote
In simple terms,
The Base Currency is always stronger than the Quote Currency
(with few exceptions and we would see why soon)
[SCREENSHOT WITH IP5 MOBILE DEVICE]
Let's take EURUSD as an example
Ie The first Currrency pair on that image that I uploaded above
EURO is stronger than the US Dollars.( I believe we all know that)
Hence EURO is the Base while USD is the Quote
....read that again and let it sink
Another example is UsdJpy
The second pair is the Japanese yen
In this example, USD is the Base while Yen is the counter or quote currency
Because USD is stronger compared to Japanese yen depending on the market analysis.
That's all as regards the technical analysis on this post, more would be greatly expanded in the subsequent posts and happy blogging and reading
Happy Blogging and Reading 💥💥💥💥
Video from max Maher YouTuber