No Need Indicators, This Is How To Do Forex Technical Analysis
Technical analysis is a way of analyzing asset price movements in financial markets using statistical tools, such as graphs and mathematical formulas. The purpose of studying technical analysis is so that traders can assess current market conditions based on price history in the past, as well as provide an overview or prediction of future market movements. The best way to observe its rise and fall is through charts.
This is how the Wijaya Trading version of forex technical analysis works:
SNR
By knowing the support and resistance (SNR) of a price, the trader can determine what steps the trader must take to make a profit. Support is the point at which the selling pressure is lower than the buying pressure, so at this point the possibility of prices moving up is greater than moving down. While resistance is the point at which the selling pressure will be greater than the buying pressure, so at this point the possibility of the price moving down is greater than moving up. There are many ways to determine support and resistance points and each trader can choose which one he prefers to determine. One of the simplest ways is to draw horizontal lines at the top and bottom of the candlestick chart.
Retracement
A retracement is a price change that is temporary (temporary), only lasts in the short term (a few days), and is only a small correction in a larger trend because there is no change in the fundamental outlook. A bearish retracement (Bearish Retracement) will occur in the middle of a bullish trend, while a bullish retracement (Bullish Retracement) will occur in a bearish trend.
Thus this short article, if it's still not clear, please watch the video below!
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