Trading forex formation
Tweezers, as in all candlestick formations, are most effective when found at previously established support or resistance. For example, a tweezer may help confirm potential reversal when found at or near a trendline, Fibonacci support or resistance, previously established significant high or low, and especially at geo-harmonic pattern completion.
Tweezers may also be used to help confirm an entry and are especially effective when in line with overall trend.
How to Trade Wedge Chart Patterns in Forex - omenejomy.web.fc2.com
Although tweezers are signs of a potential reversal, an ideal application for placing an entry order is when a tweezer has developed at the competition of a short-term correction of a longer-term trend. Reason being, trading with the overall trend will typically lead to greater potential for reward, thus more favorable risk to reward ratio. What is important to remember is tweezers do not indicate how long or far the potential reversal will last. Predetermined support and resistance levels should be determined in order to gauge risk vs.
The bullish gap after the tweezer completes in this particular example adds a bit more bullish confirmation. A demo account is intended to familiarize you with the tools and features of our trading platforms and to facilitate the testing of trading strategies in a risk-free environment. Results achieved on the demo account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the demo account.
Conditions in the demo account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment.
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What is the Tweezer Candlestick Formation?
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What Is a Tweezer? A tweezer bottom has formed increasing the odds of bullish reversal rally … …. Related Topics Managing Risk Managing Risk Efficiently in Six Steps Our forex analysts give their recommendations on managing risk.
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