Hello dear followers of the VIP digital currency site, we are here with another new and valuable article.
You may have this question that only technical can be used in digital currency or it has other uses. I must tell you that the principle of technical analysis is used in forex. The reason is that technical analysis is based on the forex market. We intend to make you very, very strong in the technical field by teaching advanced forex technical analysis. Of course, note that the first condition for your results is practice and repetition.
You may need free introductory technical analysis training videos for advanced forex technical analysis training. Because if you don’t know the basics, it will be difficult for you to learn the advanced technical analysis of forex. For this purpose, I suggest you to use the technical analysis of the chart chart. You can find interesting information on this site for possible technical training. But if you are looking for concise information, we definitely have a lot of free technical analysis courses for you at Cryptocurrency VIP.
You may be wondering where and how to start for technical analysis. After learning the basics, you can use the following steps. But keep in mind that the topics that are told to you in this section. All of them are important and necessary points of the market, so without having a preliminary vision, you may not be able to understand it.
But if you do not understand the concepts mentioned in this section correctly, I recommend you to discuss with us in the comments section. Note that this article is one of the important technical analysis articles and its level is advanced. As a result, if the content was heavy for you, try to read it again and ask us for guidance.
When you are going to buy or sell a currency pair, you should pay attention to how it behaves in each time frame. For example, if you are going to sell gold, you should check whether your weekly, monthly, daily time frame is in the direction of selling. Then, in the next step, look for an increase in the 4-hour time frame, look for a reversal or continuation pattern. For a better understanding of classical patterns, you can use the article “Types of classical patterns in technical analysis”.
Note the very important point that the structure of the market may change fundamentally at any moment. But to understand the right path, you have to start analyzing from the high time and then reach the low time and your trading time. Of course, you are not just looking for patterns in multi-time frame work. Rather, your goal is much further. You need to start analyzing the candlestick structure and momentum. By candlestick structure, we do not mean candlestick patterns, but the final structure and type of trend.
For example, we are approaching a resistance in gold. You have come to the conclusion that the best thing to do is to sell gold. Now, for work, you must check that you are reaching this resistance range in the form of a spike in each time frame. Or it is moving as CP and compressed. It is quite natural that the second case has a better signal of price change. You should check the trend based on the psychology of the day. Otherwise, you may exit the market with a significant stop.
Usually, when traders enter Forex, they are looking for various trading robots or indicator strategies with a monthly profit of 20-30%. We have to tell you that there is no such thing. You cannot find the use of indicators or trading robots with strange profits in any bank or financial institution. You may find a forex trading robot that has an advanced forex technical analysis strategy. First of all, its programming cost is very high and its codes are not made public in any way.
Secondly, the monthly profit of this robot is at most 2-3%. Because these numbers are very high considering the capital available to banks and financial institutions. You should use the economic calendar news corresponding to your currency pair to catch the magnet and spike movements like the professional traders of the forex market. Of course, you can also use this topic for digital currency. Note that the financial market is driven by economic news and not the line of technicians. You must also have sufficient knowledge of the news to teach advanced forex technical analysis.
It is better to give you an example to help you understand better. Suppose you are in a trading range or if we want to talk to you in the language of supply and demand, suppose you are in a base for a long period of time. When you’re going to have US interest rate news, you’re going to have two scenarios that have a lot of momentum. As a result of the market strategy, suffering is eliminated. You should load your selling scenario in optimistic and pessimistic mode via limit positions.
Note that if you can become a professional trader in Forex. You will definitely be a trading genius in the digital currency market. Because you do not have access to the total order book in Forex. But in digital currency, you have access to the order book and the volume of orders in different exchanges. Keep in mind that your ultimate goal should be to understand market behavior. Large exchanges usually offer their services in forex with the model of banks and financial institutions.
On the other hand, keep in mind that you will benefit in the financial market when you can fully master an analytical style. During this time, if you are going to profit from the financial market, you must work on your risk management before learning advanced forex technical analysis. In large financial institutions and banks, risk management is much more important than capital management. On the other hand, note that its concepts are not difficult and you can easily master it.