Charting has always been part of technical analysis. It is based exclusively on the study of candlestick patterns for trading classic chart patterns.

3. Charting has always been used as a way to
analyze and prediction for forex and is part of
technical analysis for trading classic chart
patterns. It is based exclusively on the study of
patterns by trend lines plotted on a price chart
and candlestick chart formations.

5. 1. All factors or elements that affect the currency pair
are reflected in price
2. Price always move in trend
3. Patterns created from price movements are always
repeating itself

6. A trader that studies the price will be able
to identify clearly the trend of a particular
currency pair and anticipate its changes as well.
Therefore, future probable behaviour can be
predicted.

7. The problem is that although traders may
be able to identify these patterns but trading
classic chart patterns require some skill and
patience which most traders struggles with.

9. Here we will list a few when trading classic
chart patterns and recommend how a trader can
trade them in a easy way.

10. 1. Double tops or bottoms
2. Head and Shoulders/ Inverted Head
3. Falling and Rising Wedges
4. These formations are normally trend reversal patterns
that are highlighted by the breaking of key support of
resistance levels caused the formation of the pattern

11. Continuation Patterns
1. Flags
2. Pennants
3. Symmetrical Triangle
4. Ascending Triangle
5. Descending Triangle
6. Rectangle
7. Price Channels

12. These formations are normally trend
continuation patterns where prices will go into
consolidation for awhile after a period of continued
trend movement to take up more momentum and
continue its trend.
Although these chart patterns can be easily
found in any Forex books and explained in
detail, traders always faced the problem of :
1) identifying and
2) executing trade when trading classic chart patterns.

14. For identification, a trader can opt to use a chart
pattern recognition service such as Autochartist which
provides chart pattern signals and its trade potential.
He can also opt to use his broker’s report or resource
tools for advice as well for trading classic chart
patterns.
These services often provide detailed analysis of
the trade signals and the quality of the signal
produced.

15. Through the usage of such service, the
trader can train himself to identify such patterns
on a chart easily. After some time he will able to
identify these patterns without the help of these
services or simply using these services as a
confirmation of his findings.

16. For easy execution when trading classic chart
patterns, a trader has to find ways to automate the
process of executing his trade when the signal is right
for entry. As charting to identify chart patterns may
result in many trend lines, support or resistance levels
being plotted, it is hard to sometimes trade off the lines
due to limitations of the trading platform. It is advisable
to be able to develop or have a forex trading tool that
can not only help a trader in his charting process but
also the execution of his trades as well.

17. These solutions will help a trader to ease his
burden of having to spend time charting and
monitoring his charts where he can now do it easily
and automatically with lesser trading stress. Trading
classic chart patterns will be easier than before with
better quality trading signals and more profitable
trades.

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