How to Recognize Patterns in Forex

Forex chart pattern trading is one of the most successful trading method in Forex world, all you have to do is to compare the support and resistance levels in your chart to one of charts pattern (Gartley, Bat, Butterfly or crab), if the levels are identical then you have a chart pattern then you apply with your money management to open a position.

It looks so simple to trade using the chart pattern strategy, but still there is a very missed point, the main question here is :"How to Recognize Pattern in Forex", when you get the answer of this question then you have the half way to a successful career as a forex trader.

Charts full of moves that could mislead you to a wrong trades or makes you look at the cart wrongly, then you'll miss a lot of good chart pattern trades, it's important to identify the support and resistance levels and compare it with the Fibonacci pattern levels to make sure that you have a trade, or just ignore the charts because there is no pattern there.

Forex Chart Pttern Recognition Tools

Some traders need to work with a pattern recognition tool, or kind of pattern scanner tool the check the levels you have and compare it with the pattern levels then gives you some suggestions about your trade.

Check this online tool scanner, this tool calculates your levels and tell you where are you from a chart pattern, all you have to do is write your main wave values, then the support and resistance levels you got, the tool will help you to write the Fibonacci levels you have and suggest you the nearest pattern that could work with your values.

When you got a valid pattern with levels that identical with any chart pattern then you can identify your entry point, exit point and your targets points.