Chart pattern recognition software

It's recommended to traders specially the beginners to keep a tool or software for chart pattern trading, this tool or software suppose to provide the necessary Fibo numbers for chart trading.

Besides charts recognition, there are online tools that give traders the necessary numbers and help traders to take the right decision about the trades. For example when you find a pattern is forming in your chart, and you're exiting to take it and open a position, in that case you can ask help for such tools to make sure that the price is following a stock pattern, it'll help you to take the decision.

Here you'll find a simple online free tool that will help you to identify which pattern you have in your charts, just fill the boxes with your prices value, and you'll get the pattern name plus the suggested line rejection which will help you to make your stoploose, entry point and targets levels.

By the time you man have the experience to recognize the pattern without any help, and you'll get profit with your own experience, but till then this kind of tool or software still important.

Charts Recognition and trading wisely prevent you from failure

Recognition charts is not enough to trade successfully

Charts pattern rules is known you can find the basics here and in many other places, if you have a closer look to your charts window you'll recognize many pattern that obeyed the pattern rules, but do you think recognition is enough to be a successful charts pattern trader and get profit, let's see.

You have your chats window open, and find that there is a pattern starts to form, using your Fibonacci tool you'll define the support and resistance area and all are working fine according to your pattern rule, then all you have to do is start to open a position looking for profit.

It's about Planning your trade and your money

After that the trade starts to go in you favor, but suddenly it reverse again, and went to the opposite direction and went close to your price, then hit your stop loss, and you closed the trade with lose, then what happened and why to lose??

Actually the reason that makes traders lose a trade like that, will be the same reason to lose more, I'm talking about trades who don't use a plan for trading, using the proper plan could help you to get a profit from the above trade and help you to go with the minimum possible lose, it's all about trading plan and money management.

When you take a closer look at any pattern rules, you'll find that each pattern has a specific rule about resistance and support levels, so you can define your entry point, stop lose, profit targets based on this levels, which mean you'll get a profit with every candlestick moves, simply by hitting one of Fibonacci level, you'll close a position and get profit, if you make this simple steps in the above trade, you'll find that the trade is closed with a profit even if it reverse.