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Trading 212 Trading Strategies: How to Trade Reversals with Pin Bars

Trading 212 shows you how to identify reversals with pin bars. We guide you through what constitutes a valid pin bar setup and detail the three best ways to enter and exit your position when trading pin bar reversals.

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Lesson 3 – Introduction to charting

Charting in the Forex

Charting is a primary tool of use by the forex trader. Combined with solid fundamental analysis, it give traders insight into trade timing and potential profitability.

Reading and analyzing charts is something that you get better at with time and experience. But it’s also easy to abuse, as it’s a highly subjective exercise that you must learn to adapt to your trading style. Be sure to understand whether you’re long- or short-term focused, and decide if you’re aggressive or more conservative, as those factors impact your use of charting and technical analysis.

We will assume for this section that you understand that a chart plots a currency pair’s price movements over time.

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Lesson 2 – Pair characteristics (the majors and the crosses), Understanding Forex Pairs

Lesson 2 – Pair characteristics (the majors and the crosses), Understanding Forex Pairs

Forex pairs are divided into two broad categories. There are the majors that include the most frequently traded and most liquid currency pairs and the crosses. The majors all include the USD as either the base or quote currency. The cross currency pairs do not include the dollar because they “cross” two other currencies with each other.

The Majors

The most actively traded currency pairs are the majors. These are all crossed with the USD and make up the majority of annual trading volume in the forex market. For example, according to the Bank for International Settlements the EUR/USD makes 27% of all forex trading alone. If you combined the trading volume of the EUR/USD with the GBP/USD and the USD/JPY you would have captured 52% of annual trading volume. Most traders start their forex career by becoming familiar with the most popular majors before beginning to trade the crosses or smaller major pairs.
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Lesson 1 – What is Forex and how does It work

Lesson 1 – What is Forex and how does It work

Know your forex terms

  • What is forex

Before we delve any deeper into the possibilities that exist in the Forex market, we need to go over some basic Forex market terms.

Pip: A pip (percentage in point) or point, is usually the smallest unit of measurement in the Forex market. Most currency pair quotes are carried out four decimal places—i.e. 1.4500. When you work with Alpari quotes are carried out to the 5th decimal place to provide better pricing. The 5th decimal place represents fractional pips. If the exchange rate of a currency pair moved from 1.45000 to 1.45100, we would say that the price moved up 10 pips. You make money when the pips move your way in a trade.

Note: Any exchange rate that contains the Japanese yen as one of the currencies will only be carried out three decimal places.

Currency Pair: We wouldn’t have a Forex market if we weren’t able to compare the value of one currency against the value of another currency. It is this comparison that drives prices. Forex contracts are always quoted in pairs. The Euro vs. the U.S. dollar (EUR/USD) is the most heavily traded currency pair. The U.S. dollar vs. the Japanese yen (USD/JPY) is another popular pair.

The following is a list of the most common currency pairs, their trading symbols and their nicknames:

Euro vs. U.S. dollar (EUR/USD): “The Euro”

Great Britain Pound vs. U.S. dollar (GBP/USD): “Pound,” “Sterling,” or “The Cable.”

U.S. dollar vs. Swiss franc (USD/CHF): “The Swissie
U.S. dollar vs. Japanese yen (USD/JPY): “The Yen”
U.S. dollar vs. Canadian dollar (USD/CAD): “The CAD,” or “Loonie”
Australian dollar vs. U.S. dollar (AUD/USD): “The Aussie”
New Zealand dollar vs. U.S. dollar (NZD/USD): “The Kiwi”

 

What is forex

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