HOW TO DRAW CHART PATTERNS IN CRYPTO CURRENCIES AND FOREX MARKETS ( AS A BEGINNER )

How to Draw Chart patterns as a beginner in Crypto Currencies and Forex Trading.

👉Here is a tutorial how it should be done correctly.

👉Risk of drawing patterns manually is that we can fit any pattern to price action based on our bias.

👉To overcome this, we need to follow a standard method to draw patterns on chart.

👉Below is my algorithm for drawing patterns

⭐️Draw zigzag on chart

⭐️Find and draw a trend line joining 2 or more pivot lows where price has not breached the trend line towards downside.

⭐️Find and draw a trend line joining 2 or more pivot highs where price has not breached the trend line towards upside.

⭐️While drawing, trend lines can touch the pivot candle at any point. But, candles should not lie outside trend line .

⭐️Take fake outs into consideration to make minor adjustments.

⭐️At least one among the above trend line should join 3 or more pivots . Another one can have just two pivots .

Do you see a clear pattern after following these steps? If yes, then you have found your pattern and also a skill to define them objectively without bias.

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Finding an edge over
price movements is a job in and of itself; don’t compound the difficulty of
trading with an edge by having to battle your emotions.

Coming up with a
trading plan is not the hardest part of trading; once you get this far, following it
with perseverance, discipline, and risk management is what separates winning
traders from losing traders.”

In trading, having a plan is essential. So, before you place any trade, consider doing the following:

✅ How good is the setup? Does it check off the basic requirements?

✅ Set your risk level. How much are you willing to risk on one trade – 1%, 2%, or, perhaps, 5%?

✅ Set your entry rules – Is it market order or pending order?

✅ Determine where your stop-loss is by considering market volatility or whether you’re going long or short.

✅ Decide on a reasonable and objective take-profit target. Try to avoid emotional trading or making decisions based on hope or fear.

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Once you have a clear plan and you’ve placed your trade, monitor it closely.

What signals does the market give? Should you hold on? Should you exit early?

Once again, do not let your emotions dictate your actions, but aim for a trading plan that will benefit you in the long term. 📝

This information is not to be construed as financial advice. Readers should seek their own advice. CFDs carry a high risk of investment loss.

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Trading is not a game of intelligence.

It’s a game of persistence, confidence, discipline, patience.

It’s a psychology game, not an IQ game.

As a beginner in Crypto Currencies and Forex Trading Markets you must understand this fact.

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