Support And Resistance | ForexGen Tips

The concepts of support and resistance are undoubtedly two of the most important and highly discussed attributes of technical analysis and they are often regarded as a subject that is complex by those who are just learning to trade.
Most experienced traders will be able to tell many stories about how certain price levels tend to prevent traders from pushing the price of an underlying asset in a certain direction.Most technical traders incorporate the power of various technical indicators such as moving averages, to aid in predicting future short-term momentum, but these traders never fully realize the ability these tools have for identifying levels of support and resistance

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Double Bottom | ForexGen Tips

A charting pattern used in technical analysis. It describes the drop of a stock (or currency), a rebound, another drop to the same (or similar) level as the original drop, and finally another rebound.The twice touched low is considered a support level.Most technical analysts believe that the advance off of the first bottom should be 10-20%. The second bottom should form within 3-4% of the previous low, and volume on the ensuring advance should increase.

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