When price changes direction it can only really do so in four different ways and they are all very easy to read. This provides proof that order flow exists at the prices in question. The explanations given below on the trades that these patterns provide will make more sense to you once you have completed all of the lessons here at ElectroFX. Try not to worry too much about the details of the trade execution itself at this part of the course. Your main focus should be on the horizontal themselves and understanding how and why they are the only ways that the market can turn. Everything needs to be introduced one piece at a time In the case of bearish pressure, the sellers are trying to take back horizontal. A wave of selling occurs and then the following wave of buying returns to the exact same price and selling forex once more. There are a couple of options available when trading this direction change, you can be part of that 2nd tap itself and trade the wave down from the top, or you can trade the pattern as a whole once it confirms the double top by by creating a lower low. In the case of bullish pressure, the buyers are trying to take back control. A wave of buying occurs and then the following wave of selling returns to the exact same price and buying commences once more. There are a couple of options available when trading this direction change, you can be part of that 2nd tap itself and trade the wave up from the bottom, or you can trade the pattern as a whole once it confirms the double bottom by creating a higher high What you are doing here is anticipating the change of direction. Alternatively, the horizontal colored lines represent the neck line of the pattern and you could trade the break of in order to enter. You could also trade both! Similar to the double tops and bottoms in their double tap concept but there is a peak in the way, the head In the case of bearish pressure, the sellers are trying to take back control. A wave of selling occurs and then the following wave of buying is weak allowing the sellers to start again at a lower high. This lower high lines up perfectly with another high just 2 peaks back. There are a couple of options available when trading this direction change, you can be part of that last wave down forex the image, or you can trade the break of the pattern itself as it confirms the lower high by creating a lower low. A wave of buying occurs and then the following wave of selling is weak allowing the buyers to start again at a higher low. This higher low lines up perfectly with another low just 2 peaks back. There are a couple of options available when trading this direction change, you can be part of that last wave up in the image, or you can trade the break of the pattern itself as it confirms the higher low by creating a higher high Once again, what you are doing here is anticipating the change of direction. The double tap on this pattern is split in the middle by the peak that extends further out, but the punch still remains. That is how it gets its name but thinking of them as split double taps will work also. Alternatively, the horizontal colored lines represent the neck line of the pattern and the break of it can be used to enter. The neck line will present itself almost horizontal or slightly sloped, when it is sloped it will always be more powerful if the slope is towards the direction you are looking to trade. When it is sloped in the correct direction you can trade the break of the low, or high, instead of the neck line. Due to the structure of this pattern if the slope was opposing the direction you wanted to trade, you would have a higher low followed by a lower high for a sell, or a lower high followed by a higher low for a buy. Either of those situations must be traded with caution or left alone. The last wave of selling in the above image is the one that you would want to be part of, or you can use the break of previous low to trade the pattern itself as it creates a lower low. The best way to look at this pattern is to ignore the head and treat it as if it were a double top. The middle peak is just a failed first attempt at turning from the price point of the highest high in that image. The last wave of buying in that image is the one that you would want to be part of, or you can use the break of previous high to trade horizontal pattern itself as it creates a higher high. The best way to look at this pattern is to ignore the head and treat it as if it were a double bottom. The middle peak is just a failed first attempt at turning from the price point of the lowest low in that image Yet again, what you are doing here is anticipating the change of direction. The double tap on this pattern is separated by a peak similar in concept to what you have just seen with the head and shoulders. Alternatively, the horizontal colored lines represent the break of the pattern itself and can also be used as a trigger. The neck line will present itself completely horizontal or slightly sloped, when it is sloped it is strongly advised to only accept a slope that is towards the direction you are looking to trade. If it is sloped in the correct direction you can trade the break of the low, or high, instead of the neck line. If the slope is against the direction of your trade then, due to the structure of this pattern, you will have a higher low followed by a higher high for a sell, or a lower high followed by a lower low for a buy. Either of those situations must be traded with extreme caution or left alone. The simplest pattern of them all is saved for last. Market layers will be explained in a later lesson but this will serve as a good introduction to them In the case of bearish pressure, the sellers are trying to take back control. There are a couple of options available when trading this layers change, you can use resistance from a lower market layer to be part of that lower high, or you can trade the pattern itself as it confirms its lower high by creating a lower low. There are a couple of options available when trading this direction change, you can use support from a lower market layer to be part of that higher low, or you can trade the pattern itself as it confirms its higher low by creating a higher high When you anticipate the change of direction with this pattern you are doing so without a visible double tap. The double tap is a theme for a reason and with this pattern layers will be no exception but you will need to look closer. Forex you imagine that all of these patterns are happening on different layers and of a different magnitude then you should have a rough idea of what the layers are. This pattern may require you to be able to read the market on multiple layers but it is a very powerful pattern. There is no real hesitation with this pattern making it a very decisive move. Alternatively, the horizontal colored lines are also a great trigger point to trade. This pattern is like a head and shoulders that only has one shoulder when you forex about it, or it is the pattern that you will see before a ghost. Between the four different patterns on this page you will able to prepare for every scenario of a direction change that can occur Learn Forex Trading Online with a Forex Pro Twitter Facebook Google Instagram YouTube Pinterest RSS Hello, Login to start. Everything needs to be introduced one piece at a time Double Tops and Double Bottoms — Double Taps A price point reacts, is returned to, and reacts again within a few pips In the case of bearish pressure, the sellers are trying to take back control. Head and Shoulders — Split Double Taps Similar to the layers tops and bottoms in their double tap concept but there is a peak in the way, the head In the case of bearish pressure, the sellers are trying to take back control. Either of those situations must be traded with extreme caution or left alone The 3-Point Turn — Layered Double Tap The simplest pattern of them all is saved for last. Between the four different patterns on this page you will able to prepare for every scenario of a direction change that can occur Next Previous Share this Facebook Twitter LinkedIn Reddit Digg Delicious Google E-Mail By Theo Patsios Theo Patsios has been trading the Forex Market since and providing Layers Trading Education since He is a specialist in Pure Price Action Trading with correct Risk Reward and Trade Management. Forex Market Hours Making Money With Forex Fundamental Analysis Technical Analysis Popular Forex Charts Japanese Candlesticks Price Based Forex Charts Chart Patterns — Part Chart Patterns — Part Chart Patterns — Part Forex Market Layers Support and Resistance Forex Trading Psychology Forex Trading Strategies Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal horizontal, please do not trade or invest based solely on this information. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. If you continue to use this site we will assume that you are happy with it. OK Currency Wars Special Read More Here.
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