Another important concept of technical analysis is patterns. Patterns are specific formations created by price movement on the chart.
A pattern is demonstrated by a line that connects price points in a particular time period. Most common points are closing and opening prices, highs and lows.
Patterns can be simple as ordinary trendlines and compound like double-bottom pattern or cup and handle pattern.
Patterns help to identify areas of support and resistance, as well as recognise the future direction of the price.
Jforex 3 platform allows users to use the following instruments to draw patterns:
Another useful option on Jforex 3 is drawing various Elliott Waves. Currently, users can draw:
Moreover, the platform offers various Fibonacci instruments, for example, Fibonacci retracements or Fibonacci Circles, Gann Angle and Periods, as well as three different pitchforks: Andrew's Pitchfork, Schiff Pitchfork and Modified Shiff Pitchfork.
There are more instruments available on the platform, such as:
Additionally, Jforex 3 platform offers Patterns analysis widget. The widget finds and draws patterns in accordance with specific parameters.
Note that all objects like patterns, retracement tools or indicators can be shown on specific time periods.