Patterns in JForex 3 - Articles - Dukascopy Bank

Tue, 05 May 2020 14:57:14 GMT
Source: Dukascopy Bank SA
 

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: 

  • Channel lines,
  • Poly line,
  • Short line,
  • Long line,
  • Ray line,
  • Rectangle,
  • Triangle,
  • Ellipse,
  • XABCD Pattern,
  • ABCD Pattern,
  • Triangle Pattern,
  • Head and Shoulders.

Another useful option on Jforex 3 is drawing various Elliott Waves. Currently, users can draw: 

  • Elliott Impulse Wave,
  • Elliot Triangle Wave,
  • Elliott Triple Combo Wave,
  • Elliott Correction Wave,
  • Elliot Double Combo Wave.

© Dukascopy Bank SA

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: 

  • Pencil,
  • Percent lines,
  • Signal up / down,
  • Text,
  • Screen label,
  • Periods,
  • Candlestick.

Additionally, Jforex 3 platform offers Patterns analysis widget. The widget finds and draws patterns in accordance with specific parameters.

© Dukascopy Bank SA

Note that all objects like patterns, retracement tools or indicators can be shown on specific time periods.


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