Forex Trading For Maximum Profit Pdf – The Quasimodo pattern is also known as the over & under pattern. This is an advanced price action trading concept in the trading industry.
The Quasimodo method is more a trading strategy than a confluence pattern or entry technique. It is used to confirm the trader’s bias.
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When you combine this pattern with your trading strategy, it increases your trading opportunities and increases your confidence level. It also helps in taking better decisions at the right time.
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For example, if you see the Quasimodo pattern approaching or deviating from a support or resistance level, this will increase a trader’s confidence or trading possibilities.
Many supply and demand traders use this method to identify strong trading zones. If they find a Quasimodo pattern with a strong supply or demand zone, they execute trades with more confidence. It also offers the potential for a better risk reward ratio.
The Quasimodo pattern doesn’t appear all the time, but if it does, a trader shouldn’t ignore it. It is one of the most reliable and powerful forms of trading.
The Quasimodo pattern is also known as the over & under pattern. This is a reversal pattern that forms after a significant uptrend. The Quasimodo pattern is formed when a series of higher highs, higher lows, or lower highs is broken. This is a double edged fraud strategy. It is used as an intraday price pivot. Hence Intraday traders can use it as an advanced price action trading pattern.
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Quasimodo is one of the most profitable chart patterns on Forex. It repeats all the time. The key is recognizing trading opportunities when they arise and, more importantly, reacting to them.
Here, there has been a significant decline in the market. The market shows continuous ups and downs. Then after making a lower low, fire, and make a higher high on top of the high.
The gap between QML and MPL is considered a strong demand for the Quasimodo zone. When the price returns to the zone, our buy limit is triggered and see how well the price backs away from the QML level. It begins to move in the direction we want.
Take your profits to the next problem area. The high or low break should be the minimum target area. 1:3 is the standard risk-reward ratio that can be used in this price action trading strategy.
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Although it is similar to the Quasimodo Head & Shoulders pattern, it is different from the usual Head & Shoulders pattern.
Therefore, all Quasimodo patterns are Head & Shoulder patterns, but not all Head & Shoulder patterns are Quasimodo patterns. To become a Quasimodo pattern, additional “qualifications” are required to move past a certain high or low to catch both buyers and sellers.
The Quasimodo system consists of two swallows, the upper and lower sides. But the W/M formation consists of falling up or down.
The Quasimodo pattern appears across all time frames. It always happens after a significant rally. The market is then manipulated to generate liquidity. Where retail traders are caught, profitable trading opportunities are created. Quasimodo is very reliable when used properly and can be viewed on every timeframe from daily charts to 1 minute charts.
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The Quasimodo or Over & Under pattern is not one of the most popular patterns among forex traders because it is a newcomer to the field of financial analysis in financial markets. Despite being new, it is one of the most reliable and powerful forms of trading. The potential risk-reward ratio of this inverse pattern is also good.
Understanding trend setting is an important factor for forex trading. Using the traditional definitions of high high and high low and low low and low high are the right steps to follow. If yes, you can easily identify the Quasimodo pattern, even if you are a new trader. No need to look for it with the scanner or the Quasimodo pattern indicator. Your naked eye is enough to spot the Quasimodo patterns on the charts and boost your confidence to trade efficiently. This confluence of price action patterns will improve your overall supply and demand trading strategy. Twenty four chart patterns are discussed in this post. Retail traders make extensive use of chart patterns to forecast prices using technical analysis.
In this article, you will get a brief explanation of each of the graphic formats. You can also learn about chart patterns along with trading strategies by pressing the learn more button. At the end of the article, you will get a PDF download link for the chart pattern for backtesting purposes.
Chart patterns are natural price patterns that resemble natural commodity patterns such as triangle patterns, wedge patterns, etc. These patterns repeat over time due to natural phenomena. Traders use these repeating patterns to predict the market.
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Chart patterns are created by price waves or swings on a candlestick chart, such as head and shoulders, double top and triple top patterns.
These two patterns are categorized into several chart patterns based on market shape and structure.
There are many recurring chart patterns in technical analysis, but here I will only describe the top 24 of them. These patterns have a high probability of success.
The double top is a bearish reversal chart pattern that indicates the formation of two price peaks at a resistance level. After the neckline was broken, the bearish trend reversed.
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After the two peaks, the neckline is drawn using the final swing low. The trend before the double top pattern must form at the end of a bullish trend.
The double bottom is an inverted reversal chart pattern that indicates the formation of two consecutive lows in the support zone. After the neckline was broken, a positive trend reversal occurred.
The neckline is drawn on the last price swing after the two price bottoms in this pattern. The double bottom pattern requires the previous trend to be bearish, and must form at the end of a bearish trend.
The triple top is a bearish reversal chart pattern in which the price makes three consecutive peaks at the same resistance level. This is the most basic chart format and traders use it extensively in technical analysis.
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The neckline is formed after connecting the last two swing lows with the trendline in this pattern. The trend line break confirms the triple top pattern.
The triple bottom is a positive reversal chart pattern in which the price makes three consecutive bottoms at the same support level.
The neckline forms in a triple bottom pattern after connecting the last two swing highs with the trend line. Breaking of this trendline ensures a trend reversal.
Head & Shoulders is a reversal chart pattern with three price swings. The high price swing is called a head and the other two waves to the left and right of the head are called shoulders. That’s why it’s called the head and shoulders system.
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This is a recurring chart pattern and after its formation, a bearish trend reversal occurred in the market.
The inverted head and shoulders pattern is the opposite of this pattern and is a positive trend reversal pattern.
The Cup & Handle is an advanced chart pattern where the price forms a downward loop with a hold pattern at the end of the pattern.
This chart pattern can also act as a trend reversal pattern. It depends on where it originates during a bullish trend or starts at the end of a bearish trend.
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It’s best to remember that there is a distinct difference between a V-shaped wave and a round basic wave. Rounded bottoms rarely form on price charts. That’s why you should properly review this model.
This is a reversal chart pattern that shows repeated attempts by major traders to break through or approach certain key levels. After that, a trend reversal occurred in the market.
The 3-drive chart pattern consists of three impulse waves and two retracement waves. The number three is also a Fibonacci number and is very significant in trading. That’s why the three drive system is a natural phenomenon.
The banner is a continuous chart pattern with five waves ABCDE. It indicates a trend continuation after a short break in the trend.
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This chart pattern consists of two impulse waves and three pullback waves. During a pullback wave, the market is consolidating inward, indicating volatility in the market. After resolution, if the price breaks the trend, the trend continues.
The wedge pattern is a trend reversal chart pattern in which the price structure resembles a wedge pattern. The wedge has a wider outside and a smaller outside. This is a natural pattern because it describes the natural price behavior.
It consists of two trendlines (uptrend and downtrend) and more than three waves within the trendline. The size of the waves decreases over time, and after the trend line is broken, a trend reversal occurs in the market.
Based on the price structure or high high low low formation, wedge patterns are classified into two types
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An ascending wedge indicates a bearish trend reversal and a falling wedge
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