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A bearish channel is really a consolidation which has a slight inclination to the downside, like the one we are seeing on the Daily chart of the GBP/JPY.
The bearish channel could be traded like any other channel where long positions are taken at the bottom boundary and short positions are taken at the upper boundary; however, we must be aware that the price may break out of the channel at any moment and take extra to prevent huge losses.
This strategy is based on well-known, very simple principles that are still valid. If you recognise megatrends early, you can achieve nice profits in the markets. You should try to achieve a good risk-reward-ratio (RRR) in your trades and you should limit your possible losses with the help of stop-losses based on technical analysis. This article was written in October 2014. The setup shown actually worked extremely well.
Trading is one of the most emotionally turbulent careers you could choose. Your aim is to make money and losing money is the exact opposite of what you set out to achieve - yet it is inevitable.
Every trader will experience losing trades and some more than others. When you lose on a trade you may experience feelings of anxiety, stress, helplessness, frustration, anger, disbelief, fear and the desire for revenge or a desperation to do whatever you can to get your money back.
Candlestick patterns are a method of technical analysis used in the forex market which may be used to predict market movements. The beauty of candlesticks as a method of price depiction on the charts is that the candlestick tells a story.
The shape of a candlestick is a function of how far and how much buyers and sellers have pushed price action within a given time frame. (You can read a super-detailed explanation of how candlestick charts are constructed here.)
Based on the known evolution of human consciousness, there's a theory that states that there are three personality types we have inherited from our ancestors: the Warrior is forceful, resolute and organisational, the Settler is sociable, intuitive and adaptable, and the Nomad is restless, charismatic and innovative. Who we are and how we have been raised is fundamental to the decisions we make in life.
In this article, I am going to outline those three personality types and apply this knowledge to traders.