Forex patterns

Krisztián G.
Apr 2023
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Saxo Bank
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Chart patterns like triangles, or the famous head and shoulders formation are often referenced in the technical analysis of forex trading. For example, a reversal chart pattern like the double top can indicate that the top has been reached and a southward turn in the price is more likely than further gains.

Are forex patterns legit?

Well, this depends on the trader you ask. Most say that patterns along forex indicators are not something you should rely on exclusively, but rather an additional piece in the puzzle that might be relevant in some cases.

The best is to always gather as much information as possible. This also includes fundamentals, like macro data about the economies represented by the currency pair in question.

 

Author of this article

Krisztián Gátonyi

Author of this article

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

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