I need your attention guys

[Marlhyk]

hi folks! why is it very important to identify the previous day high or previous day low and previous week high or previous week low on our charts? what meaning does this have? I wish you could help me. thanks

 

[royalp12]

The best thing is to take one's time and learn forex well. There are so many indicators but they are not all useful nor profitable

 

[Mobey_D]

I always trade with the trend, even when I am scalping as you have more chance of power in the prominent direction

 

[Monopial]

That’s important to know so we have an idea how the market is performing. For instance, if the market is continuously going down from the last 3 days, we can expect it to go down tomorrow as well. But it is not certain. Charts help us to identify such trends and predict future price movements. So, it is important to keep track of these prices.

 

[Mesology]

I always trade with the trend, even when I am scalping as you have more chance of power in the prominent direction

Trend trading can be really profitable because the trends will help you trade better.

 

[Spectrograph]

Hi, this is a good question, identifying previous highs and lows only gives you an idea of the past history data of transactions you have made where if there was a mistake, you could learn and rectify it. If you still have doubts, spend some time researching. Good luck!

 

[cashisking86]

It is worth knowing the ranges that you are trading in and where price currently sits in that range. If you are close to the top of a range I would suggest buying might not be value as it represents premium pricing for example.

 

[Chorology]

Looking at past data only helps you understand the pattern the market moves in, so it is important to keep an eye so you can make wiser decisions to bring in more profit. If you still have doubts, go back to learning. Also consider the fundamentals.

 

[Contraband]

Keeping track is important because they give us a clear picture of the recent trends. If you are an efficient chart reader, you can be good at predictions too. Before entering the market you must prepare yourself for all the situations as the forex trading market is volatile and risky.

 

[onomatopoeia]

It is so because trends help you trade accordingly. If you follow the trends, it will be easier for you to analyze the market.

 

[Macromania]

Knowledge and expertise is important and required to identify previous high or low and reading charts. Without proper knowledge it is impossible to do anything in the market.

 

[Chitu]

Prior information acts like a guide for future trading parameters. Unless if there's been a change in the fundamentals, the instruments ought to behave the way it did previously

 

[Semantology]

It helps you analyse the market depending on the trend you choose to follow. Understanding past patterns can help you predict future movement and make your move accordingly. Knowledge is alway helpful.

 

[Cradere]

Understanding the market sentiment is important to make future decisions. Hence, reflecting on past movement, can help traders form an idea of the pattern the market seems to be moving in. Keeping track of price movements is necessary to enter or exit at the right moment.

 

[Meamonk]

In order to predict the price movements, you need to know how the market has been behaving. It’s the basics of technical analysis. It helps in identifying trends.

 

[goldenarm66]

hi folks! why is it very important to identify the previous day high or previous day low and previous week high or previous week low on our charts? what meaning does this have? I wish you could help me. thanks

I think it depends on your trading style. Many traders don't do this but still trade well.

 

[Eusorphia]

Yes, I think when you take time to learn and study the market sentiment, everything gets clear and you make room for rational reasoning. Watching previous highs and lows can help you decide the right time to make your move. It's always better to be prepared, isn’t it?

 

[Acetarious]

Hey there. It is important to observe the previous day/week high and low in order to understand how the market has performed so that you can open a trade accordingly. Understanding this concept is essential for breakout strategy, but not really that important for scalping or other trading strategies.

 

[Balshine]

It is important to consider these facts in order to understand the nature of the market and the reason for which the market is behaving in a certain way. Understanding them helps in depicting the future market movements.

 

[Isocracy]

It is beneficial to understand past data movement, so you can figure out which direction it could move in and place traders that could give you maximum results. It’s not possible to accurately predict it every time, but you can analyse and scan the market. If you make a mistake, you can rectify it. Good luck.