What is QML level?

QML means Quasimodo level or Quasimodo line. Basically, it is a level drawn at the tip of the left shoulder of the Quasimodo pattern.

Quasimodo is a reversal trading pattern that appears at the end of an uptrend. As a price formation, the Quasimodo pattern is depicted by three peaks and two valleys, where: First, the middle peak is the highest, while the outside two peaks are of the same height.

What is FTR in forex?

FTR in forex refers to fail to return. An important price action term used to do technical analysis of currency pairs in forex. Simply by its mean, price broke an important level but failed to return from that level. It is called FTR fail to return.

What is RTO in forex?

A reverse takeover (RTO) is a process whereby private companies can become publicly traded companies without going through an initial public offering (IPO). To begin, a private company buys enough shares to control a publicly-traded company.

What does OB mean in trading?

What is Overbought? Overbought is a term used when a security is believed to be trading at a level above its intrinsic or fair value. Overbought generally describes recent or short-term movement in the price of the security, and reflects an expectation that the market will correct the price in the near future.

What is diamond bottom?

A diamond bottom is a bullish, trend reversal, chart pattern. A diamond bottom is formed by two juxtaposed symmetrical triangles, so forming a diamond. A diamond bottom has to be preceded by a bearish trend. This pattern marks the exhaustion of the selling current and investor indecision.

What is the W pattern?

The W chart pattern is a reversal pattern that is bullish as a downtrend holds support after the second test and rallies back higher. This pattern is created when a key price support level on a chart is tested twice with a rally between the two support level tests creating a visual W pattern on the chart.

Should I comb my waves?

If you notice that you’re having trouble either getting or maintaining the wave style, most of the time, this issue comes down to a lack of brushing. You should be brushing three times a day to keep your waves intact.

Does holy grail in trading exist?

No, there is no holy grail trading indicator in trading.

Unfortunately, that doesn’t exist. The markets are constantly evolving, and no strategy works forever.

Why there is no Holy Grail in trading?

Just because there’s no holy grail doesn’t mean you can’t be profitable trading forex. Many traders are already trading full-time and even more are content to be consistently profitable. The key is to control your risk. Since you can’t eliminate it, the least you can do is to control it with proper risk management.

What is order block?

The Order block is a trading block that submits a buy or sell order to an exchange. The Block Properties panel for the block lets you specify all of the order details.

What is flag limit?

So what’s Flag Limit (FL)? The flag limit is the Base or Area where the market will decide its direction either to go up or down. By seeing the chart below, you will be able to understand the concept behind it like price looking for a direction.

What is fail to return?

An FTR or Failed To Return, is a candle pattern in trading. What this pattern shows is that as price is in an up/down trend, price will push back and collect orders (causing a candle close of the opposite direction) before continuing the current trend.

forex quote and base

A currency pair is considered a price quote between two different currencies within the foreign exchange market. The first listed currency within a currency pair is called the base, while the second currency that is the benchmark is called the quote.

Do you buy the quote or the base currency?

The base currency is the first currency stated in a currency pair quote. For example, in USD/EUR, the U.S. dollar is the base currency. The second currency is the quote currency, which states how much of the quote currency is required to buy one unit of the base currency.

What is base in forex?

What is Base Currency? In the forex market, currency unit prices are quoted as currency pairs. The base currency – also called the transaction currency – is the first currency appearing in a currency pair quotation, followed by the second part of the quotation, called the quote currency or the counter currency.

What is quote in forex?

A forex quote is the price of one currency in terms of another currency. These quotes always involve currency pairs because you are buying one currency by selling another. For example, the price of one Euro may cost $1.1404 when viewing the EUR/USD currency pair.

What happens when the base currency is stronger than the quote currency?

For these pairs, where USD is not the base currency, a rising quote means the US dollar is weakening and buys less of the other currency than before. In other words, if a currency quote goes higher, the base currency is getting stronger. A lower quote means the base currency is weakening.

Is the base currency always 1?

The base currency is the first currency in a currency pair. The second is the quote or counter currency. The quote for the currency pair shows how much of the quote currency it takes to purchase one unit of the other. Currency pairs are used because you are always selling one currency and buying the other.

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