Takeover Just Run FOREX Quiz August 12, 2019

The Fibonacci Retracement Tool is a technical analysis tool used to identify potential levels of support and resistance in a price chart. It is based on the Fibonacci sequence, a mathematical pattern found in nature and financial markets. By plotting the Fibonacci retracement levels on a chart, traders can look for price reversals or confirmations of existing trends. Therefore, using the Fibonacci Retracement Tool can indeed provide another confirmation for traders when making trading decisions.

Support and resistance are the correct terms for floor and ceiling in trading and technical analysis. Support refers to a price level at which buying pressure is expected to be strong enough to prevent the price from falling further, acting as a floor for the price. Resistance, on the other hand, is a price level at which selling pressure is expected to be strong enough to prevent the price from rising further, acting as a ceiling for the price. These terms are widely used by traders to identify potential entry and exit points in the market.

The explanation for the given answer "False" is that the Harmonic Scanner and the Bounceback Tool are not limited to providing trades only during the New York session. They can provide trades throughout the day, including during other trading sessions such as the Asian or European sessions. Therefore, the statement that they only provide trades during the New York session is incorrect.

The four main trading sessions in the forex market are Sydney, New York, Tokyo, and London. These sessions represent the major financial centers around the world and their corresponding time zones. The Sydney session starts the trading day, followed by the Tokyo session, then the London session, and finally the New York session. Each session has its own characteristics and trading volume, with overlaps between sessions leading to increased liquidity and volatility in the market.

The given answer "Sell" suggests that the pattern indicated by the Harmonic Scanner is indicating a sell signal. This means that the scanner has identified a pattern in the market that is typically associated with a downward movement in price or a potential selling opportunity. Traders using the Harmonic Scanner may interpret this pattern as a signal to sell their positions or enter into short positions in order to profit from a potential decline in price.

The Fibonacci retracement tool is a technical analysis tool used to identify potential support and resistance levels in a market. It is based on the Fibonacci sequence and can be applied to any time frame, from minutes to hours, days, or even longer. By analyzing price movements and identifying key Fibonacci levels, traders can make predictions about possible price reversals or continuation patterns. Therefore, the correct answer is that the Fibonacci retracement tool works on all time frames.

The correct answer is Fundamental, Sentimental, and Technical. These three types of analysis are commonly used in various fields such as finance, economics, and market research. Fundamental analysis involves evaluating the intrinsic value of an asset based on economic, financial, and qualitative factors. Sentimental analysis focuses on understanding and interpreting the emotions and opinions of individuals or groups towards a particular subject. Technical analysis involves studying historical price and volume data to predict future market movements. These three types of analysis provide different perspectives and insights, allowing for a comprehensive understanding of a given situation or market.

Traders expect a continuation when they see this pattern. This means that they anticipate the current trend to continue in the same direction. This could indicate that the price will continue to rise if it is in an uptrend or continue to fall if it is in a downtrend. Traders may use this information to make trading decisions and potentially profit from the continuation of the trend.

Traders expect a reversal when they see the pattern of divergence in the market. Divergence occurs when the price of an asset moves in the opposite direction of an indicator, such as a technical oscillator. This indicates a potential shift in market sentiment and a possible reversal of the current trend. Traders interpret divergence as a signal to anticipate a change in price direction and adjust their trading strategies accordingly.

Successful traders have several good habits that contribute to their success. Firstly, they master one specific trading strategy, allowing them to become experts in that particular approach. Secondly, they adhere to a well-developed trading plan, which helps them maintain discipline and consistency in their trading decisions. Thirdly, they never stop learning, continuously seeking new knowledge and skills to improve their trading abilities. Lastly, they find multiple confirmations before entering a trade, ensuring they have sufficient evidence and analysis to support their decision. These habits collectively contribute to their success in the trading industry.