Available from Interbank FX LLC
How do pattern recognition systems work?
The PRS scans multiple currencies and time frames looking for price consolidation patterns. When a forming pattern is identified, traders using the PRS will be alerted. Completed patterns offer traders a look at where the price direction is most likely to head, thus offering a potential take profit region. The PRS can be used to spot potentially strong trades, or to confirm the strength of current positions held.
The PRS automatically identifies Fibonacci Patterns and visually illustrates the levels at which support or resistance is expected according to the theory of the Golden Ratio. Such levels can play an instrumental role in setting stop-loss levels and determining trading objectives.
From straight forward extensions, retracements, and ABCD patterns, to more sophisticated setups like Gartley and Butterfly formations, the PRS also has the ability to identify patterns that are in the process of forming. By knowing in advance patterns that are forming, Fibonacci traders can know where they might want to focus their attention for potential trade opportunities.