The most basic concept in technical analysis is that of support and resistance. Traders who misunderstand this concept and its multiple applications will have a difficult time in the forex trading market, and it’s worth the occasional review. Support is the floor of a price channel, the price a currency pair demonstrates difficulty falling beneath. [...]

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There are five components to a forex trade: the currency pair; the number of lots to be traded; the trade direction of long or short; the order type, either market or entry; and the money management consideration of the stop-loss. In the forex market, currency pairs set by the IMF are traded one against another. [...]

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