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So during a round of backtesting , I gave it a try. It was actually pretty amazing. That sounds like an exaggeration, but it's not. I was able to backtest about 5 years of data on the 30 minute chart, in one sitting. Normally, I would find myself quitting after one year of historical data. So I sat down and asked myself why that was the case.

I put the two charts side-by-side, like this: First the old way… Then I removed the colors… Then I looked at each one and took an internal inventory of how I felt. Perhaps a little more anxious or distracted? For me, it was both.

Why Chart Colors Matter As we all know, the candle colors are simply a way to represent price data…. That might not seem like a big deal, at first. But you may not be aware that those colors can also represent other things in your subconscious. This will be different for different people, depending on your natural tendencies and life experiences.

The colors may not affect you at all. However, if the colors do affect you, then this is extra information that your brain has to process every time you look at a chart. Those extra thoughts are swimming around in your head every time you want to place a trade and are eating up valuable brain processing power.

If your associations are strong enough, they may also affect your trading. An obvious example that comes to mind is: If you have a strong association between red and danger, then that may cause you to stay out of short trades since falling candles are red. At a very basic level, for a split second, your brain will ask the question… Wait, what do red and green mean again? Why go through the extra stress? The bottom line is that I found myself less tired when I started using black and white charts.

So I changed all of my templates. But there are a few nuances that might help you. Here's how to do it on the two most popular Forex charting platforms. Metatrader In Metatrader , if you right-click on any chart and select Properties, you will see all of your chart colors. Here is how I set mine up. Notice that I also made the Foreground and Grid darker. I found that this also helped make my charts easier to use.

Once a signal was present, the market would be flooded with orders and the price would immediately rise or fall to the foreshadowed rate. On the one hand, this is clearly not the case. You might have an outstanding internet connection, but good luck beating the speed of Wall Street firms that spend millions of dollars on things like smart routers, algorithms, and high-speed connections to exchanges. You can find just as many failed patterns as successful ones. On top of that, chart patterns are subjective.

The psychological forces that are supposed to form these patterns also require time to play out. Patterns on higher charts such as the daily might be more meaningful than intraday patterns. You can be sure that most market participants closely monitor the 1. European exporters such as Mercedes might worry that their products will not sell abroad if the EUR strengthens. The point is that a lot of market interest is clustering around a particular level.

You know this because the market is hovering around that level for a long time. Besides, spotting a pattern is just the beginning. What you do next will have a profound impact on your results as well as your perception of the reliability of chart patterns. How to Use Chart Patterns in Forex Chart patterns can serve as a basis for a wide variety of trading systems.

They can help you carve out an edge over the market and make money in forex. While they are no silver bullet, they provide some information, which is better than having no information. Chart patterns are often simple formations such as two failed attempts to achieve a new high price. What is the timeframe? Are other negative factors accompanying the pattern?

How does the risk relate to the potential reward? Are important news releases scheduled? Successful trading systems that incorporate chart patterns also account for a variety of factors. We recommend that you bookmark our guides on how to create a trading strategy and how to create a trading plan.

That way, you can read them later, when you are finished with this article. A few notes before we get started: Entry and exit points With each chart pattern, you can use the formation height and add it to the breakout price to get the profit target.

They look at how volume changes during the formation of the pattern, and might reject or favor set-ups based on that. While this is fine, the forex market is decentralized. This means that whatever volume data you have, it relates to only a small portion of the market such as volume at your broker and might not represent the entire market. An art, not a science Chart patterns are subjective, meaning that different traders might do and interpret things differently.

For example, someone might draw trendlines using wicks, while someone else might use closing prices. Instead of worrying about every little detail, focus on what certain formations reveal about the balance between buyers and sellers. Sometimes you have to be more flexible and throw in some extra reps or rest a bit more. The same goes for chart patterns.

Every situation will be slightly different, which is fine. Double Top The double top is one of the simplest patterns on charts. How to read the pattern: When the price reaches a new high, it shows conviction behind the uptrend. Each trend alternates between impulse and consolidation moves, so the correction following the high is to be expected.

The situation turns interesting when the price resumes its trend and reaches the high again. Instead of breaking through and putting in another higher high, the buying pressure evaporates and the price is unable to surpass its previous high. As you might know, uptrends are characterized by higher highs and higher lows. When the price fails to break above the prior high, it breaks the pattern of an uptrend and signals possible weakness.

Perhaps it will take a bit more time for buyers to attain a new high or perhaps sellers are about to take control. You can assume that sellers are strong enough to reverse the trend or at least drive the market into an extended consolidation. Both cases can be a good set-up for a short trade.

The double top pattern is completed when the neckline breaks. Traders often set a profit target by measuring the distance between the neckline and the high of the pattern and projecting it to the neckline break. Do not copy without permission. Double Bottom The double bottom is the mirror image of the double top. How to read the pattern: When the price reaches a new low, it shows conviction behind the downtrend.

As we have pointed out, trends consist of impulse and consolidation moves. The situation turns interesting when the price resumes its trend and reaches the low again. This is problematic because the downtrend should follow the pattern of lower highs and lower lows.

When the price fails to break below the prior low, it signals a possible issue with the trend. That said, this is not yet a buy signal. Now you can assume that buyers are strong enough to reverse the trend or at least drive the market into an extended consolidation. In both cases, you can favor a long trade.

The double bottom pattern is completed when the neckline breaks. Traders often set a profit target by measuring the distance between the neckline and the low of the pattern and projecting it to the neckline break. Take a look at this guide Head and Shoulders The head and shoulders pattern is a fairly complex formation consisting of three peaks, with the center peak being the highest of the three.

This forms the left shoulder. From the low point of the left shoulder, the bullish advance continues and significantly surpasses the previous high. After some time, the price reaches a new peak and now enters a more prolonged consolidation. This forms the head. A final advance from the low of the head starts but it quickly fails, and the market turns down.

This forms the right shoulder. The right shoulder is lower than the head and roughly in line with the left shoulder. The pattern is completed when the price breaks below the neckline, which is the line connecting the low of the shoulders. The neckline can slope in any direction and is a good predictor of the severity of the price decline.

You can project the height of the pattern to the neckline break and set your profit target accordingly. An example of a successful head and shoulder set-up is shown below: For a beginner trader, the head and shoulders pattern might be more difficult to recognize. You can always zoom out a bit from the price action or switch to a line chart.

Inverse Head and Shoulders The inverse head and shoulders pattern is the bearish equivalent of the head and shoulders. It can be found at the bottom of downtrends and indicates a bearish-to-bullish trend reversal. How to read the pattern: Following a falling market, the price bumps into a bottom and then rises to form the left shoulder. From the high of the left shoulder, a bearish decline starts.

It progresses significantly below the previous low to form the head of the pattern. Then the price begins to rise again. A final decline from the high of the head starts to form the right shoulder. This trough is higher than the head and about equal to the bottom of the left shoulder. From the bottom of the right shoulder, the price starts to rise again. Once it breaks above the connected high points of the pullbacks neckline , the pattern is complete.

Below are an example of a winning inverse head and shoulder set-up: We have a separate guide on Head and Shoulders patterns that you can access via this link if you want to learn more about them. Rising Wedge The rising wedge pattern forms when the market makes higher highs and higher lows within a shrinking range that slopes upward.

This pattern is trickier than those we have discussed so far because its signal depends on the trend. That is, a rising wedge in an uptrend signals reversal while a rising wedge in a downtrend signals continuation. The price makes higher highs and higher lows, which fulfills the characteristics of a healthy uptrend. The reason the rising wedge acts as a reversal signal despite being indicative of a strong trend is the extent of the price increase.

If you take a closer look at the pattern, you will notice that the lower trendline rises at a steeper angle. While the market keeps reaching higher highs, the subsequent consolidations are shorter and shorter. This happens when investors are so enthusiastic that every time the market dips, they rush to buy and immediately bid up the price.

Unfortunately, this can go on for only so long before the interest dries up and the market collapses. Every trend has a point where everybody who wanted to buy has already bought. This is when short-selling intensifies and the market begins ticking down. Thus, people cash out on their long positions, which further fuels the downward pressure.

The rising wedge marks this turning point and allows you to position yourself accordingly. The example below will illustrate: How to read the pattern in a downtrend : The rising wedge in a downtrend is created by the same overconfident buyers, except that this time the market is in a downtrend. Each time the market begins consolidating after a drop, traders are speculating on a reversal. If these traders are in the majority, the market can indeed reverse. The reason for this is fairly simple.

There is no reason to risk getting stopped out by the imminent correction. It makes more sense to wait until the correction occurs and enter at a better price. When enough traders think this way, the selling pressure will ease, allowing buyers to bid up the price. When buyers finally run out of steam, however, all the traders sitting on the sidelines will flock to the market with their shorts. This is why the rising wedge suggests continuation in a downtrend.

It marks the point where the bull run fails, and sellers force the market back into trend. Here is an example: Falling Wedge The falling wedge pattern forms when the market makes lower highs and lower lows within a shrinking range that slants downward. As the price moves to the downside, the two trendlines that connect the highs and the lows will eventually converge. This suggests continuation if the trend is up, or reversal if the trend is down. How to read the pattern in an uptrend : Often, after a new high is reached, the market will enter a period of consolidation.

The falling wedge forms when this temporary decrease happens in a rather aggressive manner but loses its momentum before it threatens the trend. When people see that the consolidation is about to end, they begin buying at the discounted price, which results in the quick price jump at the end of the pattern AKA the breakout.

The following example will help you spot a falling wedge in an uptrend: How to read the pattern in a downtrend : A falling wedge in a downtrend occurs after a severe price drop. It signals an intensifying buying pressure, which is not surprising, as the price at this point is heavily depressed. When the supply finally dries up, invigorated buyers lift the price, providing you with a chance to catch a market reversal.

We prepared an example so that you can familiarize yourself with the downtrend falling wedge. Go to this ultimate guide to learn even more about trading wedges, including strategies for different trading styles. It forms when the price quickly shoots up and then begins consolidating.

The advance is expected to continue after the consolidation. How to read the pattern: The first part of the pattern is the flagpole, which is a huge advance that breaks through a previous resistance level. This huge advance is usually triggered by a news event.

Following the advance, the price goes through a consolidation phase that looks like a flag — hence, the name of the pattern. The flag consists of two parallel trendlines that point slightly down and retraces a small portion of the trend. Note that if the retracement is too substantial, the flag is invalidated, as a reversal becomes increasingly likely. When the price breaks out from the flag to the upside, the pattern is finished.

This indicates that the market is about to make another impulse move in the trend direction. It forms when the price tumbles and then embarks on a modest rise. The selloff is expected to continue after the consolidation. How to read the pattern: A bearish flag pattern has the same components as its bullish counterpart. However, everything points in the opposite direction. The market experiences a negative surprise shock, which results in a sharp decline.

This is the flagpole. Following this decline, the price goes through a consolidation phase consisting of two parallel trendlines that point slightly upward. This is the flag itself. The flag must retrace only a small portion of the trend, as an extended consolidation might lead to a reversal.

The pattern is finished when the price breaks out from the flag to the downside. An example of the bearish flag: Warning: Flag patterns can be quite dangerous due to the heightened volatility. Plus, they tend to be paired with unfavorable market conditions: slippage and wide spreads. Be very cautious if you decide to trade them. In this case, our dedicated flag pattern guide is the ideal place to advance your knowledge. Bullish Pennant The bullish pennant looks like a short triangle bounded by two converging trend lines.

It occurs in advancing markets and hints at a price move in the direction of the prior trend leg.

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One distraction that I didn't even know was an issue was chart information overload. In other words, I had too many colors on my charts. In this post, will show you how I discovered black and white charts, how they have helped me, and I'll share the settings that I use. The Side-By-Side Comparison I have seen people using black and white charts, and I wondered if it really helped to set them up that way.

So during a round of backtesting , I gave it a try. It was actually pretty amazing. That sounds like an exaggeration, but it's not. I was able to backtest about 5 years of data on the 30 minute chart, in one sitting. Normally, I would find myself quitting after one year of historical data. So I sat down and asked myself why that was the case. I put the two charts side-by-side, like this: First the old way… Then I removed the colors… Then I looked at each one and took an internal inventory of how I felt.

Perhaps a little more anxious or distracted? For me, it was both. Why Chart Colors Matter As we all know, the candle colors are simply a way to represent price data…. That might not seem like a big deal, at first. But you may not be aware that those colors can also represent other things in your subconscious. This will be different for different people, depending on your natural tendencies and life experiences. The colors may not affect you at all.

However, if the colors do affect you, then this is extra information that your brain has to process every time you look at a chart. Those extra thoughts are swimming around in your head every time you want to place a trade and are eating up valuable brain processing power. If your associations are strong enough, they may also affect your trading. An obvious example that comes to mind is: If you have a strong association between red and danger, then that may cause you to stay out of short trades since falling candles are red.

At a very basic level, for a split second, your brain will ask the question… Wait, what do red and green mean again? Why go through the extra stress? The bottom line is that I found myself less tired when I started using black and white charts. So I changed all of my templates. But there are a few nuances that might help you. Here's how to do it on the two most popular Forex charting platforms.

What is the timeframe? Are other negative factors accompanying the pattern? How does the risk relate to the potential reward? Are important news releases scheduled? Successful trading systems that incorporate chart patterns also account for a variety of factors. We recommend that you bookmark our guides on how to create a trading strategy and how to create a trading plan.

That way, you can read them later, when you are finished with this article. A few notes before we get started: Entry and exit points With each chart pattern, you can use the formation height and add it to the breakout price to get the profit target. They look at how volume changes during the formation of the pattern, and might reject or favor set-ups based on that. While this is fine, the forex market is decentralized.

This means that whatever volume data you have, it relates to only a small portion of the market such as volume at your broker and might not represent the entire market. An art, not a science Chart patterns are subjective, meaning that different traders might do and interpret things differently.

For example, someone might draw trendlines using wicks, while someone else might use closing prices. Instead of worrying about every little detail, focus on what certain formations reveal about the balance between buyers and sellers. Sometimes you have to be more flexible and throw in some extra reps or rest a bit more.

The same goes for chart patterns. Every situation will be slightly different, which is fine. Double Top The double top is one of the simplest patterns on charts. How to read the pattern: When the price reaches a new high, it shows conviction behind the uptrend. Each trend alternates between impulse and consolidation moves, so the correction following the high is to be expected. The situation turns interesting when the price resumes its trend and reaches the high again.

Instead of breaking through and putting in another higher high, the buying pressure evaporates and the price is unable to surpass its previous high. As you might know, uptrends are characterized by higher highs and higher lows. When the price fails to break above the prior high, it breaks the pattern of an uptrend and signals possible weakness.

Perhaps it will take a bit more time for buyers to attain a new high or perhaps sellers are about to take control. You can assume that sellers are strong enough to reverse the trend or at least drive the market into an extended consolidation. Both cases can be a good set-up for a short trade. The double top pattern is completed when the neckline breaks. Traders often set a profit target by measuring the distance between the neckline and the high of the pattern and projecting it to the neckline break.

Do not copy without permission. Double Bottom The double bottom is the mirror image of the double top. How to read the pattern: When the price reaches a new low, it shows conviction behind the downtrend. As we have pointed out, trends consist of impulse and consolidation moves. The situation turns interesting when the price resumes its trend and reaches the low again.

This is problematic because the downtrend should follow the pattern of lower highs and lower lows. When the price fails to break below the prior low, it signals a possible issue with the trend. That said, this is not yet a buy signal. Now you can assume that buyers are strong enough to reverse the trend or at least drive the market into an extended consolidation.

In both cases, you can favor a long trade. The double bottom pattern is completed when the neckline breaks. Traders often set a profit target by measuring the distance between the neckline and the low of the pattern and projecting it to the neckline break. Take a look at this guide Head and Shoulders The head and shoulders pattern is a fairly complex formation consisting of three peaks, with the center peak being the highest of the three. This forms the left shoulder.

From the low point of the left shoulder, the bullish advance continues and significantly surpasses the previous high. After some time, the price reaches a new peak and now enters a more prolonged consolidation. This forms the head. A final advance from the low of the head starts but it quickly fails, and the market turns down. This forms the right shoulder. The right shoulder is lower than the head and roughly in line with the left shoulder.

The pattern is completed when the price breaks below the neckline, which is the line connecting the low of the shoulders. The neckline can slope in any direction and is a good predictor of the severity of the price decline. You can project the height of the pattern to the neckline break and set your profit target accordingly. An example of a successful head and shoulder set-up is shown below: For a beginner trader, the head and shoulders pattern might be more difficult to recognize.

You can always zoom out a bit from the price action or switch to a line chart. Inverse Head and Shoulders The inverse head and shoulders pattern is the bearish equivalent of the head and shoulders. It can be found at the bottom of downtrends and indicates a bearish-to-bullish trend reversal. How to read the pattern: Following a falling market, the price bumps into a bottom and then rises to form the left shoulder.

From the high of the left shoulder, a bearish decline starts. It progresses significantly below the previous low to form the head of the pattern. Then the price begins to rise again. A final decline from the high of the head starts to form the right shoulder. This trough is higher than the head and about equal to the bottom of the left shoulder.

From the bottom of the right shoulder, the price starts to rise again. Once it breaks above the connected high points of the pullbacks neckline , the pattern is complete. Below are an example of a winning inverse head and shoulder set-up: We have a separate guide on Head and Shoulders patterns that you can access via this link if you want to learn more about them. Rising Wedge The rising wedge pattern forms when the market makes higher highs and higher lows within a shrinking range that slopes upward.

This pattern is trickier than those we have discussed so far because its signal depends on the trend. That is, a rising wedge in an uptrend signals reversal while a rising wedge in a downtrend signals continuation. The price makes higher highs and higher lows, which fulfills the characteristics of a healthy uptrend. The reason the rising wedge acts as a reversal signal despite being indicative of a strong trend is the extent of the price increase.

If you take a closer look at the pattern, you will notice that the lower trendline rises at a steeper angle. While the market keeps reaching higher highs, the subsequent consolidations are shorter and shorter. This happens when investors are so enthusiastic that every time the market dips, they rush to buy and immediately bid up the price. Unfortunately, this can go on for only so long before the interest dries up and the market collapses. Every trend has a point where everybody who wanted to buy has already bought.

This is when short-selling intensifies and the market begins ticking down. Thus, people cash out on their long positions, which further fuels the downward pressure. The rising wedge marks this turning point and allows you to position yourself accordingly. The example below will illustrate: How to read the pattern in a downtrend : The rising wedge in a downtrend is created by the same overconfident buyers, except that this time the market is in a downtrend.

Each time the market begins consolidating after a drop, traders are speculating on a reversal. If these traders are in the majority, the market can indeed reverse. The reason for this is fairly simple. There is no reason to risk getting stopped out by the imminent correction. It makes more sense to wait until the correction occurs and enter at a better price.

When enough traders think this way, the selling pressure will ease, allowing buyers to bid up the price. When buyers finally run out of steam, however, all the traders sitting on the sidelines will flock to the market with their shorts.

This is why the rising wedge suggests continuation in a downtrend. It marks the point where the bull run fails, and sellers force the market back into trend. Here is an example: Falling Wedge The falling wedge pattern forms when the market makes lower highs and lower lows within a shrinking range that slants downward. As the price moves to the downside, the two trendlines that connect the highs and the lows will eventually converge.

This suggests continuation if the trend is up, or reversal if the trend is down. How to read the pattern in an uptrend : Often, after a new high is reached, the market will enter a period of consolidation. The falling wedge forms when this temporary decrease happens in a rather aggressive manner but loses its momentum before it threatens the trend. When people see that the consolidation is about to end, they begin buying at the discounted price, which results in the quick price jump at the end of the pattern AKA the breakout.

The following example will help you spot a falling wedge in an uptrend: How to read the pattern in a downtrend : A falling wedge in a downtrend occurs after a severe price drop. It signals an intensifying buying pressure, which is not surprising, as the price at this point is heavily depressed.

When the supply finally dries up, invigorated buyers lift the price, providing you with a chance to catch a market reversal. We prepared an example so that you can familiarize yourself with the downtrend falling wedge. Go to this ultimate guide to learn even more about trading wedges, including strategies for different trading styles.

It forms when the price quickly shoots up and then begins consolidating. The advance is expected to continue after the consolidation. How to read the pattern: The first part of the pattern is the flagpole, which is a huge advance that breaks through a previous resistance level. This huge advance is usually triggered by a news event. Following the advance, the price goes through a consolidation phase that looks like a flag — hence, the name of the pattern.

The flag consists of two parallel trendlines that point slightly down and retraces a small portion of the trend. Note that if the retracement is too substantial, the flag is invalidated, as a reversal becomes increasingly likely. When the price breaks out from the flag to the upside, the pattern is finished. This indicates that the market is about to make another impulse move in the trend direction.

It forms when the price tumbles and then embarks on a modest rise. The selloff is expected to continue after the consolidation. How to read the pattern: A bearish flag pattern has the same components as its bullish counterpart. However, everything points in the opposite direction.

The market experiences a negative surprise shock, which results in a sharp decline. This is the flagpole. Following this decline, the price goes through a consolidation phase consisting of two parallel trendlines that point slightly upward. This is the flag itself. The flag must retrace only a small portion of the trend, as an extended consolidation might lead to a reversal.

The pattern is finished when the price breaks out from the flag to the downside. An example of the bearish flag: Warning: Flag patterns can be quite dangerous due to the heightened volatility. Plus, they tend to be paired with unfavorable market conditions: slippage and wide spreads. Be very cautious if you decide to trade them.

In this case, our dedicated flag pattern guide is the ideal place to advance your knowledge. Bullish Pennant The bullish pennant looks like a short triangle bounded by two converging trend lines. It occurs in advancing markets and hints at a price move in the direction of the prior trend leg. How to read the pattern: Pennants are pretty similar to flags in their structure. They, too, are preceded by a strong upward move resembling a flagpole. After the upward move, buyers pause to catch their breath and the market begins consolidating.

This is where the difference lies between the two patterns. In the case of bullish pennants, the consolidation phase shows a less intensive effort to reverse the trend. Remember that flags usually form in high-volatility situations such as news releases. Traders often overreact to positive news; thus, the price jump is quickly met with aggressive short selling. The great thing with pennants — at least from our experience — is that you can often catch the breakout from the pattern.

This is because, from the higher chart perspective, the pennant is often a simple impulse move toward the trend. Unfortunately, the drawback is that trading pennants can be quite frustrating. When you trade flags, you will be less likely to catch the breakout. That said, if you do catch it, you can often capture the entire rally that comes. At the end of the day, trade the patterns that you feel most comfortable with.

An example of the bullish pennant: Bearish Pennant The bearish pennant is also characterized by a triangle-like appearance and two converging trend lines. However, unlike its bullish version, it occurs in declining markets and suggests further weakness. How to read the pattern: The discussion of the bullish pennant also applies to the bearish version. After a sharp decrease, the price moves sideways in a narrowing price range resembling a triangular flag.