Author(s): Md. Chhali Uddin, Md. Mahedi Hasan, S.M. Shariful Haque
Forex market is a zero-sum game, and according to statistics, around 95% of traders lose money in the Forex market and quit. Developing a dependable trading system for forex market still remains a substantial challenge for both scholars plus traders. The purpose of this study is to develop a consistent, effective trading strategy utilizing candlesticks, charts patterns, trend lines, support, and resistance to predict future price movements of the Forex Market and analyze its marketing prospects. This study employs a diverse set of tools to evolve a dependable set of trading systems based on the confluence of technical analysis methods. The system was designed and tested over five months (Jan 04, 2021- Jun 01, 2021) on the DE30 pair, and the performance was compared with the existing trading strategies. It yielded 76.66% profit and resulted in significantly higher returns than those of the current trading systems. The researchers assume that this strategy will work in any changeable market conditions and suit any market situation.