Pairs
True or False: USDJPY is a major pair
TRUE - MAJOR PAIRS CONTAIN THE US DOLLAR (USD)
What is the name of the candlesticks used to represent price on the the charts?
Japanese Candlesticks
What are the major sessions called?
Asian (A-Range), London and New York. There is no Sydney session.
What does PIP stand for?
Points in Percentage
True or False: Pin Bar formation is a reversal setup.
TRUE - The pin bar is a reversal setup and is also known as the "hammer" or "shooting star".
AUDCAD, EURNZD and CADJPY are considered what type of currency pairs?
MINOR OR CROSS-CURRENCY PAIRS
The "chunky" part of a candle is called what?
The BODY of the candle
True or False: The Asian session is from 8pm to 1am EST
False - The Asian session is from 5pm - 1am EST
What is the 4th number to the right of the decimal called?
A Pip
What are the most accurate price action patterns?
Bullish and Bearish Engulfing Bars or Candles, also known as Outside Bars.
What is the first currency in a pair called?
BASE CURRENCY
True or False: When a candle is bearish, the OPEN of the candle is at the top of the body?
True - The OPEN of the candle is at the top of the body of a bearish candle.
What session is the start of the new forex day?
Asian session
What is the 5th number from the right of the decimal called?
A Pipette
True of False: The Inside Bar is a single-bar (or candle) price action trading strategy.
FALSE - The Inside Bar is a two-bar price action strategy in which the inside bar is smaller and within the high to low range of the prior bar (or candle)
What is the second currency in a pair called?
QUOTE CURRENCY
When the market is bullish and we want to trade with the trend, are we looking for Buys are Sells?
BUYS
What time does the London session start and what time does it end?
London session is 2am - 10am EST
In JPY pairs, which number from the right of the decimal is the PIP?
The 2nd number from the right of the decimal is the PIP.
Is the Morning Star candlestick pattern a bearish or bullish reversal?
The Morning Star pattern is a bullish reversal pattern
USDMXN AND USDZAR are what type of currency pairs?
Exotic currency pairs
What does the wick of a candle represent?
Rejection of price
During what session is most of the economic news for USD reported?
Economic news such as FOMC and NFP are reported during the New York session.
100 Standards equals 100.00 lots. How much in dollars is 100 standards per PIP?
$1000 per pip
True or False: When using price action strategies, you do not need to use a Stop Loss.
FALSE - You should always use a stop loss