Tag Archives: Charts

Forex Trading Articles

Effective Use of The Forex Charts

The technical analysis of the forex trading which is done with the help of the forex charts is very helpful for the traders. There are so many charts depending upon the time such as the hourly charts and the five minute charts. It is very essential in the account for the forex trader to learn about the basics and the skills of the trade forex market. This is in fact necessary because once you got to know all the fundamentals and the activities of the trade then it becomes lot easier for the forex trading activities. It is important to mark that what basically should one trader look for in the forex charts first is to look at the hourly charts for watching over the bigger picture. After that, note down the noteworthy support and the conflicting levels within the initial opening rates. Also, study the fifteen minute chart along with the hourly chart in full details. Just taking a glance at the forex charts will give you an initial idea of the trading concepts.

After collection of the required information of the trade forex market it is firstly very important to determine the bigger perspective of the forex charts. If the people cannot decide immediately then it means that you are within the range of the trading business. You should recognize that the currency pair of the forex chart will be going up then it will point toward the profit made during the currency trading. Basically there are two types of trends such as the prevailing trends and the minor trends. Both are quite different from one another. The minor trends can very easily be marked on the five minute charts.

After all the steps in the forex market we should all determine the present trend from the five minute charts. Another point which should be remembered is that you should determine the direction of the trends. The forex trading industry depends much on the precised demonstration of the assumptions. The point is that to make use of the collected information in an effective manner. The forex charts can help a great deal in the better understanding which eventually can assist you in earning huge profits.

General Forex

Decipher The Code of Forex Trading By Adjusting The Frequency of Your Charts

Many of those who embark on the road to trade Forex often think of trading Forex as a way to make a fortune overnight. They look for the latest “trick” or “holy grail” of trading. For successful traders, Forex trading is a business like any other that needs investment, work, patience and skill to survive and make money consistently. However, many traders keep struggling to break through the barriers that prevent them from getting consistent profit.

Boulder, CO (PRWEB) May 13, 2010 — In keeping with its vision of helping people succeed with their Forex trading business, Trading Mastermind reveals one of the group’s secret methods in trading profitably and that is “adjusting the frequency” of Forex charts.

“There is a road map that tells you what time frame to focus on exactly at what time,” said Scott Shubert, CEO and founder of Trading Mastermind. “If you aren’t adjusting the frequency of your charts and you are not aware of how to do this, you will simply be looking at constant hit and miss in trading,” he added.

Shubert explained further that frequency is something that traders need to control. “You need to control what time frame you are looking at instead of just looking at one or two time frames. The market is always shifting and it is always forming trading opportunities on different time frames at different times. You want to go to where the current trading opportunity is happening at that time. “

“Once we reach the end of the trend in one time frame, we know that we should stop trading right exactly at that point in that time frame then we will be trading on a different time frame,” he said in his latest podcast. “From there we will see the signals that we are looking for forming just the way they should form except that they are forming in a different time frame.”

Mr. Shubert also stressed the importance of frequency adjustment in Trading Mastermind’s latest breakthrough, the Yin Yang Forex Trading Course.

Since Shubert began trading, he continues to have a series of insights that eludes the entire forex trading industry. He is able to help fellow traders develop trading strategies that work in any market condition on all time frames.

For years, Shubert through his Platinum Trading Group has been sharing his trading method that works very well for many traders around the world. Said one of Shubert’s students, “it was after I joined Trading Mastermind’s Platinum Trading Group when I realized that I was actually learning and understanding what is truly going on in the market and I find that much more important than just getting good trades.”

Trading Mastermind is a premier source of trading knowledge and interaction amongst its worldwide trading community. All Forex traders regardless of trading experience are invited to participate in the Platinum Trading Group and improve their trading skills through close interaction with other traders many of whom earn their sole income from trading the Forex market.

Market Analysis

Forex Live Chart – What You Ought to Know About Charts

Forex live chart is a necessity if you are planning to do your own market analysis. ‘Live’ here means the service that provide it will use current actual market data to create the chart. Basically, it is a very useful information tool to have even if you don’t do your own analysis.

First of all, you have to pick the currency pair that you want to analyze; it usually comes in the form of a drop down menu. Once you get the one that you want, select the chart type, it typically is available in four forms: Line, Bar, Candlestick, and Table. If you are a beginner, I suggest to begin with a Bar type. Once you select the type, choose a time frame such as one minute, five minutes, daily, weekly, etc.

In a bar chart, every vertical bar which you see signifies a time frame. The top of the bar is the highest price and the bottom of the bar is the lowest price during that particular time frame. For each vertical bar, there are two horizontal bars, one to the left and the other to the right. The left bar represent the opening price and the right bar represent the closing price for that time frame. Note: Utilize the zoom feature to see it in detail.

If you are going to use forex live chart, you should at least know these things:

Understanding Support and Resistance

The market volatility can bring it anywhere and no one can predict it 100%. But based on historical data, there are some condition where the price doesn’t exceed or below a certain price for a period of time.

Instance:

-From July to December, the EUR/USD prices never go beyond 1.645, that means 1.645 is the resistance for EUR/USD during that time period.

– From January to May, the USD/JPY prices never fall under 90.070, that mean 90.70 is the support for USD/JPY during that period of time.

Entry and exit point can be decided based on these support and resistance data. An orthodox approach is buy at support and sell at resistance. There is also more advanced strategy such as buying at resistance breakout and sell at higher price; it is all depend on the currency, circumstances, and your trading system.

Note: A time when the price has moved passed support or resistance line is called breakout.

Indicators

A good chart software also allows you to add various indicators. Indicator is a mathematical calculation based on prices which you can use to help you come up with decision. For instance: MVA indicator can present you the average price for a particular period, EMA show you the weighted price calculation for a certain period, etc.

Forex live chart can be used in various other ways to support a trader and understanding the basic function is a good start for your trader career.

Forex Trading Articles

Analyzing Currency Trend Charts

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The market where currency is bought and sold is called the Forex market or foreign-exchange. Just like regular business or other markets, there are things that can determine what is going on the market in the market at any time.

If you do not understand these tools you may lose all or at least some of your money. There are many graphs of the online forex market. When you are well educated in the graphs, you will be a will to tell if the prices are going up, if they are going down, or if they’re moving sideways. This information will tell you if you’re going to sell or buy. If your decision is incorrect, you will lose money. If it is right, you will gain money trading forex. Of course there are strategies like dart throwing and this to a psychic, but these are not physical strategies to put you in the right direction. The market will get you if you are clueless about it. Even if you do know a lot about the market, you will still lose some of the time. The most successful traders anticipate losing 20 to 30% of the time.

You absolutely must know how to read graphs, if you want to get started in the Forex market. Learning graphs should be one of the first things you do in Forex study. It may take some time, but you must know it forwards and backwards. If you do not you lose. Get as many books as you can and learn all of the vocabulary of the subject and how it applies. Also, there many courses you can take or do at home. Books that are on the stock market can also help you. If you are willing to put in the time and the effort, then you will do well.

Forex Trading Articles

Best Forex Trading Charts – How to Analyze Forex Trading Charts

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Best Forex Trading Charts

One of the main things you need to know in order to succeed in currency trading is how to analyze Forex trading charts. Naturally, this is a topic which whole books are written about so this article can only be a partial look at this important and massive topic.

Nevertheless, I will try to give you a broad but useful rundown as to what you need to do to be able to read Forex charts and work with them for your own long term success.

At the top of each Forex chart you will see a few important details you need to know about: the currency pair in question and the timeframe of the chart. There are numerous currency pairs you can rade as you always buy one currnecy with another or sell one for another. Some of the more common currency pairs are EUR/USD, USD/JPY, and GPB/USD. There are dozens of pairs and you need to be aware which is the one the chart you’re looking at is dealing with.

On each chart you will see a representation of the prices of this currency pair. On some charts this is represented by simple lines, but most traders work with candlestick charts. To analyze Forex trading charts you need to be able to figure out which timeframe each candle signifies. These can range from as little as 5 minutes (or even less) to days and weeks. Best Forex Trading Charts

Each trading style uses different time frames. Scalpers can use 5 minute charts, day traders may use 15 minutes while end of the day traders use the daily charts. In all the charts, the candles are displayed the same depending on the price changes.

Each candle has a central body and possibly an upper and/or lower wick. One end of the body shows the starting price, the one that existed at the beginning of the timeframe. The other end shows the closing price. You can tell which is which by the color of the body. A red color signifies a lower closing price, so the upper edge of the body is the starting price. A green or blue color signifies a higher closing so the ends are reversed. The end of the upper wick signifies that highest price reached during this timeframe but not necessarily the closing time. The end of the lower wick shows the lowest price reaches within this timeframe.

Now that you know how to read candles, you can analyze Forex trading charts by following trends and patterns. To make it easier to do so, you can use indicators which follow the market and indicate patterns and trends within it. For instance, you can see a graph of a moving average, or RSI, to state two examples. There are dozens of indicators and each method uses different ones together. Best Forex Trading Charts

One of the main things you need to know in order to succeed in currency trading is how to analyze Forex trading charts. Naturally, this is a topic which whole books are written about so this article can only be a partial look at this important and massive topic.

Nevertheless, I will try to give you a broad but useful rundown as to what you need to do to be able to read Forex charts and work with them for your own long term success.

At the top of each Forex chart you will see a few important details you need to know about: the currency pair in question and the timeframe of the chart. There are numerous currency pairs you can rade as you always buy one currnecy with another or sell one for another. Some of the more common currency pairs are EUR/USD, USD/JPY, and GPB/USD. There are dozens of pairs and you need to be aware which is the one the chart you’re looking at is dealing with.

On each chart you will see a representation of the prices of this currency pair. On some charts this is represented by simple lines, but most traders work with candlestick charts. To analyze Forex trading charts you need to be able to figure out which timeframe each candle signifies. These can range from as little as 5 minutes (or even less) to days and weeks.

Each trading style uses different time frames. Scalpers can use 5 minute charts, day traders may use 15 minutes while end of the day traders use the daily charts. In all the charts, the candles are displayed the same depending on the price changes.

Each candle has a central body and possibly an upper and/or lower wick. One end of the body shows the starting price, the one that existed at the beginning of the timeframe. The other end shows the closing price. You can tell which is which by the color of the body. A red color signifies a lower closing price, so the upper edge of the body is the starting price. A green or blue color signifies a higher closing so the ends are reversed. The end of the upper wick signifies that highest price reached during this timeframe but not necessarily the closing time. The end of the lower wick shows the lowest price reaches within this timeframe.

Now that you know how to read candles, you can analyze Forex trading charts by following trends and patterns. To make it easier to do so, you can use indicators which follow the market and indicate patterns and trends within it. For instance, you can see a graph of a moving average, or RSI, to state two examples. There are dozens of indicators and each method uses different ones together.