Forex Learning To Read Charts And Make Your Profits Explode
The first step in technical analysis is to learn to read the charts. Here are a few basic lessons to guide your early attempts.
When first analyzing a currency pair, look for the prevailing trend. Start with the long-term charts (monthly, weekly, and daily), going back for several years. Because these charts contain a greater amount of data, they provide a clearer picture of just what the currency pair is doing than the short-term charts (hour, half-hour, 15-minutes, or 5-minutes). The extra data also makes what the indicators are telling you more reliable.
Identifying the trend is simple: just look at the chart and decide if the graph is going more up than down, or more down than up. Trends can be steep or shallow, years long or weeks short. Practice identifying them, and finding the points where they change direction. The longest-term trend is the strongest, which is another reason for looking at those charts first.
Even if youre scalping or day trading and dont intend to hold a position longer than an hour, youll do better by trading in the same direction as the prevailing trend. So take...
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