Forex Charts Simplified. Best 5 Forex Trading Tips, Articles

Forex Charts Simplified

Forex Charts Simplified. A good technician can look at a Forex chart and tell you where you went wrong with that last losing trade. Of course, you rarely want to know where you went right on a profitable business…who cares?! You made money! But all too often, it’s when the Forex trader loses money that he needs to know why, and it is always easy to find a technical guy to point it out for you on the Forex charts. Simplified!

Forex History – Forex Charts Simplified

The nice thing about the past, whether in Forex or life in general, is that it can also be used to help with the future. Since we’re not generally interested in life, we’ll concentrate on Forex for now.

The amount of things that can be done with Forex charts is daunting. They even have scary terms such as “Fibonacci,” “moving averages,” “oscillators and indicators,” and “Elliot Wave Theory.” And these are only some of the varieties of analysis tools technicians use to keep the ordinary Forex trader confused and out of their faces.

These are all great tools; when learned, they come in handy for long-term successful Forex trading. But none are positively necessary to use a Forex chart. All you need is a pair of eyes and a ruler (if you’re not using an online Forex chart, where the ruler is supplied by a click or two).

Forex Trends – Forex Charts Simplified

You don’t need fancy theories to be able to spot a forex-binary-place.com. Look at the daily Forex chart for the EUR/USD right now. It doesn’t take a genius or a master technician to see the trend is upward right now. And with a little more care, you can see that the market,t is in an exciting area right now. In March, April, and May, this area was the source of some significant support in the market until it broke through it and took a considerable swan dive.

Forex Charts Simplified

It’s logical that, psychologically, the market might show some resistance around these levels (the previous level of support). And this is without a vast knowledge of Einstein’s Theory of Relativity or Newton’s Theory of Gravity. So, if you’ve been riding this trend up, you might want to adjust your stop-loss orders accordingly; or it might be time for some good old-fashioned profit-taking. And if the Forex market bursts through this area of resistance, you have that trend waiting for you to jump back on.

It’s easy to spot that the market isn’t quite sure what it wants to do by the lack of range in daily trading right now. So, the Forex trader wants to be careful right now. If the market isn’t sure what it wants to do, it’s best to wait until it figures itself out. But it’s no reason not to chart a course using the Forex charts available. Even if all you’ve got is a couple of eyes.