ARCHIVE How to Read Forex Charts | DailyFX.com

Learn about forex charts at http://www.dailyfx.com/charts Learn Forex: http://www.dailyfx.com/forex-education Forex Chart Reading 101 Forex chart reading can be encapsulated in the idea that a trader buys in an upward bull market, and sells in a downward bear market. Knowing the direction of the trend is critical; timing the entry of a trade into that trend is also important. This presentation on how to read forex charts is designed for beginner traders and experienced traders who are new to forex trading. It outlines a simple, proven approach to interpreting forex charts. Topics include: • How to read forex charts • How to identify trading opportunities • Using charts to determine currency price trends • Different ways to trade a specific currency pair Trading the trend Knowing how to read forex charts takes the guesswork out of price prediction. One simply follows the chart. Rather than predicting what will happen, you simply react to what is happening. The trend shows what is happening; only trade the strongest trends. A trader should be able to look at a forex chart from a distance and be able to identify the trend. The first step to setting up a chart to determine the trend and entry timing is to open a daily chart with 1-year of trading data. Then add 200-period simple moving averages. Finally, add your favorite technical indicators to time the entry into the trend. To determine the trend, look at price action. If price action is above the 200-days simple moving average, it's an uptrend. If the price action is below the 200-days simple moving average, it's a downtrend. If the price action has been making higher highs and higher lows, then again it's an uptrend. Similarly, a downtrend would have lower highs and lower lows. If a forex chart reads mixed or conflicting trends, then it's best to not trade until clarity returns. A good practice is to trade more than one currency pair. Monitor price action on several pairs, and choose to trade the ones with the strongest trends for the greatest likelihood of success. Get more information on how to read forex charts at; http://www.fxcm.com/forex-basics/how-to-read-a-chart/ Follow forex news, forecasts, and analysis on Twitter https://twitter.com/DailyFX

Comments

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2. good video
3. Thank you very much sir, God bless you
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5. Oscillators are pretty much useless rather dangerous except for divergences.
6. I need this. really it's a helpful video for me
7. Thank you very much sir, God bless you.
8. so unless its major news coming up, news analysis is not so important in following trending strategy?..any idea? n for how long do u keep your trade with this strategy? or whats best?.any one?
9. Problem is that there is continual reference to points being identified with a laser pointer not captured in this video; therefore much is lost with not being able to identify "right there" "right there".
10. great video thanks!
11. Absolutely awesome presentation. Well done, Richard Krivo!
12. If you would have followed his august 2011 usd/chf downwards as he says with the graph you would have
    been crucified.Was trading .9240  a month later.Was trading at .8180 dollars when you was asked to go short.
    Looks like swiss national bank intervention.Like I say follow the charts at your own risk.This sharp move
    upwards would have wiped most retail accounts out in a few days.
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14. Great video! Any chance you could share the frequency settings or period for the stochastics?
    Much appreciated. I'm v new to trading and found your lecture very informative. Thanks
15. Thank you very much! Greatly appreciated :)
16. This was very helpful. Thank you for sharing it.
17. An interesting currency pair to follow is AUD/USD. For most of 2013 the Australian dollar weakened against most currencies, but has since recovered some ground. Currently AUD/USD  is trading in a clear range. The opportunity this pair offers is to buy on some of the low points or dips and and sell when price reaches levels towards the top of the range. Although we can't be certain how long this range will last, by using protective stops, risk can be minimized
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19. like your explanation its helpful
20. thank u god blies