Sunday, February 18, 2007

Forex Day Trading - Importance of charts

Forex Day Trading - Importance of charts

Charts are the working tools of the technical analyst. They have been developed in various forms and styles to represent graphically everything that takes place in any time frame such as daily forex chart, weekly, hourly etc.. They may be monthly charts on which an entire month's trading record is condensed into a singlentry. They can have multiple forex trading technical indicators based on arithmetic, logarithmic or square-root scale, or projected as "oscillators."
They may have exponential moving averages (EMA), stochastics, RSI etc all technical in the sense that they are derived, directly or indirectly, from what has actually been transacted at the banks.

Coomon chart types are candlestick based, bar based or line based..The most popular of them all is candlestick based. If you have never used forex trading charts, never paid much attention
to them, you may be surprised at some of the significant things you will quickly detect as soon as you begin to study them seriously..your trading decisions for currency day trading or swing trading will improve considerably

From the next post onwards we'll start going through these indicators in details and how to plet them or use them on your charts and trading decisons.

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