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Follow these basic rules to get the most benefit from DailyForexCharts.
Video lesson:
What does it mean when the chart update says you should be long or short, and when should you exit? The video on the left illustrates the concept. Also, a text version of the lesson is below.
Image & Text lesson:
In addition to the video lesson above, the same material is presented below. Click the image to the left to see the chart. The chart opens in a new window. Disable your pop-up blocker if the chart doesn open automatically.
Up-trend or Down-trend:
For simplicity I have identified an up-trend (rally) with a blue arrow, and a down-trend with a red arrow.
In an up-trend, you want to see a series of higher swing highs, and higher swing lows. As displayed while the chart is moving up (blue arrow). Important; You only want to enter long if your chart is showing that up-trend pattern.
In a down-trend, you want to see a series of lower swing highs, and lower swing lows. The area of the chart with the red arrow is a good example. Important; You only want to enter short if your chart is showing that down-trend pattern.
Ok, so when do you get out of a trade?
I have marked on the chart (amber lines) where the trend is changing.
Let's start with the rally. After an up-move, the pattern changes from higher swing highs and swing lows, and it puts in a lower one (either swing high or low). That tells you the trend is in danger, you want to start exiting, and you do not want to enter. If you get the second lower one (either a swing high or low) you want to be out of the trade, you want to exit.
Inversely, in after a down-market, the pattern changes from lower swing highs and swing lows, and it puts in a higher one (either swing high or low). That tells you the trend is in danger, you want to start exiting (shorts), and you do not want to enter. If you get the second higher one (either a swing high or low) you want to be out of the trade, you want to exit short trades.
Use multiple time-frames to trade with confidence.
Video lesson:
How to analyze charts, and trade trade multiple time-frames. FOREX charts can be complicated, and often give conflicting signals. This step-by-step tutorial will help you to analyze charts, determine key milestones, assess market direction, and decide how you can act to take advantage of market movements.
DailyForexCharts is your trading roadmap to improve and maximize your trading strategies.
Know whether to trade long, short, or to stay out!
Do you want to learn how to trade like this? Download these video seminars, learn the easy way;Now that you know the basics, you are ready to:-