Reading a Chart and Acting Effectively

It's a guide that tells you, in simple understandable language,

how to choose the right charts, reading these charts correctly, and act effectively in the market from what you see on these charts. Probably most of you have taken a course or studied the use of charts in the past. This should add to your knowledge about choosing the right carts and reading these charts correctly. There are several good charting packages available free. I use and what I recommend you "Netdania".

Using Charts Effectively
The default number of periods on these charts is 300. This is a good starting point;
• Hourly chart that's about 12 days of data.
• 15 minute chart its 3 days of data.
• 5-minute chart it's slightly more than 24 hours of data.
You can create multiple "tabs" or "layouts" so that it's easy to quickly switch between charts or sets of charts.

What to Look at First
Firstly, glance at hourly chart to see the big picture. Note significant support and resistance levels within 2of today's opening rate.
Secondly, study the 15 minute chart in great detail noting the following:
• Prevailing trend
• Current price in relation to the 60 period simple moving average.
• High and low since GMT 00:00
• Tops and bottoms during full 3 day time period

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People are introduced to the exciting world of foreign exchange in many ways: friends, current events, newspapers, television, and many others. For those of you who are new to forex, the following guidelines cover the basics of currency trading.

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Pulling the Trigger

It’s trigger-pulling time, pardner.

This section assumes you’ve signed up for a practice account at an online forex broker and you’re ready to start executing some practice trades. You make trades in the forex market one of two ways: You can trade at the market, or the current price, using the click anddeal feature of your broker’s platform; or you can employ orders, such as limit orders and one cancels-the-other orders (OCOs).

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