A Chart Is A Chart
One thing that needs to be stressed is that a chart in the market is the same whether it’s a 5-minute chart or a daily chart. If you could not see the numbers on a chart it would be hard to tell which time frame you are looking at. All charts have the same patterns and formations no matter what you are looking at, so once you get good at looking at a chart in one time frame, you should be able to recognize trading signals for any time frame. That goes for looking at different currency pairs. If you are good at looking at the trading signals and patterns in one currency then you can read any currency pair. This will make it possible for you to find for trades in more currency pairs.
We have heard it said that in the beginning of your trading career you should become good at trading one or two currency pairs. We feel that this approach only limits your trading. You might go for a day or two and not see a trade. If you can read indicators than you can look at any chart and if it is setting up for a good trade you will be able to take it.
Take a look at the following charts and see if you can tell which time frame and which currency pair you are looking at:
CHART 1
CHART 2
CHART 3
CHART 4
Chart 1 EURJPY 4 HR
Chart 2 GBPUSD 15 MIN
Chart 3 EURAUD 5 MIN
Chart 4 USDCHF 1 DAY
Become good at reading chart and indicators. Then you can trade any time frame and any currency pair. This will develop your trading skills faster so you will be able to start making money sooner.
Tags: chart, charts, currency market, currency pairs, reading charts, trading with charts
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3 Responses to “A Chart Is A Chart”
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According to spread size, volatility and dollar amount of one standard lot, there seem to be twelve pairs that would be most ‘advantageous’ to watch with EURGBP and EURUSD being the first two followed by USDJPY and EURJPY.
Can anyone please confirm the message from fxfarmer? or come with any other advise, since I’m looking for the most stabile and profitable pairs to trade, mainly with these techniques..
I will like trade forex by having a complete chart to guide me. Thanks