Forex Chart Reading Video
Forex chart reading is an essential skill of anyone wanting to trade Forex. Even with all the Forex indicators out there designed to help you make make sense or the markets and make trading decisions, being able the read charts and spot obvious trends is still very important.
I found this video with some informative Forex chart reading information. I suggest you watch the video all the way through. Any time you can listen to a professional Forex trader willing to share their trading knowledge, it is wise to pay attention. You will not only get an education on Forex chart reading, but also tidbits of valuable information about trading in general and being a profitable trader.
I want to comment on a theme that kept coming up in the video. It is the fact that you need to learn to identify the most obvious trending pairs, and leave the rest alone. Obviously, trend trading can be very profitable, so learning Forex chart analysis has a lot to do with identifying the currency pairs that are trending nicely.
In one point of the video, the presenter shares how he had his young son read the charts and try to identify the strongest trending pairs. And to the fathers surprise, the young boy was very good at it. Some people have trouble finding the obvious trend because they know too much about trading. Instead of looking for the most obvious trends, they over-analyze the markets and start to trade what they think is going to happen.
One way to fix this problem and only trade on the strongest trending currency paris is to use a trend scanning service. The service scans all the Forex currencies and uses an algorhythm to determine which currency pairs are trending and how strongly. Even better, you are then alerted with which pairs are trending and one what time frame.
Basically, this service does all the Forex chart analysis for you. It not only scans all the Forex pairs, but all the time frames as well. Without having to think, you know which currency pairs are best to trade.
So, let’s say you want to apply a trend trading Forex strategy. The first part of the equation is to identify the strong trading currencies and time frames. Then, and only then, can you apply the trend trading methodology. This Forex chart scanning service makes trend trading easier and potentially more profitable because you don’t miss excellent trading opportunities.