Also, those who have a life or job outside of their forex-related activities use currency charts to easily catch up on any important market moves missed while they were away from a trading screen. In addition, currency charts allow smart forex traders to forecast future exchange rate movements using technical analysis, including identifying key support and resistance levels on currency charts. These levels allow you to optimize the placement of entry, stop-loss and take-profit orders. Below is a list of charts of the most frequently traded currency pairs along with information in regards to each one:
Major Currency Pairs Chart Pages
Which indicators to useThere are thousands of indicators on the market, but a surprising few have become popular over the years due to their ease of use and success at gauging market sentiment. There is no perfect set of indicators. Traders may change their preferences over time or adjust to changing market conditions, but the general rule is to limit the number you use to less than a handful.
Too much information can limit your ability to react to obvious trading set ups as they arise. Fine-tuning a small set of indicators is highly recommended. Invest the time to learn the nuances of your chosen indicators and chart formats, and you will become a more effective and, hopefully, more successful trader along the way.
Currency Charts for the Majors and MinorsThose wishing to trade forex in the major and minor currency pairs involving the U.S. Dollar really need currency charts to provide additional information to help them trade. Tracking forex trends, although this tool provides valuable insights, it does not guarantee profits on a trade. The primary major and minor currency pairs for which accurate currency charts are provided include the following:
EUR/USD USD/JPY GBP/USD USD/CHF USD/CAD AUD/USD NZD/USD
Having accurate currency charts for the cross-currency pairs that do not involve the U.S. Dollar might help your chance of forex trading success. Trends frequently occur in the major and minor crosses providing insights into trading opportunities for a trader willing to focus on cross-currency charts. A cross-currency chart is not a guarantee of profitability; however, it is a handy tool to enhance understanding of the forex trading climate.
How to use your currency chartYour forex chart is your best “weapon” for deciding when to enter and when to exit a currency position. The future direction of a particular pricing move is always a “50/50” proposition, but your indicators may guide you as to whether the probabilities favour one direction over another. Discerning the consensus of trader psychology at a given moment is your objective with your chart, but charts are never perfect in this regard.
Time spent testing your trading system on a free “demo” account with virtual cash and real time quotes is imperative to gain interpretation skills that will give you an “edge” in the market. If you limit your losers, and let your winners run, you can bias the odds to favour your disciplined approach.