Normal
No problem with basic questions, Andrew....no question is too basic when you're learning.Live charts......the data is unfolding on your screen. The price bars are forming and changing right in front of your eyes. You might have your timeframe set at 30 minute bars, meaning that each bar or candle on your chart represents half an hour of price action. Each bar will form and change over a period of half an hour, then a new bar will start to form.Daily charts and end of day charts are interchangeable terms....each bar on your chart represents 24 hours of price action.Each day I download the daily Forex data into my charting software. It's usually available about mid morning Australian time. Or if you use the free charts supplied by a Forex broker, they're updated automatically each day.I look for clearly defined upward or downward trends on daily charts, then focus on identifying temporary retracements against the trend. Temporary retracements soon end, and the main trend resumes. This is simply supply and demand at work.If you become skilled at identifying these points where the main trend resumes after a brief retracement during an established trend, you have an ideal entry point. If you add the essential ingredients of cutting your losers quickly but sticking with your winners for the duration of their trends, you have yourself a simple, effective and profitable trading system that will harvest many nice profits from the Forex market year after year.
No problem with basic questions, Andrew....no question is too basic when you're learning.
Live charts......the data is unfolding on your screen. The price bars are forming and changing right in front of your eyes. You might have your timeframe set at 30 minute bars, meaning that each bar or candle on your chart represents half an hour of price action. Each bar will form and change over a period of half an hour, then a new bar will start to form.
Daily charts and end of day charts are interchangeable terms....each bar on your chart represents 24 hours of price action.
Each day I download the daily Forex data into my charting software. It's usually available about mid morning Australian time. Or if you use the free charts supplied by a Forex broker, they're updated automatically each day.
I look for clearly defined upward or downward trends on daily charts, then focus on identifying temporary retracements against the trend. Temporary retracements soon end, and the main trend resumes. This is simply supply and demand at work.
If you become skilled at identifying these points where the main trend resumes after a brief retracement during an established trend, you have an ideal entry point. If you add the essential ingredients of cutting your losers quickly but sticking with your winners for the duration of their trends, you have yourself a simple, effective and profitable trading system that will harvest many nice profits from the Forex market year after year.
Hello and welcome to Aussie Stock Forums!
To gain full access you must register. Registration is free and takes only a few seconds to complete.
Already a member? Log in here.
