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Technical Forex Analysis

You can analyse the foreign exchange markets by using two methods, forex technical analysis and fundamental analysis. The former works by studying the movement of prices, whilst the latter looks at certain economic factors such as the strength of our national economy and certain political events.


When you study the price movements with technical analysis, you need to analyse charts. You should be able to identify trends by looking at the history of certain currencies. So then you can predict whether or not a currency is going to rise or fall. If you spot something that you can take action on, you have a great opportunity right in front of you.


Line charts


Line charts are used to plot the closing price of each trade. They are then joined together with a line. The idea of producing a line chart is to illustrate the rise and fall of the currency pair. Line charts are intended to show the closing price and do not give any indication of the highest price during the time period of the trade.


Bar charts


Bar charts offer more information than the line charts. They are sometimes referred to as OHLC charts, as they indicate the Open, High, Low and Close.


A bar chart is illustrated with a series of vertical lines or blocks/ bars. The height of the line or bar depicts the highest price during that time period. The bottom of the line or bar indicates the lowest price during that time period. The opening price is indicated by a small horizontal bar on the left hand side and the closing price is indicated by a small horizontal bar on the right side


Candlestick Charts


Forex candlestick charts show exactly the same information as a bar chart. However the information is presented in a way that the majority of people prefer as they find it easier to read at a glance.

The candlestick charts also have vertical lines with the highest price at the top and the lowest price at the bottom, but in addition there is a wide block in the middle that indicates the difference between the opening and closing prices. The blocks are sometimes colored white if the price rises and black if the price is falling, although it is not unusual to find they are colored. For example they maybe colored green or blue when the price is rising and red when the price is falling.


Candlestick charts are generally thought to be easier to interpret than the bar charts especially as they show more clearly the turning points in the currency market. For example they will indicate where the market changed from an upward trend to a downward trend or vice versa.


Being able to identify a trend is probably the most important aspect of forex trading and forex technical analysis and the use of candlestick charts will certainly give you a head start. .A popular saying amongst forex traders is 'the trend is your friend'. If you observe a trend forming, you will be able to make money by trading in the same direction as the trend.

There's a popular cliché word that traders live by and that's "the trend is your friend". When you see a trend forming, you can make money by trading according to the emerging trend. You can usually spot these trends better by using the candlestick charts.

Forex trading could very easily be the answer to your financial dreams. Many people in the current financial situation are looking for a second income or even to replace their current employment. With so many scams online it is hard to know where to turn.


Confused? Find it difficult, but still want to get in on Forex and make money? Then let a computer software package do _ALL the trading for you!

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Click here for the Next Article: Fundamental Forex Analysis


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