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The primary thing that a trader needs to get comfortable with is the general trading chart, usually candlestick in appearance. Overlaid onto this chart are the numerous indicators that analysts and traders need in order to highlight signals that they can trade upon.
The standard charting software ordinarily has the candlestick chart showing green candlesticks for a positive price move and a red candlestick for a negative negative price move. The main body of the candle stick denotes the starting price and the closing price and if the closing price is higher than the starting price then the candle body is green, denoting a gain, obviously a red candlestick denotes a loss in the period. Attached to either end of the main body are lines referred to as shadows which illustrate the price highs and lows of the trading session shown. When a candle body appears without any shadows this tells us that the closing price was the highest or conversely the lowest price of the session according to the color of the candlestick body. There are over 20 principle candlestick patterns which are recognizable by experienced traders and if you haven't at least heard of these patterns such as :- long periods, short periods, spinning tops, head and shoulders and double top then it would be a good idea to do some research and learn to recognize them and importantly what they are signaling.
The candlestick chart however is only the initial part of the analysis and it should always be studied in unison with further signal indicators. These further indicators are placed onto the candlestick chart to give the analyst a clear signal pattern
Bollinger Bands - This indicator provides a relative definition of a high and low. Fundamentally this contains 2 bands which signal the high and low price, clearly the upper band denoting a high price. The signal is stronger the closer the price line appears to the bands. As an example a trader might recommend a buy when the price line is near the lower band, meaning a low price to buy into the market as it will potentially move upward and increase in value. An alternative strategy is to buy if the price breaks above the upper band and sell when the price falls below the lower band. These signals and indications need to be analyzed and used by the trader to help their overall trading strategy.
An indicator which is also used heavily is the Relative Strength Index (RSI) The strength and weakness of historical and current currency prices are measured here formed on the data of completed trading sessions. It is based on the premise that prices close higher in strong market periods or close lower in weaker ones.
Moving Average Convergence Divergence - MACD MACD is an indicator that is used as a trend follower. It allows traders and analysts to calculate when there will be a change in the trend. Depending on whether the MACD is traveling up or down at the time of passing through the 0 or signal line indicates a buy or sell respectively. There are more signals that can be taken from the MACD indicator depending on the distance between lines and their direction.
These are just a few main indicators, however if you want to be a profitable trader and trade without the help of a forex robot then you will need to study these and a whole lot more very thoroughly indeed.
About the author:
Dan Jones has been a professional forex trader for the last 7 years and worked in London, New york and is currently based in Tokyo. He wants to help new forex traders avoid the common errors that are so costly when starting out to trade forex. Find out more about forex trading tools at http://www.winningforexrobotreviews.com |
