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In our last two articles we referred to different time periods, which in itself is a type of analysis known as Multiple Time Frame Analysis. This refers to when a technician analyzes the same currency pair over several different chart time frames, providing a more detailed look at how the pair is moving in the market.
Continuing our series on Forex trading for beginners, we now look at how to determine a trend. I’m sure many of you have heard the saying at some point “the trend is your friend, until it bends”. This says it all and is so true in the currency market – and any market for that matter.
In this post we will review the different types of charts you can use to perform technical analysis on foreign exchange (forex) currencies. Although we are focusing on forex technical analysis, the fundamentals can also be applied to equities, futures, and ETFs.
Trading currency in the foreign exchange market (forex) is fairly easy today with three types of accounts designed for retail investors: standard lot, mini lots and micro lots. Beginners can get started with a micro account for as little as $50.
The U.S. dollar is stronger against the all its major counterparts bar one; the Japanese yen at mid U.S. session was up 0.54%.
