Forex Time Charts: Improve Your Forex Trading
I just thought that I would do a quick post about forex time charts, forex charting techniques and the daily forex trading regime that I carry out every morning before being able to carry out my forex market technical analysis and hopefully make more money.
I explain how to do my method of technical analysis in a later article which I will post under the free forex strategy category cross referenced with forex time charts.
Forex Time Charts – Currency Pairs I Trade
The forex currency pairs charts that I trade most of the time are EURUSD, GBPUSD, EURJPY and AUDUSD
Each morning I look at 4 forex time charts for the various currency pairs that I trade as per my current currency trading plan and in line with my overall trading strategies.
The charts that I open are the Daily, 240 minute, 30 minute 5 minute and then trade the 2 minute chart.
Why do I do this the answer is simple it will help me make more money in the forex market and technical analysis is all about following and learning from previous price action. I choose different forex time charts which give me a broad view of what’s happening in the forex market right down to a micro level using real time forex charts.
Now what does each chart tell me? By the way forex charts are normally available free from your forex broker or spread betting company.
Technical Analysis With Forex Time Charts
Forex Time Charts I Use
Daily Chart
This chart gives me the longer term trend, I also look from time to time at the weekly chart and the monthly chart too, but every day I check the daily chart.
240 minute chart
This gives me a perspective of the most recent trend
30 minute chart
This gives me a perspective on the previous day’s trend
5 minute chart
As I trade the European session even when I travel overseas this will give me the Asian market trend and what has happened overnight. I mark up the highs and lows of that trading session.
2 minute chart
Finally this is the forex time chart that I trade from and I consider it to be the best of my forex time charts for helping me to enter the markets at the best price. I find anything shorter in terms of time frame is too jumpy for me and anything longer does not give me enough of feel for the market and would give a greater risk to my trade.
