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| | Thursday 4th February 2010 | Issue 1033 | Building up your forex
know-how Dear Subscriber,
I do try to keep things simple trading forex.
But I realise that what may be simple to me with years of experience can be a foreign language to beginners.
Thing is though, the technical concepts of forex are not difficult to understand...
It's just that they can be a bit daunting when you're new to this.
That's why I want to take you through some of these key technical concepts in Forex Round-Up.
Now, when I say 'technical concept', all that really means is a way of interpreting a forex trading chart.
By understanding the various 'technical concepts' available, you're able to look at a forex chart and spot clues as to what the price may do next based on the previous price action...
You add another tool to your forex belt.
Tap in to a global marketplace that
never sleeps
There are no time-limits, no curfews, no restrictions...
If you want to do this during you lunch break... great.
If you feel like you want to secure a little extra cash at 4am... go for it.
All you really need to get started is this access to a computer and an internet connection.
Got that and you could start picking up £230 - £577 a week from anywhere.
Knowing how to spot support OK. Let's start with the very common technical concepts of 'support' and 'resistance'.
First, have a look at this chart example...
This is a EUR/USD pair 1 hour candle stick chart from this week.
The chart shows the EUR was moving down from 26th January to 1st February (on left hand side of chart), from a level of 1.4100 down to a low of 1.3850.
I have marked the low point with the thick red line at the bottom of the chart.
Now, you can see that when it reaches the red line, the market then changed direction upwards.
OK. Now, take a look at this version of the same chart...
Can you see how the market didn't move in a straight vertical line up?
Markets tend to move in more of a step like pattern. They go up and then go down a bit.
Sure, you already know that.
But here's the important thing...
In an uptrend, they hit a level like a step, before resuming back up again to a higher level.
These step levels are what you call 'support' levels.
I have marked on the chart above two support levels with the thin black lines and the support arrows.
Support levels are where more buyers move into the market to take the price higher.
They become higher lows when the price is moving in an uptrend, like it has so far this week in the EUR/USD.
Support levels can give you clues for trade entry levels and stop loss levels.
But bear in mind... on their own they are just one indicator.
Alone a support level does not give you enough information to make an informed trade decision.
But they can be useful as part of a trading method.
So, today, take a moment to see if you can spot some support levels on one of your charts.
Open any forex pair candle stick chart, preferably one of the major currencies such as AUD/USD, CHF/USD, GBP/USD, USD/JPY and USD/CAD or EUR/USD as above.
Set the chart to 1 hour and look for the support lines on the chart.
Getting used to being able to spot support levels like this is very useful...
It's a technical concept which many traders use and will help inform your future trading decisions.
And of course, many commentators talk about support levels too, so you now you know what they are talking about.
OK. We'll leave it there for today and next time we'll take a look at resistance levels.
Best wishes,
Richard Hill
Editor
Forex Round-Up
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