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| | Tuesday 9th February 2010 | Issue 1034 | How to spot what other forex traders are doing Dear Subscriber,
Last issue we looked at how to plot 'support' lines on a forex chart.
Hopefully you had chance to have a go at it yourself.
If not, it's worth recapping that issue and having a go.
I'm sure I don't need to remind you, but if you can get yourself in the habit of taking one action a day towards your goal, you'll get there much quicker.
Perhaps spare 5 or 10 minutes in your lunch break or spare a few minutes after dinner.
Doing so will help you enormously.
If you did look and struggled to find the levels of support on the charts, don't worry.
Just by looking at a chart you'll start to get familiar with them.
And charts aren't as scary when you get used to them.
Plus, a big bonus of being able to read a forex chart is that you don't have to bore yourself through mountains of spurious economic data.
Put £1,170 in you pocket in just one week
Right now, this shockingly simple trading technique is causing a huge buzz in forex circles.
In fact, since testing began on this back in July last year, the system has not had a single losing month.
Sparing just a few minutes each morning (and it really does just take between 5 and 10 minutes), you could easily start netting £890, £370, £1,170 gains.
Charts can give you a trading advantage You see, charts show price movements that have already happened – and that's a very valuable insight.
Using charts gives you a huge trading advantage: you can see what others are doing in the market.
So, let's go a bit deeper into the world of forex charts...
In fact, let's see what happened to the EUR/USD chart we were looking at last week...
To recap, last time we saw the price had risen from low of 1.3852 up to 1.4026.
We noted the levels of 'support' on the way up by drawing the thin horizontal black lines under the low points.
Let's see what happened...
You can see the price hit a high price of 1.4026 (marked with the blue thick line at the top of the chart).
The market then moved strongly downwards – you can see all the long red candle sticks.
Remember, each candle stick represents 1 hour of price movement on this particular chart.
So, the price fell dramatically from 1.4026 to 1.3840. Almost 200 points in 24 hours!
But do you notice anything about the price movement on the way down?
Exactly, it didn't go straight down. It paused for breath a couple of times. How to spot what others are doing Can you see the points where it paused are at the same levels where it stalled on the way up?
I've marked these levels where the market paused with black lines labelled 'Resistance 1' and 'Resistance 2'.
In this example the market is heading down, and the levels where the market pauses or stalls are called Resistance levels.
But even more helpful is that these resistance levels can often be at the same level of the previous support levels.
Why is this?
Well, it could be that many traders placed trades to buy the EUR/USD (going long) as the market went up.
A common place to put stop losses would be just under the support levels 1 and 2.
Then, when the market turned down, these stop losses would have been triggered at the support levels.
This would cause a temporary stall in the market price, or resistance, but the downward momentum was so great the price crashed through these resistance levels.
And at the right hand side of the chart, the market price is stalling at the previous low of 1.3850.
But each time the market goes through the resistance level; it falls further, breaking new ground, until hitting the next resistance level.
Many traders enter their trades when the price breaks through the support or resistance levels.
And these concepts of support and resistance could help you spot what others are doing too.
With experience, you could take advantage, knowing where to enter and exit trades.
Although, don't get the wrong idea. The concepts of support and resistance are not set in stone.
But they can give you clues as to what is going on and what may happen next.
When you use these concepts with an appropriate trading system, you could have fantastic opportunities to profit.
I hope you can add these to your trading tool kit.
Until next time.
Best wishes,
Richard Hill
Editor
Forex Round-Up
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