CHARTS forex

 

For this strategy you will need access to real time charts. Your Forex broker should offer you some free charts, and this is all you need. I provide links to brokers and free charts on my website (see Appendix A). You should use the charts provided by your broker as those will reflect the actual trading prices of your broker, and sometimes different brokers/charts have a slight price discrepancy which could throw off the system for you. The free charts are all you really need, so save your money, you don’t need to purchase the “Pro” charts. What you will need to do is access the chart for the currency pair you are interested in trading. Make sure that the chart is showing “Candles” rather than other types of charts. Change your view to show you 1-minute candles. This means that each candle shows the price action of one-minute increments. You may want to zoom in to get a clear view of the most recent candles, which are on the right of the screen. When you mouse over a candle notice that somewhere it should display to you the opening price, high price, low price and close price, along with the date and time of that candle. Remember, it’s the high and low prices, and the time of the candle that is most important for you to read to work this strategy. Spend some time playing with your charts getting really familiar doing this so that when you’ll be in the time crunch of placing your trade you won’t be fumbling around trying to figure things out.