There are two kinds of Forex traders- the traders who use fundamental analysis and the traders who use technical analysis.
I prefer the technical analysis, which ignores fundamental factors. Technical analysis is applied to the price action of the market.
By using technical analysis traders can make short-term forecasts, which are very difficult with fundamental analysis, more suitable to making long-term forecasts.
Technical analysts use different technical studies and interpret them to predict market direction or to generate buy and sell signals.
By using charts in Forex technical analysis we can predict price movements.
You might think that reading the charts is very difficult, but you must know that FOREX charts, as opposed to charts used for day trading stocks, are easier to interpret and use. The Forex charts are reflection of a countrys economy, which is slower moving and is more stable compared to the future and daily drama of company reports, Wall Street analysts and shareholder demands.
Currency charts have also the tendency to develop strong trends, and although the Forex market is volatile, it is more predictable than other...
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