If you need to trade forex, you need to find technical analysis a good way to evaluate the forex market. From trading on the “Live” market, you must be able to spot trading setup, enter a reasonable sell-off or buy chance.
Some rules of thumb can help you find these indicators. Here are the top indicators you as a trader must know of.
Trade only if you see price moving in the same direction. reversal, of course, is happy to happen but you must be lucky. Keep away from hours of swing trading.
2. Central Pivot
This is the key to the entry and exit of your trade. This should always be adapted to read the momentum of price change in 2 hours. This can show you when to enter or leave a trade.
This is how fast the price is moving in your favor or against you. If at the moment your momentum is on the downside then battery up for your ride.
Many forex traders have not heard of RSI, a key of trading, and that is this, you can use this, as a standalone indicator. Traders including the pros and read good books on momentum trading.
The best thing is based on looking at a forex chart. Sometimes you get it right, and it is often not. Take some time to read about momentum indicators and start your quest in becoming a good forex trader.
Check out my other financial tips on my blog: