Here is a question from one of our students:
"I would like some help as to WHERE DO I START? For example, I open a chart, GBPJPY okay and now where do I start, what do I do and what do I look for to be able to make the decision in either a up or down trend." - C.
Before I reply, let me just say this. The focus on my courses is technical analysis applied to stock trading. However such science can be used to trade any security that can be displayed on a chart.
Now to the question. By the way, check out the video for a complete analysis and explanation.
Q. I would like some help as to WHERE DO I START?
A. In order to analyze a chart you need to have a trading software or platform. If you have a broker already, use the chart that comes with your trading account.
If you don't have a broker, use TradingView. It's free, it has a simulator, and can be used to analyze any trading securities including stocks, indices, forex, cryptos, options and commodities.
Very Important: Before trading real money, practice on a simulator for quite some.
Q. what do I do... what do I look for to be able to make the decision in either a up or down trend.
A. Open up the daily chart and type your symbol, in your case GBPJPY or AUDUSD.
Always start by using the daily chart to perform your analysis. From the daily chart you can see the trend.
See if you notice a candlestick pattern. If so, if is bullish or bearish?
Draw lines of support and resistance, lateral and diagonal. Is price holding support? Or is it at resistance and ready to move down.
If support is holding and price has been making higher highs and higher lows, it means that price might want to go higher.
Then switch to shorter time frames (hourly chart or 15min chart) and see if the trend is confirmed.
Don't forget to check out the video and subscribe to our channel.
Good trading!
Trading Risk Disclaimer
All the information shared is provided for educational purposes only. Any trades placed upon reliance of SharperTrades, LLC are taken at your own risk for your own account. Past performance is no guarantee. While there is great potential for reward trading stocks, cryptos, commodities, options, forex and other trading securities, there is also substantial risk of loss. All trading operations involve high risks of losing your entire investment. You must therefore decide your own suitability to trade. Trading results can never be guaranteed. SharperTrades, LLC is not registered as an investment adviser with any federal or state regulatory agency. This is not an offer to buy or sell stocks, cryptos, forex, futures, options, commodity interests or any other trading securities.