Forex traders struggle to make pips because they cannot see the pips. With this effective forex chart set up you will see the pips much more clearly and open up the door to increasing your pip totals across 8 currencies and 28 pairs.
Examples Of This Logical, Effective Chart Setup
Here are two examples of this chart setup for the AUD and USD currencies. You can duplicate this chart setup for the top 8, most liquid currencies total with up to 7 charts on one screen.
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Most Effective Forex Chart Setup USD Weakness
Most Effective Forex Chart Setup USD Pairs
Most Effective Forex Chart Setup AUD Strength
Most Effective Forex Chart Setup AUD Pairs
You can see all the AUD and USD pairs lined up side by side with our live signal system. The Forex Heatmap®. It is clear that the USD weakness and AUD strength is driving the movment in real time. The currency pairs moving the fastest will always be the strongest versus the weakest, day after day. If you enter a buy or sell trade you can check the higher time frames to see if the pair is trending.
Why Would Forex Traders Set Up The Charts This Way?
Individual currencies drive the movements in the forex market. If one currency is consistently strong or weak in real time you should look for pips there. This is an irrefutable fact. But forex traders suffer because they simply ignore this fact and use technical indicators, do risky news trading or random trade entries and guessiing. This indicator and chart setup is totally logical.
How To Set Up Your Charts This Way
Traders can set up their forex charts on any time frame with up to 7 pairs on each screen using the metatrader profiles. Set up the charts like you see above on the smaller time frames to guide your trade entries, then set them up on the larger time frames to see the overall trends and look for price targets. We recommend this setup for the top 8, most liquid currencies. USD, CAD, EUR, GBP, CHF, JPY, AUD and NZD pairs, 28 pairs total.
Fast Navigation, Currency To Currency
If the action is heating up on more than one currency, you can navigate through the charts quickly from currency to currency. Simply click on the hotkeys on your keyboard or use the dropdown menu in metatrader to move through the profiles on any time frame. Very simple but usually ignored by most traders. Ctrl F5 and Shift F5 hotkeys can be used to navigate up to 7 charts at a time.
When To Check The Forex Market For Strong Movement
Most of the significant market movements occur in the main trading session, and a few times per month in the Asian session or at other times during the day. If you use the news calendar and our other professional alert systems correctly, you can spend less time in front of the computer and still see most of the volatility in the forex market.
The New Forex Industry Charting Standard?
Forex traders are looking for better choices in their charting systems and trading systems. Setting up your charts by individual currency in this manner will become the standard for making pips in the future. Forex traders are consumed by technical indicators and are looking for better choices. They know technical indicators are ineffective and news trading is risky. This chart setup can be use on a permanent basis by any forex trader, instead of going from indicator to indicator week after week. Forex trades want logic, not more indicators.
Summary and Conclusions: Forex traders are looking for logical, consistent trading systems that go with the flow and momentum of the market. Top notch charting systems like this one will provide traders qualifying for funding the ability to see the pips much better and likely get their funding much easier, with much lower drawdown.