Forex Trading Education: Take a step back and see what the big picture is saying
In this video, Greg Michalowski of ForexLive demonstrates how to look longer term at forex charts.
Sometimes we get caught in the minutia of the shorter term swings. Non-trending periods can tend to do that as the focus is on the break.
We as traders have to make sure we divorce ourselves from the shorter perspective and take a broader view of the market.
In this educational/trading video, I take a look at the EURUSD from a longer term perspective as we head into the weekend – a perfect time to step back and look at the broader view. In this weeks trading after a period where the market paused, we did have a break lower. That move has taken the EURUSD to an area defined by a key Fibonacci level and swing lows.
Of course all pairs are different but I hope that this video was able to outline an approach you can take to define the lines in the sand (and other key levels) for your trading ahead.