Forex charts are definitely tools you want to have in your arsenal. The type of chart you use most is up to you. Each trader has a specific set of charts that they prefer over others. Three examples include streaming forex rates, live currency charts, and USD index. These are three of the more popular charts available online. They are not the only charts, which is why the following looks at the most popular and then some additional options available to you. In this way you can decide what is better for your trading style and the type of profit you hope to gain.
Most Popular Forex Charts
Streaming forex rates allows you to see a chart of more than 1,000 rates. You can check for liquidity as well as see some of the exotic pairings brokers might have on offer. There is an option to customise the currency pairs in the list making these forex charts helpful to your initial study for the day’s rates.
Live currency charts are another option in which you have 100 charts that offer real time information. This tool provides 15 time frames with lines you can draw or move to establish the patterns or indicators that might be showing up for the trading day. Such options include linear regression, Schaff trend cycle, CCI, and ADX for indicators.
The third of the more popular tool is the USD index. The USD is the most traded currency, so it stands to reason forex charts like the USD index can come in handy for your trading day. The index offers a basket of USD currency pairs like EUR, JPY, CHF, CAD, and SEK. There are also nine chart options that offer a range of periods that you can customise to check for technical indicators.
Additional Forex Charts Online
Trading in the forex market is just the beginning of what you might want to do. There are plenty of other areas you can invest in to diversify. Some online sites offering forex tools provide more information than currency charts.
For instance if you intend on trading EFTs or exchange traded funds you might be interested in commodities that trade as part of the fund. In this case you would need more than currency forex charts to make the right decision.
Additional charts that can come in handy include commodities, bonds, and equity indices. Commodities are about futures in certain industries like precious metals and crude oil. You would see information for gold futures as an example.
Bonds are a safe haven option when currencies are not trading favourably for you. You can see if there is a bond like the 10 year note from the USA or the Euro bund future that is more attractive than the current market.
In forex you always want to have diversity of investments in case the forex charts reveal there is nothing to trade for the day. In times of trouble there are definitely issues with trading currencies. The market can be too volatile even for G7 pairs. Covering your bases is always good.