Charts

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Chart Setup

1. Open up the first chart click here now to select a chart if not previously done. Remember the first time it may take some time to load so be patient.

2. Once the first chart comes up go to the button, "File" and click. A Menu will offer 3 choices; click "Launch Duplicate Chart". Once the Duplicate chart pops up, Minimize the main browser window into your Task Bar. Do not close the window as all the charts will close also.

3. Move your cursor to the right and click the button, “Time Scale and Period” Out of the Menu that pops up there click “5 minute” and out of the menu that pops up to the right there, click 2 days.

4. Now you have a chart with the currency pair EUR/USD at the top of your screen, with 5 minute candlesticks over a 2 day period. Now we are going to add some indicators.

5. Go to the "Indicators" Button on the chart and click. A Menu will appear and choose the 'Simple Moving Average" and move your cursor to the right over the "New" and click. A pop-up box will occur giving you a choice for the "SMA" put in "9" and click "OK".

6. Reclick on the "Indicators" Button and this time choose the "Exponential Moving Average", Click and move your cursor to the right. The word "New" will appear and click there A pop-up box will appear. Change the "EMA" to "18" and click "OK".

7. Reclick on the "Indicators" Button and scroll down the Menu to "MACD" move the cursor to the right and click on "New". A pop-up box will appear and just click "OK" as we use the default settings here.

8. Now you will have a EUR/USD chart with the 3 basic indicators.

9. Now go to the far left on the task bar above your chart and click on "File". From the Menu click on "Launch Duplicate Chart". You will now get a second chart with all the indicators on it, set up as we just did the first one.

10. On the second chart go back to the "File" button, click and now choose "Change Symbol" Scroll down the Menu to GBP/USD and click.

11. Now you have two European currencies up, EUR/USD and GBP/USD.

12. Now go to the far left on the task bar above your chart and click on "File". From the Menu click on "Launch Duplicate Chart". Go to the third chart and click on the "File" Button and again choose "Change Symbol" This time scroll down to the USD/CHF and click. Now you have all three European currencies up.

13. Now you can really get to work. Go to the first chart and we are going to add the Lines of Support and Resistance. You will see two vertical lines through the chart which indicate Midnight EST Go back to the middle section which is the previous day. Go to the "Draw Line" button at the top of your chart and click. Click on the first menu item "Add a Line" Now take your cursor down into the center section of your chart, between the two vertical lines and find the highest candlestick before 17:00 hours, Click your cursor there and drag the line that appears straight off to the right until you get to the end of your chart and you are in the numbers. Then go back to the middle section, and choose the lowest candlestick before 17:00 hours. Click your cursor there and drag the line that appears to the edge of the chart. Then go back to the button "Draw Line" again and click . Now reclick on the "Add a Line" to deselect it. Otherwise you will be dragging lines all over your chart every time you touch it.

14. Repeat this step for the other two charts.

15. Now go to the furthest left vertical line. Put your cursor on it and Drag it to the right, which will cause you to zoom in and enlarge the section of your chart that shows today only. However the Lines of Support and Resistance will still be there unless the currency has moved way above or way below either or both lines. This does happen often, so don't be surprised if that is the case.

16. Now you are in a position to take a good look at each chart for the Three Challenges. Do you see the currency going down to the Line of support and bouncing off and repeating this a couple of times? Perhaps it has pushed up to the Line of Resistance and bounced off a couple of times. It is here in the longer view that you would be likely to see the Three or four or five challenges. If you see them see where they are in relationship to the currency movement right now. Can you find a strong trend developing?

17. Organize them on your desktop so you can see all three at the same time. A good choice is GPB/USD Top left, EUR/USD/ Bottom left, and USD/CHF Middle right or bottom right if you want to put your Dealing Station up on your desk top.

18. Now look at the chart for a Trend that you can confirm. Look for a definite move up, or a definite move down, has it pulled back? Can you see a retracement? Wait for one or two confirming candlesticks to ensure the currency has resumed its upward or downward trend, the go to your dealing station and open a trade.