About Me

My Photo
Ron Andrew O'Daniels
Atlanta, Georgia, United States
I am a writer of short fiction and non-fiction.
View my complete profile

About this Blog:

This blog is best used in conjuction with my website http://www.ragstorichesforex.com/ I suggest that you stop by over there first and then come back. I post here very frequently. There may be more to both of these sites than you think if you learn to read between the lines. Read me like a racing form. I have decided to remove all advertising from this website and have shamelessly inserted a donate button to the top right. If you feel my content worthy, feel free to donate any amount. Thank you.

Video Of The Week: See all at my youtube channel.

Tuesday, April 14, 2009

Getting Lazy with Forex Charts

Everyone using robots can just ignore this and keep watching TV or lounging in the backyard or whatever it is you do. For everyone else, I had someone post me something that looked like this the other day:

S1= 1.3195
S2= 1.3133
S3= 1.3041
R1= 1.3349
R2= 1.3441
R3= 1.3503

 I know that we all know what these are, but let's complete a little drill. Pull up a clean chart of the EUR/USD and starting with the Day chart draw horizontal lines for all the resistance and support that you see. Use a certain color. Now do it for the three or four hour, one hour, thirty minutes, fifteen minutes, and the five, use a different color for each. Try drawing some as bands of resistance. I know this is very easy, but anyway, now compare what you drew to whatever you have that came to you from wherever. How close are you? Are you better? Sometimes I notice that I get lazy and just want to look at a bunch of numbers. The more proactive I am on my charts. The better.