How To Set Up A 10 O'Clock News Forex Chart

by Richard Hill

People ask me where the Euro’s heading...

Should I buy my holiday cash today or wait?

Sorry to disappoint you, but I can’t answer that question.

Too little information.

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It’s going up and down and sideways...

You see, the most important piece of information is missing from that question.

There’s no timeframe.

If you don’t know your timeframe, it’s going to be tricky trading forex.

It could be going up for the next hour, then moving sideways for the rest of the day.

That’s not a prediction by the way.

The Euro (or EUR) could be going down for the next few days, but go up over the next 6 months.

You shouldn’t place a trade if you don’t know your timeframe.

Many people new to forex don’t understand this.

And it’s one of the reasons many lose before they even get started.

Knowing your timeframe, increases your chance to profit

So, how do you decide on your trading timeframe?

You have to find a trading strategy that fits in with your schedule.

In the last issue (How To Trade Forex If You're Busy), I explained how it’s possible to trade during the 10 o’clock news, using daily candlestick charts.

Today, I’d like to show you how to set up this daily timeframe chart.

Ready?

OK. Let’s got for it...

Firstly, log into your spread betting account and open the Spot EUR/USD chart.

You can do this by clicking on the little Quick Chart icon (the button with a red, green and blue chart on it).

The regular chart will open, looking like a regular run- of-the-mill chart.

But we want candlestick chart...

So, click on settings at the bottom right hand corner and change the settings in the toolbar that appears on the left of the screeen.

Change the Style drop down tab at top to ‘Candlestick’ and the chart will change to show a series of green and red ‘candlesticks’.

Now, once you have done this, close the Settings box by clicking the top right hand corner X.

We now need to change the timeframe of the chart.

To do this go to the bottom right hand corner of the chart and open the timeframe tab which is currently 1 minute.

You can see where to do this in the screenshot below...



Highlight the Daily timeframe and the chart will change to daily candlesticks.

You now have the daily chart for the EUR/USD pair.

Congratulations you have set up the daily chart, or what I call my ‘10 o’clock news chart’.

To save this chart template, press the button to the right of the Settings tab as shown below.



Then save the template. You could call it ‘10pm news’ to keep things simple.

Now you’ve saved it, you can retrieve this next time you log in as it will save your settings.

And that’s it, you now know how to set up a chart with a 24 hour or daily timeframe.

Well done.

Now we’ve got the right chart, we need to figure out how to spot the right signals for trading. And we’ll look at that in the next issue.

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But in the meantime, I want to take this chance to ask you if there are any forex questions you’ve got...

If there’s something we’ve already covered that you weren’t quite sure about or if there’s something you want me to expand on in a future issue, let me know.

You can just hit reply to this issue or you can drop me a line at forexroundup@agorapub.co.uk  

I look forward to hearing from you.