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.