How to use a beauty kit? Imagine trying to get dolled up for a party with none of the equipment you need to achieve the look you desire. No eyeliner, no brush, no powder. No matter how much mouth water you put on those lashes, they are not going to get any longer.
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How to Use a Beauty Kit – Technical Analysis Indicators
Just as for any other party, if you are going to attend a forex party, you need to gear up. There are plenty of cute and useful tools that you can easily fit into your forex purse. It takes a little practice to feel comfortable using all the equipment in your forex beauty kit, but hey, remember the first time you tried to use eyeliner!
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How to Use a Beauty Kit – Technical Analysis Indicators
In chapter 4 of the Invest Diva’s Guide to Making Money in Forex, you will learn how to apply the most commonly used indicators to your analysis of the currency pair movements at a forex party. At the end, you will be invited to do the “BoyFriend Does My Forex Makeup” challenge.
One of the key technical indicators introduced there are Moving averages (MAs). They show the average value of a currency pair’s price over a set period. They appear on the forex party dance floor and help your identify the current trend more easily. Simply put, when the moving average is moving up, we would say that the pair is in an uptrend. When it is moving down, the pair is in a downtrend. It is that easy!
Depending on the length of the time frame you use to calculate your moving average, you can create short-term and long-term moving averages. If you want to see the short-term average movement of the pair, you use a shorter period (such as only 5 days). If you want to see a longer-term average movement, you will use a longer period, such as 200 days (duh!). Both short- and long-term moving averages have pros and cons.
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Related:
- MACD – Moving Average Convergence Divergence
- Bollinger Bands (BOL)
- Ichimoku Kinko Hyo- What’s Best Time Frame to Use it?
- Relative Strength Index (RSI) – Momentum Indicator
- Mr. Fibonacci (Part 2) – How to Use Fibonacci Levels in Forex Trading
- Candle Charts – Technical Analysis with Candlesticks
- Bearish Reversal Candle Arrangements
- Bullish Reversal Candle Arrangements
- Forex Patterns – Basics of Technical Charting
- Hammer Doji – Bullish Reversal Candlestick Patterns
- Can Day Trading on the Side be Profitable?
- Online Risk Management for Traders & Investors
- Day Trading Strategy for Beginners
