Daily Trading System

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VIDEO 6
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Understanding how to use the Market Watch Window.

In this video I go over how to use the Market Watch.

Remember. There are 6 major currency pairs. Not 4. They say there are only 4 b'cos they are most talked about.

The 4 most talked about currency pairs are:
EUR/USD = Euro Dollar vs United States Dollar
GBP/USD = British Pound vs United States Dollar
USD/JPY = United States Dollar vs Japanese Dollar
USD/CHF = United States Dollar vs Swiss Franc

The other two pairs that make up the 6th major currency pairs are:
AUD/USD = Australian Dollar vs United States Dollar
USD/CAD = United States Dollar vs Canadian Dollar

There are over 25 pairs to trade. My best advise is try not to get overwhelmed by the many choices you have to trade.

Each Currency pair has its own personality, how far is moves in one day, and how fast it moves. And lastly, how reactionary it is on news. You'll find that some currency pairs will move fast and retrace, while others like the AUD/USD will tend to ignore the ongoings with the other major currency pairs like EUR/USD and GBP/USD which tend to follow the same direction when it moves on most occasions.

However, the AUD/USD is like a Snail, it'll follow the EUR/USD and GBP/USD, and if these two pairs are going up, hits a high and reverses, AUD/USD will continue to make its climb up until it too reaches a high and depending if that level is a strong supply level, it'll retrace, if not it will break through to find and test the next high!

All of this will come to make sense as you study. :-)

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