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How can I use DailyFX PLUS? Part 1: The Technical Analyzer
By Tim Shea | July 17, 2007
DailyFX PLUS is a great tool for live clients, and is also available to demo account users for this week. There’s a lot to use there. The tool I use the most is the Technical Analyzer. It’s always up-to-date, because there are posts every few hours, over 70 per day. It also covers a lot of my favorite currency pairs, like GBP/JPY, EUR/JPY, NZD/USD, USD/CAD, EUR/CHF, as well as the majors and a few other crosses.
There are 2 parts to it. The top section lists all the articles, and shows the short term and medium term outlook for the currencies. The bottom “story†section is the really useful one. A professional team of technical analysts post the charts they are using, complete with trendlines, channels, support and resistance, etc. They also use these things to give a preferred trade, profit targets, and an alternative scenario if the currency turns around. It takes a lot of the work out of charting, and is a big timesaver for me… as well as improving my technical analysis.
Here’s what it typically looks like:
Tags: dollar, forex, forex news, forex trading
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