Ensure Your Forex Data is Current
The importance of accurate Forex data
cannot be overstated. If you are relying on
certain support and resistance (S/R) levels,
you need to be absolutely certain those
levels are correct. There are many sources
of free information including both technical
and fundamental analysis.
Besides the normal S/R price levels of
Forex, you need to be aware of the "big
picture" S/R levels of recent highs and
lows.
Fibonacci levels
are also closely followed by many Forex
traders and you need to know where the
current Fibo levels are.
One of the better sources of free analysis
information available to Forex traders is
Daily
Fx.com . They have extensive daily
coverage of both technical and fundamental
analysis which details the important levels
to watch.
Keep an Eye on Other Markets
The Forex market is influenced by the equity
markets, and there are correlations between
certain currencies and the price of
commodities such as oil and gold. Traders
will often spend an hour or two in the
morning watching CNBC or other financial
programs to help get a feel for how the
overnight action was in overseas markets.
Watch for and use the correct Forex
information and it will definitely help you
to trade with a greater chance of success.
The more information you have on the market,
the better off you'll be.
