- Market quote of EUR/USD stood at around 1.36 in 2014, which fell to around 1.36 in 2015 and continued this declining trend to settle at around 1.09 in mid-2016.
- AUD, on the other hand, was rated at 0.92 against USD in 2014, which then fell to 0.80 in 2015, which then rapidly declined to below 0.70 in January 2016. After this, the market slowly appreciated to 0.76 in mid-2016.
- Japanese Yen, considered as a stable currency, stood at 98.74 against USD in 2014. The value then appreciated to around 124.37 in mid-2015, which again declined and settled at 103.84 in 2016.
The above data show that both EUR and AUD depreciated against USD in the time frame of 2014 to 2016, however, Euro’s decline was steeper than AUD. Yen, on the other hand, appreciated quite steeply and fell at a similar rate in that very time span. Certainly, it is clear which currency you would have considered trading with had you been investing in the year 2014. Such useful data or information are generally available from free forex charts live.
Live forex charts update market quotes of currency pair on a daily basis. To be precise, these charts show market movement in a span of an hour or even minutes at times. Yearly data are useful to traders who are considering holding a currency pair for that much amount of time. But if you have stepped into forex to trade within a span of time, free live forex charts online are the thing for you. Read on to find out how are they useful and where you can find such free charts with reliable data.
How are free forex charts live usefully?
Understand this with the help of an example. Consider yourself as a daily trader. You buy currency at a certain point of a day and sell it on that very same day, either making a profit or loss. The percentage of gain will not be huge as you are trading on a daily basis.
Suppose you started trading at 6:00 am and decide to invest in Euro. You place a buy order 1.0922 against USD. Now, you have to access a forex online live chart showing movements of this currency pair on an hourly basis. You are likely to observe the following:
- The market slowly fell to 1.0920. It then opened at 1.0923 after few minutes and again fell to 1.0920.
- 30 minutes later, the market opened at 1.0917 and appreciated to 1.0922. This trend continued for the next 20 minutes or so.
- At 7:00 am, Euro opened at 1.0920 and fell to 1.0917. At 7:15, it started at 1.0917 and depreciated further to 1.0910.
Observing this falling trend from the free live chart forex of EUR/USD pair, you decide to sell your Euros at 7:30 at a market quote of 1.0911. in the process, you made a loss of 9 pips. But do you stop here? You want to make a profit in this market. So, you continue your surveillance and further observe the following:
- After you made your sell at 7:30, Euro again fell and rested at 1.0902. At 7:45, it opened at 1.0907 and ended at 1.0897.
- At 8:00, Euro opened at 1.0903 and depreciated to 1.0896 for the next few minutes.
- Then at 8:15, it opened at 1.0897 and finally appreciated to 1.0903.
- At 8:30, the market opened at 1.0901 and started depreciating to 1.0896.
You notice this appreciating trend on the free online forex charting and decide to purchase Euro back at 8:40 at a market quote of 1.0896. It is noticed that Euro increased to 1.0904 at 8:45, then slowly raised to 1.0906 at 9:00 and finally reached 1.0907 at 9:15. This is giving you 11 pips of profit, and you decide to make a sell.
You made 2 pips profit in a matter of three hours. If you had invested $100,000 initially, your net profit now stands at $20. If you had waited further, say till 11:30, the market for Euro would have appreciated to 1.0911 which would have made you $60.
This is the usefulness of free forex charts live. Just by keeping a constant check on market movements, you can earn $60 in a matter of five and a half hours. Considering your initial investment was $1000, and you went for 100:1 leverage, that is almost 6% profit in 22% of the day. Now that its necessity is established, it’s time to find out the reliable sources.
Where to find these free forex charts live?
The primary requirements of these charts are that all the currency pair charts must be:
- Accurate and reliable.
- Must provide real-time market data.
- Must be updated in short time-spans.
The chart considered in this article updated itself in a span of 15 minutes. Information was real time, and it constantly showed every figure, fall and rise percentage, instantly. Such reliable free forex charts live can be obtained from the following sources.
- Every foreign exchange broker provides such real-time charts. Your broker will have access to market quotes of multiple international currencies and generate such charts with their tools available. You may argue that these are definitely not free as you have to pay for their services, but no brokerage firm charge extra for using such charts.
- Another source can be free live forex charts online. There are websites which provide such charts and plots. In these websites, you will not only find charts of a single currency, but of all other major currency pairs. These websites also update you with a real-time market quote and at times, provide you with market sentiments as well.
- Apart from these, online forex charts free are also available in blogs and posts maintain by veterans in currency trading. They provide you with such charts and associated in-depth analysis of that currency pair. Details regarding the future market movements are also available on these blogs.
- You may also consider downloading an analytic mobile application on your smartphone or tablet. Few applications do not require you to make a payment and the best ones provide you with free live forex charts online, which are definitely reliable and accurate.
Any trading software you use or any trading platform provided by your broker will come with such plots. If sources are reliable, your returns are bound to increase with proper analysis.
Is chart analysis enough to earn to earn money?
It is one of the analyses methods that you must consider but should not be the sole one. Such charts come with technical indicators and tools that help you forecast the market and place your orders accordingly. Along with this, you must also carry out fundamental analysis of the currency market and then decide on your investment.
For instance, how would you know that EUR/USD pair is the right currency to trade with today. You cannot just access its online forex charts free and start trading. You must access the global financial market and decide on which currency is likely to show liquidity on that particular day.
Also, you cannot just start trading with a currency pair at any point of the day, especially of you are a short-span trader. The foreign exchange market work in sessions and a certain pair may sit idle at some point while another is showing high volatility at that very same instant. There are four major trading sessions based on international time zones and currencies fluctuate more during overlapping sessions.
Definitely, analysis of free forex charts live is a perfect way to make daily profits, but there are other things to be taken into consideration as well. This is a global financial market which transacts with $5.3 trillion daily. Certainly, just accessing one single tool will not multiply your profits exponentially. Then again, there are various types of charts available, and you must be able to interpret them. Find out more about currency investment and make that 6% profit today.