Forex Indicators

If FOREX is suppose to be 24 hrs trading, then why do daily charts exists?

Public Comments

1. When someone makes a daily chart of a currency pair, they are trying to "clear away" the "market noise" -- i.e., the pointless daily fluctuations -- and get a clearer pic at the bigger trend for that currency pair. Here is a page with a small chart for the USD/EUR. http://finance.yahoo.com/q?s=USDEUR=X That's a chart for one day's trading, but it's all over the map. Here's a 1-day chart: http://finance.yahoo.com/q/bc?s=USDEUR=X&t=1d Now a 5-day chart; the data from the previous chart is now compressed on the right, and we can see a general downward trend forming. http://finance.yahoo.com/q/bc?s=USDEUR=X&t=5d&l=on&z=m&q=l&c= Now we look at the 3-month chart, and the curve is smoother because the daily fluctuations have been "ironed out." Technical analysts will now be able to compute where to enter the market now.
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