The pair has been  trending downwards and has made a small retracement upwards.

We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.

The entrance point is located below the last bottom the pair has made on the 4 hour chart.

More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.

 The RSI is near 50 in neutral territory.

SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.

TP’s are located  slightly above the support levels the pair has.

All analysis is based on the 4 hours chart.

Current rate: 1.6075

• Traders seeking high speed and deliverance: This type of forex software is preferred by traders who are well aware and are used to trading in currency market. Some of the features of such a platform are that it should have user friendly interface and must have a very less response time. It must be available on the internet and must be easy to download. Such trading platforms must provide advanced features like charts and market indicators. Here complexity of the product is not that an issue because it is assumed that if you are using this software, you already know the basics of forex. Other handy features are not requiring re-quotes and that the reports can be assessed at any point of time.
• Traders seeking flexibility: Here, flexibility is the key. The forex software is apt for the users who are still wetting their feet in this business. Such a product should be easily available and does not require download. It is even capable of operating without the interference of the firewalls. It is also attuned with all the web browsers.  The trader can manipulate the product to suit his trading style like changing the grids of the charts, creating short cuts for frequently used tools and so on.
• For traders that invest in forex as a full time business: Such fx platforms are favourable for the traders that spend most part of their day analysing forex markets. They make extensive use of trading platforms. Some of the features offered by such a platform are user friendly interface, extensive charting facilities and various types of market indicators. Such a product has no need of downloading and is generally based on flash.
• For traders who are always on a go: Such platforms are also known as mobile platforms. It is suitable for some one who is constantly travelling and needs to access the forex software from different locations. You can access them from your suitable mobile phones. The salient feature is that you can access this from any corner of the world via your phone. It is compatible with the relevant software and it has a very easy interface. The flipside is that it may not provide as many features as other trading platforms.

The site where the traders do business is known as the trading platform. This site contains the information of all the trading transactions, the data and the files that are useful in trading. It also includes the various graphs, news feeds and charts formed in real time.

There are various kinds of Forex platforms available in the market. These are made differently using various permutations and combinations keeping in mind the fact that each Forex trader has his own strategies and system of trading and this affects the information required by the traders. Therefore, it is very important for a trader to understand the kind of trading platform he requires in order to gain profit. For instance some investors are known as “stalkers”. Stalkers are the investors who follow a logical approach and predict trends by evaluating aspects that control or influence exchange rates between currencies. These traders are patient and are aware of the fact that it takes months to develop considerable changes in exchange rates.

There is another category of investors called “foragers”. Unlike stalkers, who are patient and logical in their dealings, foragers seek the maximum profits possible in the least amount of time. They look for swift rise in interest rates of oil prices, wars disasters and other such factors that can cause changes in exchange rates. Now since their approach to trading differs, their data requirements also vary.

Allowing a trader to buy and sell currencies and see information in real time is the basic feature of a Forex platform. Display of charts and graphs is also important an important feature. More user friendly forex platforms have this feature where the color and layout can be customized so that the trader can have a better clarity.

Before choosing a Forex platform, a trader must be aware of the ins and outs of the trade. He must be clear about the market as well as the method he can apply in order to fetch maximum profit. Only after a trader is clear about these points should he choose the forex platform. Since there are numerous number of Forex platforms available in the market, choosing the right one would only be possible if the trader is clear about his own strategies and methodology of trading.

The trader can gain knowledge through the internet and also benefit by the free demonstrations that are available. A trader who has all the knowledge about forex marketing would be able to choose the right kind of platform.

This is avoided in case of an online trading platform. All the platforms are downloadable on the internet and you can easily search for the websites providing the fx platforms. The websites also have a list of the features provided by the platform. You can see for yourself as to which platform is suited to your trading style. You do not have to first install the platform and then see if the software offers what you want. Also, there are various forums related on the online platforms. You can read the reviews of the platforms and see what other traders think about the platform. Many forums even rate the different platforms based on their popularity. Thus, you can get an idea of the platforms that are preferred by other investors.

Another advantage offered by the online trading platform is that you get news events instantly. Many good companies keep a track of the news events around the world and make the investor aware about any event that might affect the currency market. Forex market being a speculative market, such news can be very helpful in predicting the future price movements. If you are already aware of an event that is bound to happen, you can take the measures accordingly and this will give you an added advantage over the rest.

Fx platforms on the internet are very useful as they provide minute by minute changing rates. Tapping these fluctuations can play a decisive role in the performance of the trader. Conventional platforms do not have this facility. Online systems also have the feature of the demo account where in the trader can trade in the forex market but no real money is involved. Thus, you can ensure that you have your concepts clear before investing real money. These days, there has been another improvement in the field of online trading platform. It is called as auto robots or expert advisors. These platforms do most of the tasks on their own and do not even require the trader to sit in the front of the screen for all the times.

But one has to be extra careful while using the online platforms as there are also many fake programs on the internet.

There are literally speaking hundreds of forex platforms that promise you to make you rich by entering in forex market using their platforms. They also provide you guarantees by their tag lines which indicate investing low and earning more. These things are only to be said and practically not possible. This is nothing but hyperbole statements to sale their forex trading platforms to those that are not well educated about the forex market. Therefore it is very essential that before approaching these fx platforms you educate yourselves about them.

These forex platforms also offer you Demo accounts. These demo accounts cannot be clearly said to be scam but it is something that can mislead you. These accounts are mainly for the benefit of the traders but actually the accounts on fx platforms do not provide real benefit. The fact about these forex trading platforms is that when the trader gets with this account, he does quite well but when it comes to real forex market they are not capable of doing so well and struggle to get answer for it. This is because these forex trading platforms have an inbuilt problem which arises when your actual money is involved online. Therefore it is advisable that you do not pay much attention to these demo accounts provided by the platforms.

There are many fx platforms that offer strategies that can help you attain success for majority of the time. These are the ones that will never fail but believe it; going for them is not worth. This is because these forex trading platform will demand lots and lots of money at each stage. One truth in forex market is that no strategy works too long and no strategy is adequate. They can sometimes be effective while at times with economic changes they may not work and so spending on these is not worth.

In case if you are interested in getting a fx platform for your trading in forex market it is very essential that you have a look at the reviews and testimonials of them and get an idea as to whether they are capable of fulfilling your purpose or no. Get the forex trading platform that does not involve much scam but genuinely provides help for your trading in forex market.