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

Having the knowledge about the forex market will help you trade and make higher profits in this currency trading. If you feel that you can dedicate a lot of time to this market and still want to make good profits then you should see that you hire a good forex broker. Check whether the broker you select is a reliable one or not. Also check whether he is registered with at least one of the regulatory agencies. This is because service hired and the other forex systems purchased are considered to be secure only if they are obtained from the correct source.

The forex trading platform and services that is user friendly and easy to use are considered to be the most feasible ones. The forex trading platforms are most of the times also referred to as best forex robots. These forex trading robots can be very helpful in earning higher profits in the forex market. Apart from this these forex trading systems educate you on all the different ways in achieving profits. But then see to it that you select the one that is authenticated. For this expert or professional advice can also be taken.

One another option available to the trader for selecting a good forex trading platform is researching on the internet. The online forex trading platforms have improved a lot because there have been a lot of technological advancements in the recent times. These online trading platforms are accessible by all and are also easily available on the internet. But then before selecting any kind of an online forex trading platform make sure that you go through the reviews and the comments given by those who have already been using it and the experts. Even after this it becomes very difficult to select from the best ones.

The information available on each of the trading platform online is very helpful and can be trusted upon because it is updated regularly and also given out by the professionals and experts of the forex market. Thus, if you wish to earn huge with forex trade then see to it that you select the best forex trading platform.

The price at which the currency is bought by the investor is called the ‘Bid Price’ and the price at which the currency is sold by the investor is called the ‘Ask Price’. The buying and selling of the currency is of course done by the Forex Market Broker. While doing both the things, he adds and deducts the Spread from the investor’s share of money. This is a kind of fair hidden cost. One simply cannot expect the Forex Market Broker to work free for the investor. The advantage of operating with the Spreads is that the investor pays it when he buys it and not when he sells it off.

There are ample sites on the internet which offer free Forex Trading Platforms, but the investor should know how to choose from them the low spread platforms. Choosing a low spread platform does increase the profitability of trading with the Forex Trading Market. The most popular currency pairs in the world like USD/GBP, USD/EUR, USD/JPY, etc. typically have the lowest spreads to offer to the investor.

A good Forex Trading Platform always displays the real time prices of the currencies in the Forex Trading Market. Now if there is any price difference, which will always, be there, it should be calculated by the investor. Comparing many platforms, the investor should choose which low spread platform to go with. A Forex Trading Platform should not be compared by the spread it has, but by the kind of convenience it can provide the investor with. Many times, a low spread platform might not offer features that the other platforms might offer at a little higher spread. In this case, it is a case of prioritizing for the investor to go with which Forex Trading Platform.

The investor should also compare the platform performance to other platforms at roughly the same spread. The speed of execution of the particular platform should be necessarily compared. The speed of execution of a platform is vitally important if the investor wants to grab advantage of a sudden rise or fall in currency prices. The investor should trade in odd numerical sums instead of fully rounded off figures. The investor should trade 145,846 units instead of 150,000 units to ensure keeping the deal tilted towards him. This trick is very useful for the traders who risk a part of their trade balance with each transaction they complete.

At the same time it is very important to have an understandable and organized interface that is quick and free of errors. An important aspect for success is to have an adaptable charting system which supports your own individual trading style along with the required information. Generally, majority of the online brokers have suitable interface but lack a proper and complete charting system. You can get a suitable platform if you are ready to pay any amount for it. You cannot expect them to be comprehensive if they are freely available.  But what type of trading platform you should choose if you are bound by money and other constraints.

You might get tempted for the time being by a package which gives you the basic essentials like a price history of only past few months, a straightforward average and possibly a few indicators like the stochastic and Bollinger bands or trading volumes. But you will soon realize that such packages are waste as they will not provide you the currency trading information which is essential for the development of your trading style. Apart from this you can pick a broker who can trade for you. Finding a comfortable broker which provides a reasonably complete fx trading platform like myforex or metatrader 4 is not that difficult. This trading platform will contain all the tools and indicators that you are expected to need by a trader.

Lastly you just need a method in currency trading or you’re guessing work will also do. Where you study your method from is not important as long as the method is effective and gives desired results. This is important as you will know whether the method is working successfully or not. Also try to find out the tools and indicators that successful traders use for their trading. It is okay if you copy them as they will save a lot of your money from getting wasted. A trading platform thus becomes very important for becoming a successful trader in this trading world and make sure that you select a right one otherwise you will have to face the consequences.

Generally famous currency pairs have the lowest spreads like EUR/USD or GBP/USD. The spreads also depend upon the type of account you have. You might not get a good mini trading account with a low spread forex trading platform. Clearly if the currency pair has smaller spreads then the conditions will be better for any investor and trader. There are many sites available online for promoting various fx trading platforms. These platforms can help you buy or sell the forex. The only thing you need to find out is a low spread currency trading platform.

A typical good trading platform will show live prices that you can actually trade at instead of analytical quotes. Some of the essential things you should look for in a low spread fx trading platform is that it should be reasonable and should allow you to identify the actual prices to give you an idea of the spread. Other factors that you should consider while selecting the low spread forex trading platform are:

User friendliness: the currency trading platform should be easy to understand. The reliability should be consistent even during bad market times. The platform should also offer various services like one click buy or sell, trading from the chart, supports mobile devices, trailing stops etc.    

Platform execution – The fx trading platform should provide speedy and constant execution of trades.

Minimum investment – for opening a trading account, the Forex trading platform should offer least amount of money.

Fractional trading – The low spread Forex trading platform permits the traders and investors to trade on a partial basis i.e. Instead of full lots “100,000 units” or “300,000 units”, it allows you to trade “163,345 units” or “325,911 units”. This is especially very useful for traders who risk part of their balance on each trade.

There are basically four simple steps which you need to follow while creating an account with online forex trading platform. They are as follows

• First you need to select which type of account you want to open.
• After deciding your account type you need to register with that account.
• The third step is account activation.
• Lastly get the confirmation of your account.

Take for example opening a min forex account with more than one platform and finally securing your money to the one that meets your requirements. While selecting an fx trading platform, don’t take any decision in hurry and don’t hesitate to ask your doubts. Ensure that you are opening a forex spot account and not forwards or futures account. The reason to open a spot account is because it is easy to rollover your position with them. Also make sure that you are satisfied with the currency trading platform policies before registering. Some of the basic factors you need to check are: 

1. Bid or ask pip spread on major currency pairs
2. ask for minimum size of trading unit
3. Ensure that there are no unknown commission costs or other trading fees
4. find out the amount of margin that is required per trade
5. Be aware of re quoting policy
6. Enquire about the consistency of the trading platform
7. Enquire about the charting and technical analysis services

To reduce your forex trading cost, look for the most competitive spreads. You might have to shell out extra money from your pocket if you won’t get these spreads. Competitive spreads range about 3 to 5 pips and avoid those platforms that are providing 8 or more than 8 pips. The currency trading platform should be transparent and should not contain any hidden extra charge. Select your online forex trading platform cleverly before trading in currencies. If you open an account in a wrong forex trading platform, you might have to face monetary and time loss. So, in order to avoid this make sure you choose your platform from the various mini accounts you had opened.