After looking at the long term trend on the weekly and monthly currency charts, it's time to take a look at
the shorter term trend on the daily chart. Trends on the daily charts tend to last about
6-8 weeks, so this is a nice time frame for most part time traders who don't want to spend all day in front of a
screen. Again, always trade only in the direction of the primary trend which you have
established by looking at the weekly and monthly currency charts.
This is a dailly Euro Candle Stick chart where each bar represents 1 day of price
action. The Blue candles are days when the euro rose and the red candles are when the Euro fell against
the dollar. On the daily charts I no longer use the 10 day moving average so the lines are
the 20, 50 and 200 day moving averages. You will see that the 200 day moving average is
very important on the daily and hourly charts.