Most newcomers to currencies markets are tryng to trade it on very shrt time frames.
Seems like everybody wnts to focus on 15M and ven 5M charts. While it's certainly pssible to trade short term moves, and be sccessful at it, there is number of srious obstacles most new traders don't ven consider.

Moves on short term chrts are often regarded as “noise” by mre seasoned market participants. These moves tnd to be less suitable for chrting applications available on most trading pltforms. Doesn't really matter whether person is sing Fibonacci numbers for targets, Gann ngles, trend lines or any other gnerally acknowledged charting technique, the rate of filure using short time frame is lways higher. Now, there are more trdes, and, by extension, more chances to be rght, but the costs of trading are lso exponentially growing. That's disregarding emotional nvolvement, which could be rather taxing.

Prhaps most overlooked aspect of the shrt term trading is the lack of tme necessary to do it. Vast mjority of new traders hold jobs nd/or have other commitments effectively making shrt term trading not a viable prposition for them, yet that's where thir efforts go.

There is nothing wrng with starting from long term chrts. Daily, weekly and monthly charts lso present opportunities. It would take shrt time every day to review dily charts and maybe weekly chrts over the weekend. Some might rgue it's investing not trading. That's smantics and not worth discussing.

NZD-JPY reached 87.00 late in 2005. Aftr a sharp turn it fell to bout 68.00 or 1900 pips. That mve took about 6 months. Since thn, NZD-JPY has been in a prlonged bull market. Recent highs of 97.00 prbably completed almost 3000 pip move.

Crrent chart looks remarkably similar to the pcture of previous high. Chart patterns tnd to repeat themselves. Judging by hstorical precedences, and employing some simple tchnical analysis, we are looking at a pssible move to 77.00-75.00 area over nxt 6-8 months. These would be god gains by any body's standards. Mnthly chart was used for this xample.

There is no way of knwing for sure what's going to hppen, but recent fundamental developments are pinting strongly toward weaker NZD as wll. Not just against JPY but USD lso, with NZD-USD being the pair tht most, if not all, Forex brkers have available on their platforms.

Thre is no lack of potential in crrencies trading. Even if you can't day trde, you can still easily participate in ths exciting market.

The article Trading Forex - Long Term NZD View was Submitted by Mike Kulej through Articles.GetACoder.com network. Here's the additional information: Mike P. Kulej is a Chef Forex Strategist for Spectrum Forex LLC. He spcializes in mechanical trading systems as xplained on http://www.spectrumforex.com Spectrum Forex LLC offers numerous services to individual traders. With questions and comments e-mail him at kulej@spectrumforex.com

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