Forex Currency Map

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Video Transcript:

Hello traders. Welcome to the thinkorswim tutorial and the first module, introduction to thinkorswim. In this lesson we are going to go through the FX Currency Map, which is a very important tool for all of you Forex traders out there. So here we are in the thinkorswim platform and to load the FX Currency Map you have to go to this plus sign right here, click on it and then add the FX Currency Map to it. Now this is what the FX Currency Map looks like. The first thing you will note is that you can also detach this gadget by clicking on this little circle right here and clicking on detach gadget. This will give you…well, by detaching the gadget and detaching the [inaudible 00:00:57] you can have your own personalized working space.

Forex Currency Map

In this case, we are going to use the FX attached Currency Map. The first thing you need to know is that you can choose the base currency on the FX Currency Map by clicking on the bottom right corner of the currency square right here and choose from the US dollar to the Canadian dollar, the Great Britain pound, the euro, the krona etc. Let’s choose the euro, for example. As you can see all the FX pairs that were on the FX list just change for a base currency on the euro. Let me just adjust this FX Currency Map so we can see all the currencies that the FX Currency Map shows us.

The first thing that we are going to learn is that first of all, the FX Currency Map is divided by zones. You can see that the base currency that we have chosen is the euro and of course, the euro against the US dollar. So we have, right here, the EURO/USD. When you hover the mouse over the US dollars part of the map, you will notice that you have a window that prompts out which means that the platform will give you extra information on the currency payer. You can see that we are up on the EURO/USD, that the market is now closed in the United States and it even gives you the movements on very important stock indices.

Then when we go to the Canadian part of the map, you can see that we also have the EURO/CAD. The market in Canada is closed. We can go to the Great Britain, the market in London is closed etc. Now, if we change it for the base currency for the Japanese yen we will get all of the important Japanese yen currency payers. Again, if you hover over the USD/JPY or the US dollar part of the FX Currency Map, you will notice that we are down 64% on the USD/JPY. We are down on the EURO/USD 1.47%, which is also information you can get on the table below the map. Here you will notice that you have all of the currency payers, or the important currency payers, against the Japanese yen, the current market price, the market change, the best bid and the best ask.

FX Currency Map

If you want to customize the experience on the FX Currency Map just click on one of the circles against the currency payers and click on “Customize.” This will prompt out the current settings or the current set on the FX Currency Map. For example, if you want to remove the best bid and the best ask you can do so by clicking and clicking then on “Remove Items,” clicking “OK,” and then you only have the market or the market price or the change since they started. Now let’s click on “Customize” again and you can also add. Now let’s add an indicator for example. This is very important, I don’t like to have the market change but I like to have the percentage change on my FX Currency Map, so we are going to add the percentage change to the table below the map. So we have the FX pair, the current market price, strength meter the percentage change and we are going to add an indicator. For example, let’s look out for a stochastic oscillator, Stochastic Fast. This will not add the actual indicator to this map but it will add the readings on the indicator per currency payer. Let’s add it to my settings list and let’s click “OK.”

As you can see, we have the currency payers, the market price, the strength index, then we have the percentage change and the stochastic oscillator. We already know that below 20 is oversold territory and above 80 is overbought territory. Just by looking at the FX Currency Map, we can know for sure that the EURO/JPY for example, which is down 0.17%, which is the biggest loser so far on the Yen payers is at a very, very oversold level. We can know that without even looking at a chart that, just by looking at the FX Currency Map. And also this FX Currency Map is telling us that the yen is strengthened over the entire board.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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