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The spot forex is a support and resistance market. Whatever forex tools and forex indicators you are using to trade the spot forex market, the experience can be greatly enhanced by understanding near term forex support and resistance along with longer term forex support and resistance numbers for the currency pairs of interest. Every spot forex trader and the major forex trading institutions are watching critical areas of support and resistance on the various currency pairs. If any major currency pair breaks through a critical support or resistance number it makes news everywhere on the forex newswires and  on national and global news shows.

Support and resistance numbers on the forex are somewhat repetitive, the major support and resistance numbers on the forex tend to repeat themselves over time as the currency pairs range or trend up and down. Monitoring the critical areas of short term or long term support and resistance on the spot forex is easy using price alarms. You can use desktop alarms, alarms to wireless devices, or email alerts when prices are breached. Make sure your forex broker gives you the ability to set price alarms and alerts. They should also provide free forex price alarms or alerts on their forex trading platforms.

Forex price alarms can be used for the various needs of a forex trader. If a currency pair is currently trending price alarms can be used to notify a forex trader when the trend is resuming so you can intercept the price movement.  Another use of forex price alarms is to set price alarms at specific support or resistance prices where the indicators can be reevaluated for profit taking.  This assists with forex money management and on exiting forex trades. 

Another use of forex price alarms is for setting price alarms where double tops and double bottoms can occur, the double tops and double bottoms occur frequently on the spot forex and can represent entry points into complete currency pair reversals after large sell-offs or up cycles. Price alarms can also be set to alert a trader when a currency pair going in your favor so you can reset your stops up or down to improve your forex money management or entry management. Price alarms can also be set at the same price (execution price) of your partial limit orders or entry orders to notify the forex trader that an order was executed.

Also if a currency pair is not trending but trading in a narrow range a forex straddle alarm can be used to assist in to determining a breakout of the current price range. In conclusion the spot forex market knows where these critical short term and long term support and resistance numbers are, the other forex traders know where these numbers are, and the institutions also know, this means you should know too, don’t waste time staring at the forex all night. Monitor the market with forex price alarms and go on about your business, get a lot more sleep and still be in the know as to when your favorite currency pairs are moving.

Forex candlesticks are perhaps the single most valuable technical analysis tool that a trader can have in their toolbox. Candlestick charts have been a staple of the art and skill of technical analysis since the 18th century when Japanese rice traders invented them in an effort to spot repetitive patterns in price so as to predict future price movements. Similarly, the forex candlestick has been the backbone of technical analysis for forex currency traders since forex trading first became widely popular. Essentially, forex trading candlesticks display the overall thought process of all investors in the forex market for the given period of time the candlestick represents, thus they generate visual signals of investors' beliefs and it is these beliefs that are the engine that moves the forex market.

The greater appeal of forex candlestick charts over simple bar or line charts lies in the fact that they present the same data but with a dramatically dynamic visual interpretation. In essence, forex candle charts make it much easier and clearer to see the change in trader and investor sentiment, this makes forex candlestick charting the most efficient and profitable form of chart reading. The forex candlestick chart shows the raw price action that occurred as a result of market participants' reaction to economic variables.

Forex candlestick patterns give traders a definable and effective strategy to trade the market with. The primary reason for this is because forex candlestick charting gives a clear and easy to utilize depiction of the force of price action. The way that forex trading candlestick patterns do this is by having a "body" that shows the distance between the open and the close for the time period the bar represents. The body of a forex candlestick is typically either black or white or two other opposing colors. This easy to interpret visual effect gives you an instant view of who won the daily forex battle; the bulls or the bears. When using simple bar or line charts that do not contain this same contrast of price movement it is much more difficult to interpret forex price action.

Any forex trader looking for an effective yet simple to understand and implement trading strategy can make great use of forex candlesticks trading. By simply learning and then mastering a few core candlestick setups, traders can develop their own profitable forex trading system that will allow them to trade with clarity and conviction. A simple plain vanilla forex candlestick chart can be your primary technical analysis tool, trading in this simple manner will allow you to think clearly and calmly, and this will work to positively influence your trading. Many traders overlook the simplistic power that forex candlestick charts contain and proceed to add numerous indicators to their charts which only works to complicate their trading and confuse their mind. Do not become one of the masses of aspiring forex traders who fall prey to the myth of lagging indicators, cultivate your own trading confidence by learning to use forex candlestick patterns to trade the forex market.