Forex terms

Pip

is worth 1 point rise or drop in price movements. For a mini account, 1 point is worth $ 1, for the standard account is $ 10.



Ressistent

are the points that are above the current price. Point of support can be drawn from the line at Fibonacci Retracement Time Frame H1 & H4.



Support

are the points that are below the current price. Point of support can be drawn from the line at Fibonacci Retracement Time Frame H1 & H4.



Zig Zag

is a technical analysis tool to determine trends and support-ressisten prices.

Pending Order Expiration

Pending Order Expiration

• GTC (Good Till Cancelled)

Good Till Cancelled means pending order will remain active until cancelled. GTC is the default setting of Pending Order Expiration

• GTD (Good Till Date)

Good Till Date means pending order will remain active until a specific time set. If the date set is reached, pending order will be cancelled

• OCO (Order Cancels Other)

Order Cancels Other : Trader orders 2 pending orders at the same time. Once one of pending order is executed, the other one will be cancelled.

What are commonly traded currency pairs (Majors) in forex trading ?

What are commonly traded currency pairs (Majors) in forex trading ?
Majors are the most liquid and widely traded currency pairs in the world. Trades involving majors make up about 90% of total Forex trading. The Majors are: EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD and USD/CAD.

Symbol Country Currency
USD : Euro members Euro
GBP : Great Britain Pound
JPY : Japan Yen
CHF : Switzerland Franc
CAD : Canada Dollar
AUD : Australia Dollar

GBP/USD is the only currency pair with its own name. It is known as "Cable" but there are also lots of abbreviations for other currency pairs such as

Symbol Known As
EUR/USD : Euro
GBP/USD : Cable
GBP/JPY : Geppy
AUD/USD : Aussie
NZD/USD : Kiwi
USD/CAD : Loonie
USD/CHF : Swissy
USD/JPY : Gopher