QUOTE=lappyhappy;69557 Having some trouble getting a few things to click in my brain:
1. Let's say I want to buy EUR/USD and the price is 1.46500. If I buy 100000 units, how much money would I make if I sell at 1.46510 (an increase of 10 pips)?
1st off you do not need to show pipettes ie 1.4650(0) to 1.4660(0) would
be 10 pips, (your example is 1 pip) this would then yield 10 x $10approx. =
$100.
2. Let's say I think the USD is going to increase in value compared to the EUR. In this case, I would want to buy USD/EUR, correct? But I don't see any option for this in my program. There are a bunch of EUR/XXX options (including EUR/USD) and a bunch of USD/XXX options (but no USD/EUR). In other words, how would I set up my order if I think the USD will go up compared to the EUR?
There is no USD/EUR pair, it is EUR/USD, & if you thought the USD was going to get stronger you would go "short" (sell) the EUR/USD pair.
3. When calculating Fib Retracement levels on your chart, which of the swing lows and swing highs do you use? Do you use the swing low for the day, hour, minute? Or do you check all of these? Or does it depend on if you're trading on the min/hour/day and you would just check the Fib levels for the time period that applies to your trading style?
Fibonacci Arcs & Retracements - Technical Analysis
A look at the school on babypips may be a good idea too.
Forex Training & Education: Beginner Foreign Exchange Currency Trading