Fin_Trader
Well-known member
I would call it trading intuition. Because it is impossible to trade successfully using intuition and without knowledge. Only experience can tell you how to predict price movement.
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How do you read a forex chart?
- Thread starter skrimon
- Start date
I would call it trading intuition. Because it is impossible to trade successfully using intuition and without knowledge. Only experience can tell you how to predict price movement.
To read a forex trading chart, identify the time frame (e.g., daily, hourly), and analyze price movements. Look for trends, support and resistance levels, and candlestick patterns. Use indicators like moving averages or RSI to gauge momentum and market strength. Always consider news events that may impact prices.
Reading a forex chart involves analyzing price movements over time, using candlestick patterns to identify trends and reversals. Key elements include support and resistance levels, trend lines, and technical indicators like moving averages. Understanding these components helps traders make informed decisions based on market behavior and potential future movements.
Polakandil
Well-known member
In platforms such as MetaTrader 4 and 5, the most widely used chart type is the candlestick chart, because it is easier to read, even though the concept is similar to a bar chart, to differentiate between bull and bear charts, it is easier to use a candlestick chart.
TradeWizards
Member
Forex chart reading does not only involve analyzing price movements, it is very important to use harmonic patterns and indicators to identify trends and reversals. Understanding these components helps traders choose the right strategy and make informed decisions for possible future moves.
They are both good but MT5 is much better, charting capabilities as well as coding tool are major breakthrough compared with MT4
Polakandil
Well-known member
Maybe one day MT4 will be outdated and no longer used, many brokers including FXOpen now offer MT5 as an advanced platform developed by Metaquotes. Previously, this company had developed Metatrader 3, but the most popular is Metatrader 4.
Yeah I agree MT4 looks obsolete however it is pretty efficient and it is known that for professional traders priority is stability, speed and functionality of platform, not its design
Imogen Beaumont
Well-known member
I only check the trend, the support and the resistance, use the RSI for a better understanding of the asset's positions, and then make my trade.
I'm also proponent of simple setup with minimal rules and parameters because complicated strategies often do not work as expected.
Fin_Trader
Well-known member
I also mainly use MT4, but sometimes when I want to see new instruments I use the tradingview platform, in Fxopen there is an opportunity to open an account and connect to this platform. The functionality of tradingview is interesting.
Yeah tradingview is great I'm also looking for a way to connect my HFM account to tradingview to get most of the features available
Imogen Beaumont
Well-known member
Yes, that's what I've been saying everywhere, if you overcomplicate it it will not work and you won't even know why it didn't work because of all the avenues that you will have to check.
Polakandil
Well-known member
Tradingview is indeed a great platform, FXOpen also can connect to the Tradingview platform, however, I still use MT4 for daily trading, despite sometimes checking some ideas on Tradingview.
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