<Last updated 25.04.2020>
Hi! If you are interested in Forex please read carefully the below article that shows how you can use the trading platform to find historical data of every product offered and make use of the various analysis tools.
Price charts are showing a record of price updates. They are showing how prices moved for a specific period. These help us identify and quantify two crucial components for successful market timing/speculating.
Charting the Market: Chartists use bar charts, candlestick, or point and figure charts to look for patterns which may indicate future price movements. They also analyze volume and other psychological indicators ( % of bulls vs % of bears). Strict chartists don’t care about fundamentals at all.
This is a Price Chart of the MT4 Platform.
After choosing the desired Instrument, for example on the Market Watch, you can choose to create a chart window which shows the historical prices in the format as depicted here.
#1 Demand (support):
A price level in a market where willing demand exceeds willing supply. This is where price stops falling and turns higher.
#2 Supply (resistance):
A price level in a market where willing supply exceeds willing demand. This is where price stops rising and turns lower.
Whatever influences price is reflected in price. Whatever influences price is reflected in price.
- Earnings Report
- Income Statement
- Balance Sheet
- Fed Announcement
- Economic Report
- Terrorist Alert/Attack
- “Trading/Investing Tip”
- Broker Recommendation
- Analyst Opinion
- Technical Indicators
All of the above form Thoughts and Perceptions that eventually result in trading actions.
Drawing Bar (OHLC) Charts
> Each bar is composed of 4 elements:
Note that the candlestick body is empty (white) on up days, and filled (some color) on down days
Types of Charts
Right- click on the MT4 platform and select Timeframes. Choose what kind of chart you want to create.By selecting 15 min for example, you will have a chart in which each candlestick will represent how price moved for 15 minutes.
Different time frame chart for different trading styles. For example, you can choose if you want each candlestick to be a period of 1 min, 5 min, 15 min or more.
The current candlestick shows what happened for 15 min (from 17:00 until 17:15) The candlestick after that will show what happened the next 15 minutes and so on.
A data window shows for each candlestick The Time/Date, which is the time the candle started to form with the opening price.
> OHLC prices are shown.
> Last Price for that candle is the Closing Price.
Objects on Chart
You can attach objects on the chart and these can be anything from trend lines to channels to indicators
Example: in the objects list you can see the Fibonacci Expansion placed on the chart
You can modify the Chart in such a way that you can have your own colors for The bearish and bullish candlesticks and much more.
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