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Forex trade live chat
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You have the body of the candlestick that shows the open and the closing price and the wicks showing the highest and the lowest price reached on the timeframe you selected. As previously mentioned, you can use any colour you prefer for the candlesticks. The last thing you need to know about charts is that they are plotted on two axes.
The horizontal axis shows you the time and the vertical axis shows you the price. The price always goes to the right, and you look left when you want to see past price data. What time frames should I use on my live charts? When you open a price chart there are multiple timeframes you can choose from that range from 1 minute to even monthly. The most popular timeframes are the 5 minutes, the 15 minutes, the 1 hour, the 4 hour, the daily, the weekly and the monthly.
What timeframe to use depends on you and on the type of trading opportunities you want to take. Generally, the lower time frames are noisier because you will see the price react to different daily drivers like news, rumours, economic data, central bank speeches, reports, geopolitical developments and so on.
Most of those drivers may not be important for the market in the bigger picture, but in the short term they may cause the price to spike here and there. On the other hand, the higher time frames are less prone to such noisy price action because it takes more time for a candlestick to close. How to use a chart to identify a trend? In technical analysis a trend is identified by a series of swing highs and swing lows. In an uptrend the price makes higher highs swing high and higher lows swing low while in a downtrend the price prints lower lows swing low and lower highs swing high.
It may look easy from the chart above but not only the swing highs and swing lows can be subjective, but you can also find different trends on different timeframes. For example, you may have an uptrend on a 5 minutes chart but a downtrend on a 1 hour chart. Generally, the higher timeframe is regarded as stronger than the lower one.
So, if you have a downtrend on a 1 hour chart and an uptrend on a 5 minutes chart, technical analysts will look at signs of the uptrend on a 5 minutes chart fading before calling a resumption of the higher timeframe downtrend. Another way technical analysts identify trends on charts is via moving averages.
A moving average is a technical indicator that smooths out the price action and plots a constantly updated average price with a line. If for example you want to use a 50 period moving average, then the indicator will take the previous 50 closing prices and divide by 50 to get the average price.
The most popular moving averages are the EMA20 exponential moving average of the last 20 bars , followed by SMA Simple moving average of 20, 50, the and period moving averages. So, you can either just look at the swing highs and swing lows by eye, use the moving averages or combine both methods to better identify different trends. How to use indicators? Indicators can help technical analysts to better navigate the noise in the markets.
Indicators should not be used on their own but as an extra confluence to the overall analysis. They serve different purposes, but the ultimate goal is to better make sense of the price action. Moving averages are used to identify trends and to provide dynamic support and resistance for the price.
For example, if the price is above a moving average, then it is said to be in an uptrend and generally the technical analyst will look at possible points on the chart where the price may pullback to and then bounce off of. Oscillators are used to identify momentum and possible turning points.
The RSI is measured on a scale from 0 to and a default period of 14 most recent closing prices. The RSI is also said to be in overbought or oversold territory whether it crosses the 70 or 30 levels respectively on the scale. When the MACD line crosses the Signal line to the upside it can indicate the beginning of an uptrend momentum and when it crosses the Signal line to the downside it may signal the start of a downtrend momentum. The histogram visually displays the magnitude of the distance between the MACD line and the signal line.
The histogram can signal overbought or oversold conditions when the two lines diverge too much. When the histogram rises well above the baseline at 0, the price momentum may fade a bit as it becomes overstretched and prone to a pullback and vice versa when the histogram falls too much below the 0 baseline.
MACD line blue , Signal line yellow and Histogram green and red bars Popular chart patterns A chart pattern is a recognizable configuration of price movement that is identified using a series of trendlines or support and resistance levels. The hour MA is at 0. That area was a ceiling in October until breaking higher this week. The holding at the lows today is a good thing for the move higher this week. On the topside the highs this week did extend above a swing area but failed.
GBPUSD tested a swing area on the downside Taking a broader look at the daily chart, the highs this week stalled at a downward sloping trend line see chart below. That gave sellers on that chart, some comfort. So there is support below off the 4- hour chart and resistance above off the daily chart. The price trades between those extremes as a result. Looking at the hourly chart, the move higher took the price back above its hour moving average at The price also extended above the Buyers tried to get and stay above that level on 2 separate hourly bars, but failed on each.
The level remains a key level to get above and stay above if the buyers are to push higher. USDJPY trades above and below the hour moving average Having said that, moving back below the hour moving average and staying below would be more bearish. Admittedly, the price has seen price action above and below that moving average line as traders are more cautious given the move lower this week.
As I've commented in my videos this week, the move to the downside has been helped by technicals, and the technicals will have to be the guiding light for traders given the central bank fundamentals that support the USD over the JPY a higher USDJPY. That can happen, and the fundamental story could potentially change down the road.
So traders have to pay attention to them. For me, stay below the hour moving average would be needed to give the sellers more confidence. Absent that, and the sellers still have a shot against the Traders will look for a break in either direction. The price is trading above and below its bar moving average on the 4 hour chart at 1.
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