Which indicators to use
We also analyze the pair and tell you about the characteristics and how to trade it. Forex trading involves the sale of a currency, and the simultaneous purchase of another with the purpose of closing the position at a later time with a profit. The forex market is the most liquid and active market in the world. At every single second an enormous amount of transactions gets executed, with the total daily turnover being regularly estimated to reach trillions of dollars. If we did not make use of an analytical tool such as a forex chart to place the data into a more compact form where it can be visually examined and analyzed, we would be in possession of a vast sea of difficult to interpret numbers.
The forex trading chart, then, is a visual aid that makes the recognition of trends, and patterns in general easier, and makes the application of technical tools of analysis at all possible.
Charts are categorized according to the way price action is depicted as well as the time frame of the period being examined. This means that each candlestick on the graph presents the price data of a four-hour long period in a compact form. What happens inside that time period is irrelevant. If we had chosen an hourly chart, each candlestick on the chart above would be replaced by four different candlesticks.
Our platform integrates two tools that automatically generate signals that highlight patterns on your diagram as soon as they occur. Our Interactive plot offers you indicators to detect patterns on Japanese Candlesticks see the list of Candlestick Patterns below.
This tool is very useful to get an immediate notification being displayed as soon as the pattern occurs. The Japanese candlestick theory establishes a series of patterns which are statistically previous to potential change or interruption of trends, a turning point in a current trend, etc. Here are the Candlesticks Patterns that our board will recognize and automatically points: How to add a Candlestick Patterns Recognition indicator.
Significative line crosses indicators system. Another tool you can use is our significative line crossing systems, including crossing averages, MACD cross and over zero signal. Such as the indicators that detect patterns in Japanese Candlesticks see above , the correct selection of your parameters are vital to avoid to be guided in your decisions by misleading signals. How to add crosses indicators. Once you have customized with all the options you need to analyze and trade the asset, you can save it.
How to detach your board. In just one click, you can export and save images. How to export images of your plot. Switch to TradingView chart. Preferred brokers in your location. You will be surprised with all it has to offer. Features Over assets Reverse crosses Time frames: Advanced use Compare assets Automatic signals generators Candlestick Patterns Recognition Indicators Significative line crosses indicators system Save, detach and export Save your configuration Detach and see it full screen Export images.
Over assets You can choose between different assets: How to select the time frame 1. Extensive historic data On our forex charts you can display historic data of periods minutes, hours or days , a valuable data you get for free here! How to zoom out 1. Heikin Ashi Heikin Ashi graph helps you detect trend - a feature you will only find on professional platforms. How to change your board into Heikin Ashi Equivolume With Equivolume, you can plot price and volume activity on a single graph, instead of having volume added as an indicator on the side.
Andrew Pitchfork Establish profitable opportunities and swing possibilities with it. Compare assets We offer a tool to compare graphs so you can analyze the price history of two assets and analyze relative performance over a period of time. Yes No Please fill out this field. For more info on how we might use your data, see our privacy notice and access policy and privacy website.
Or, read more articles on DailyFX. Your forecast is headed to your inbox. An error occurred submitting your form. Please try again later. Upcoming Events Economic Event. Forex Economic Calendar A: How Forex Trading Works. Instructions for joining the webinar have been sent to your inbox.