Forex Trading from Charts

Trading from chartsFunctionality to be able to trade directly from the chart is something which is not only very convenient but it can make your trading experience more enjoyable.

Most of the big Forex broker will provide you with a platform where you can draw your trend lines, check various technical analysis indicators and analyze the price actions on different time frames and place your orders just by a click of the mouse directly from the chart.

Imagine the other scenario that you have a trading platform with input fields to enter your order and you have the charts separately. You have to go back and forth between the Forex charts and the platform to be able to analyze the price action and then place your orders. On one hand it is inconvenient and on the other hand you may miss some precious seconds in the process and that is something you would like to avoid especially when market is volatile and price is changing rapidly.

Types of Charts and Features

Even when your Forex broker is offering you the functionality to trade directly from the Forex charts, you may like to check on the following points also:

What kind of time frames are available of the charts

You may be a short-term trader and may be trading only on 15-minute time frame of 1 hour time frame but is important to have as many time frames available as possible. You may like to decide the entries and exits of your trades on a short time frame chart but it is always better to have an overall view of the longer time frame charts. It is also good to have as much as historical data as possible.

Critical Time Frames for your Forex Charts:

  • 15-Minute charts

  • 1-Hour Chart

  • 4-Hour Chart

  • 1-Day Chart

Good to Have Time Frames (besides the above)

  • 5-minute

  • 30 minute

  • 8-Hour

  • 1-Week

And whatever more is there is better.

Type of Charts

Candlestick chart is of course the “must have” type but let us see the important chart types you may wish to have:

  • Candle Stick

  • Ask Price

  • Bid Price

  • Average Price

  • Close Price

  • HLC Bar

  • OHLC Bar

  • Min/Max

  • Heikin-Ashi

Type of Technical Indicators on Chart

There are lots of technical indicators and though it is always better to use only the selected few indicators for your technical analysis which fit your trading strategies but it’s always better to have as many as you can. While saying this at least the important indicators which you use commonly should be available on your trading charts.

Functionality to save multiple Profiles

You may be using different time frames simultaneously to have an overall view of the market. You may also be having different technical indicators on different windows simultaneously. For example you like to see MACD or Ichimoku Cloud on one chart and a crossover of EMAs on the other chart simultaneously. Now suppose you put all the indicators on one chart window, it will be very confusing to read and analyzes and hence different windows. Now every time you log in if you have to open all those windows and apply all those indicators to analyze the action, it will be very inconvenient. Hence you may like to have functionality by which you can save your profiles so that if you select a profile, all the preset windows with the indicators etc open automatically.

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