Your Questions About Forex Trading Charts
Wednesday, August 31st, 2011
Thomas asks…
how come the chart does not work in the older forex trading?
I used to trade in the older version of Forex trading platform and they have live chart next to the position and now it is replaced with a calendar. But now it doesn’t work and not available. But is available in Forex Pro but I don’t liked it because it’s not the same.
admin answers:
Be advised that “forex trading” is GAMBLING!
You have absolutely NO input into the system, you are just
Gambling on things that may or may NOT happen
You may as well take your money to Vegas …
Lisa asks…
Is this brand new forex trading concept works ? see URL http://www.cocoonz.net/track/go.php?c=yhfrg?
See URL http://www.cocoonz.net/track/go.php?c=yhfrg for program detail. Many have traded sucessfully using this concept. I am just skeptical here as how can one trading forex without looking at charts and research. Has anyone used it before?
admin answers:
Using the Mtpredictor’s technical analysis Elliot Wave Principle software, Bsmtprediction provides Forex Traders with FREE access to AUD/USD, EUR/GBP, GBP/USD, EUR/USD, NZD/USD, USD/CAD, USD/CHF, EUR/JPY, GBP/JPY & USD/JPY daily currency forecasts through this website. At Any Time / Any Day (we’ll straight away post the signals here in real-time if there’s any triggered) 1 hour, 4 hours & daily time frame forecasts are published on this site. The predictions are good from the moment they are published until either it reached the take profit target, hitted the stop loss or another new prediction of the same currency & timeframe unveils on the same / following day. Essentially, the prices shown are for an unknown period.. That’s why we encourage you to subscribe our FREE Google Groups newsletter to get the latest signal updates sent to your e-mail from the very 1st minute it surfaces the net..
Joseph asks…
Suitable Forex stop loss day trading m5?
I am stuck between using a 5 or 10 pip stop trading the m5 charts, please help! My stratgey is based on break of support/resistance, therefore I believe a tighter stop could be used because if price is going to breakout it should not be turning back 10 pips. However I need someone experiencd to help?
admin answers:
On the 5 min – I’m guessing you’re trading one of the major pairs like the EUR/USD. The answer really depends on what swings you’re playing
My advice would be to
control risk/reward – don’t have your stop at 10 pips if you only expect to make 5. It should be at the very, very least 10 and preferably much more.
Watch the markets and try to define where the best “point” to place the stop – this is the price at which if it is hit your target will likely not be hit. For trades similar to yours I put them around the 80% retracement of the prior swing (I think there is a fib like .782 which I used but haven’t traded since the summer).
Really, just watch the market, watch the market, watch the market, be creative, be smart, and protect your money.
Mandy asks…
If FOREX trading is suppose to 24hrs trading, why is there a daily chart?
admin answers:
A day is a 24 hour period, whether trading stops or not. There have been hourly charts and 1-minute charts for years. Whatever period a trader finds useful.
Forex needs a cutoff each day for accounting and interest adjustments. This means 5PM New York time because 5PM is the end of the banks and New York is the last currency trading center to be open. The day starts at the international date line and the first banking center is Sidney, then the Asian banks and then European banks open.
Lizzie asks…
what is tha potential of makng cash trading forex on a 15-30 mins chart?
forex traders can answer this
admin answers:
Yes there is potential.
Trade the news. Know the times the economic data is coming out and guess which way the chart is going to react.
Use technicals: candlesticks, support/resistance, EMA & MACD or RSI.
Good Luck.
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