The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Forex trading metatrader the million dollar forex set up pdf printer tutorial Competition.
Forex trading platform and forex charting software in the world. As anyone who has followed me for a while knows, I trade and recommend New York close 5-day per week charts. The reason is that closing prices are the most important in the markets, and the New York close marks the end of the current Forex trading day and then the new day starts in Asia. Your charts will probably be black and green however, with a bunch of indicators all over them. The market watch window lists all the markets available from your broker and gives you their real-time bid and ask prices. I don’t really use this but thought I’d just tell you what it’s for real quick.
To see which currency pairs I prefer to trade as well as an example of how you might want to populate your market watch window, check out my article on the best forex pairs to trade. There are three main ways to open a chart window on the platform. Once you’ve got your desired chart open, you want to get it setup for clean price action trading. You can also change the chart to bar, candlestick or line chart in the common tab. It’s pretty self explanatory so play around with it a bit to get more familiar with the options. So let’s discuss how to put these EMAs on your charts.
You can pick whatever colors make you feel happy, just make sure the colors of the 8 and 21 contrast nicely so you can easily tell them apart, I use red for the 8 day EMA and blue for the 21 day EMA. You can then save that particular chart setup with the EMAs as template. You can have a number of templates saved as you can see, then you can quickly go from one template to the next. EMAs and then one with the 8 and 21 day EMA.
You can learn more about how I use the EMAs in my forex trading course. I do not use any moving averages on the 4 hour chart. The other main analysis tools that I use are the horizontal line tool and the Fibonacci tool. Simple right click on the Fibonacci tool after applying it to your charts and then you can change its properties. Open 4 new charts of the same currency pair and then use the time frame icon to set them to 1 hour, 4 hour, daily, and weekly.