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Understanding Point & Figure Charts Part I of IV
Description Connect to hundreds of brokers and trade in financial markets using MetaTrader 5 for iPhone and iPad. The reversal size of 3 and 4 is quite common but any integer number equal or greater than 1 can be chosen as the reversal size. The process continues ad infinitum. For example, neither MetaTrader 4 nor MetaTrader 5 provide point-and-figure view as a part of their default toolsets.
Fortunately, there are numerous charting solutions to draw Forex point-and-figure charts. It is also a very good thing that you are not obliged to trade using the same platform which you use for charting, so your choice should not be limited by your broker. The program can also calculate the optimal box size depending on the symbol trading range. The interface is a bit confusing but nothing too complex. The box size can be chosen from 20, 30 or 40 pips, while the reversal size is not customizable at all.
Though the trendlines can be drawn automatically here. Strategy Trader by FXCM provides a simpler interface than the first two listed solutions but does not offer an option to scale the box size automatically. Other than that, it is a fast way to get a point-and-figure chart with desired parameters.
Unfortunately, only MT4 solutions are currently available here. This will probably change soon as the popularity of MQL5 grows alongside the expansion of the fifth version of MetaTrader to major brokers and new traders. Comes with four different MetaTrader templates and can be quite tricky to set up. The chart settings can be adjusted to the smallest details. The main drawback — calculation is very slow and can freeze a trading terminal.
Oh, and the source code is not available for tweaking. Additionally, its code is open-source and can be used to build even more sophisticated XO indicators. Box size can be set either manually or calculated by the indicator automatically using the average trading range. This can help if the indicator becomes too slow.
Thus this indicator will be completely restarted if it is re-attached to the chart or MetaTrader is re-launched. I include it here only for the sake of completeness. It works pretty fast and the number of bars it processes can be changed. The disadvantage is that its source code is not available.
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X-dOrsey — quite similar to the previously described Point and Figure mod 02 indicator. Now as of 16 May such indicators are already present and can be freely downloaded. This is also known as the 'body' of the candlestick. Many traders find candlestick charts the most visually appealing when viewing live forex charts. They are also very popular as they provide a variety of price action patterns used by traders all over the world which we discuss in more detail in the next section.
When viewing live forex charts, there are multiple timeframes you can use. Typically, there is no best time chart for Forex trading.
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The time frame chosen by a trader will depend on their overall style, for example:. When viewing OHLC bar charts or candlestick charts, a new bar, or candle, will form once the chosen time period ends. For example, when on a 5-minute chart M5 , a new bar, or candle, will form every five minutes. Within one hour's worth of trading, 12 M5 bars or candles will have formed.
Now you understand some of the details involved in how to read forex charts, let's look at some of the ways traders use these charts to make trading decisions on when and what to trade. Also, if you are interested in learning more about trading and different financial products, why not sign up for our free webinars?
You can register by clicking the banner below:. I'll now discuss Forex trading chart analysis in detail. Below is an example of the two most basic types of candlestick formations: the buyer candle and the seller candle. The usefulness of candlestick charts does not stop there. When learning how to read candlestick charts it is also worthwhile looking at some of the major types of unique patterns they make, as they help traders in their decision-making process.
The hammer candle shows sellers pushing the market to a new low and then the buyers pushing it all the way back up. With the open and close price levels in the upper half of the candle, it represents a rejection of the downside and possible strength to the upside in the future. The bullish harami is a red candle followed by a green candle pattern which represents indecision in the market and the possibility of a breakout from it.
These are also called 'inside candle' formations as one candle forms inside the previous candle's high to low price range. The bullish engulfing is a red candle followed by a green candle pattern which represents a strong shift in sentiment in the market.
Essentially, a candle totally engulfs the previous candle's high to low price range suggesting a continuation to the upside is likely. The inverted hammer, also known as a shooting star, candle shows buyers pushing the market to a new high and then the sellers pushing it all the way back down. With the open and close price levels in the lower half of the candle, it represents a rejection of the upside and a possible move to the downside next.
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The bearish harami is a green candle followed by a red candle pattern which represents indecision in the market and the possibility of a breakout from it. The bearish engulfing is a green candle followed by a red candle pattern which represents a strong shift in sentiment in the market. Essentially, a candle totally engulfs the previous candle's high to low price range suggesting a continuation to the downside is likely. Now you know more about how to read candlestick charts, can you spot any candlestick patterns below?
These are just some of the patterns you can typically find on candlestick charts. It doesn't highlight all of them but is a great foundation to build upon. What you may notice is that sometimes these patterns start at the beginning of a prolonged directional move. In fact, looking back it is clear to see the market cycles of the chart more clearly. Identifying market cycles can be useful when analysing forex trading charts, as they can help determine the overall trend or future directional bias of a market.
Of course, it doesn't tell us how many pips the market will move by but can certainly help form part of the picture when reading forex charts. A great way to put some of this knowledge you've learned in this article is via a FREE demo account. With the most powerful trading platform in the world at your fingertips, viewing free forex charts has also never been easier.
This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets.
Admiral Markets' demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders. To open your FREE demo trading account, click the banner below:. When first looking at forex trading charts, it can seem daunting.
However, understanding the price and time axis helps to determine what has happened historically, which could help to identify what is more likely to happen next. Understanding the exchange rate and how to calculate pips helps traders analyse risk, especially when used with the Admiral Markets trading calculator.
All three different chart types have unique characteristics, with candlestick charts the most popular among traders around the world. Identifying patterns from candlestick charts - such as a bearish harami or bullish engulfing - can help traders identify possible turning points and the beginning, or end of, market cycles.