Better charts for Fibonacci retracement & extension?

I have only recently begun learning Forex and am trying out a dummy account with Oanda that I’m getting to grips with. I was finding their charts ok while I was trying out the basics such as EMA, MACD, RSI and other oscillators, but as I learn more I am wanting to practise using other techniques. Perhaps Oanda is a bit limited in this respect??? For example, I have been reading up on Fibonacci retracement and extension and want to practise this but Oanda’s charts only seem to have the option of retracement (not extension) and even this doesn’t seem quite as easy to understand as the example charts I’ve seen on instructional websites such as babypips.
The question I want to ask is - Is Oanda quite limited with it’s charting software (or am I missing something?) and if so, please could you recommend a good place to find free charts that are user friendly and don’t require me to register for a Forex account with them? Is it better to use the same company for charts and trading? If you use seperate, will there be any discrepencies in the figures?
Your advice would be appreciated.
Many thanks - Kamoshikasan

I have had the same problem for about 6 months now. The best platform I have found so far is fxdd.com They have the best charts for demo trading, almost like the real charts that you get with $1000.00 balance or more. Download the metatrader4. You need to play around for a few days to get the hang of it, can be confusing at first. The only problem I have found so far is that when you shut the platform down your trailing stops get cancled. Also calling up and talking to a live person is a little disappointing. It’s kind of like lalking to someone in the government office.

good luck!

Oanda charts are terrible for Fibo & they don’t even have pivot points but I still like their easy to use system, low spreads and unlimited FREE use of the demo(game). I, like many others on this board just use Metatrader for all of our charts and use Oanda to place your orders through. A lot of people use VTTrader & Xtick which I might test out when I have time. Metatrader is tough to get use to like Bazooko said but it is a very powerful charting software if you can put the time in to learning how to use it. Their are also many threads on here that have custom indicators that you can download if you decide to go that the Metatrader route. Also many websites with ones that you can download.

Topgun

i personally really like metatrader…which is the same as interbank, no?

Anyway, i see that you said there were various posts that had custom indicators…do you recall if you saw one for MACD? I am trying to modify the one in the MT4 but the scripting is a little above my head…

Unzip and add these files to the “C:\Program Files\StrategyBuilderFX 4\experts\indicators” folder than restart Metatrader and it will be listed in the custom indicator folder. It is the MACD Histogram with 2 lines.

Topgun

macd.zip (3.35 KB)

thank you thank you thank you!!
I have been trying to figure this out for awhile :slight_smile:

No problem. I have been trying to figure out many problems with MT4 since I started using it. There have been many times that I almost stopped using it but now I have it working the way I want it to :slight_smile:

Let me know if you have problems using the email feature. That was a nightmare to setup :smiley:

How do I get the IP for Oanda so I can use MT4 software?
Im having one hell of a time finding it…

You can’t have Metatrader automatically execute trades for you unless you buy the API and code it yourself. I just use Metatrader for the charts and I manually enter my trades through Oanda.

Sorry for taking so long replying to this. I must have missed this post.

Topgun

thx Topgun :slight_smile:

New forex’er here, been using a dummy account on oanda for about a month now and have also found it to lack some charting features. I’mma go check out metatrader now. Its free right? On the download page I see MT4 live/demo. Does the demo part just mean I can’t make any trades from it?
Thanks!!

That’s correct. Unless you sign up with the broker that you download it from than you are only using it for the live quotes in demo mode. Which is why yuou can place your trades on Oanda once your criteria for a trade has been met. When you demo expires you would have to just create a new demo account. I haven’t heard of anyone that had to stop using it yet since you can always keep creating demo accounts.

The great thing is that you can have custom indicators or Expert Advisors that can text message your cell phone or sound an alert when its time to make a trade so you can wake up if your sleeping :<)

Topgun

I use FxSol accu charts for Fib retracements and extentions.

Awesome stuff.:stuck_out_tongue:

I noticed that since I launched my free Fibonacci trading video series a lot of you are trying to use the free broker fib tools “this is a big NO!” the chart versions are reference tools that do not take into consideration other key factors in determining if what you see on your screen is accurate enough to place a trade with …… my free videos where to inform you on the concept but if you wish to practice it then you will need an application that was made specifically to handle pivot points and Fibonacci re-traces and extensions in one interface and that can calculate if what you have inputted is indeed the correct configuration or not. Not having this edge is a fast way to blow your account on something you no nothing about.

use this link to see what this program looks like…

Not a bad advertisement for your first post :slight_smile: !!

[quote=jeffparks;4347]I noticed that since I launched my free Fibonacci trading video series a lot of you are trying to use the free broker fib tools “this is a big NO!” the chart versions are reference tools that do not take into consideration other key factors in determining if what you see on your screen is accurate enough to place a trade with …… my free videos where to inform you on the concept but if you wish to practice it then you will need an application that was made specifically to handle pivot points and Fibonacci re-traces and extensions in one interface and that can calculate if what you have inputted is indeed the correct configuration or not. Not having this edge is a fast way to blow your account on something you no nothing about.

use this link to see what this program looks like…

Good shot topgun!

I clicked on the link and my computer locked up. I had to restart. Sweat’n it the hole time. Thought it was something bad. My daughter thought I did it now. Everything is OK. I’m not try’n the link again.

I clicked on it but I didn’t have any computer problems :slight_smile: . The mods should delete that post since it’s just some spammer trying to sell his product. He should atleast earn his clicks by posting something useful.