I am fairly new to Forex and am using price action, trend lines and Fibonacci for placing trades.
I am currently using a demo account on fxpro with Metatrader 4 software. This appears to be a very good package but not brilliant for drawing and analysing chart pattern.
Does anybody have any recommendations for a good software package which i can draw and manipulate patterns with and trade directly form these? I am less interested in indicators.
The software must be available with a broker with unlimited demo account time. I do not want be rushed into opening a real account.
With all due respect, that was a pointless reply and given your status with only 5 posts it is obvious you know little. If i believed meta 4 was the solution I would not have asked the question. Do you work for them or just completely blinkered. dont waste mine and your time with pointless posts in the future.
I doubt you will find an automated solution for your requirements. Even something seemingly simple like determining the trend is beyond the capability of an indicator. Just try out Smoothed Heiken Ashi to get an idea of what I am talking about. It is the best I have found, but has obvious shortcomings.
For the price action trader, a good set of trained eyeballs is the best option. You might want to add a few MAs and the Fractal indicator to help out but no automated indicator can come anywhere near an experienced trader’s eyes.
You might like to try SHIChanneltrue.mq4 for channel indicator/direction.
It could be improved upon, so it seems to me.
I modified the one I use to calc based on the open/close and not the upper/lower shadows.
Tend to like it better.
I do trade off of it, and did fairly well this past week opening for about a day n half, but then it did come back and bite me. So having another look at what I was really seeing in it.
I am new yes but i have been using meta4 for drawing patterns and its not that bad. It would be cool if you could create special fibs for each pattern but i havent found a way yet. I just make the fibs with every line necessary for all the patterns. Then check the pattern draw a line at the X, A and B levels, delete the fib and draw the next one and so on, Label all the lines so you dont forget what they are. When your finished theres only like 5 lines, then you have to redraw xa to confrm entry points. Just takes a minute to do all that really. Im just haveing problems finding the patterns. So far I’ve only confirmed two or three
I think you will find it very hard to find that perfect broker/technical analysis platform combo. Most serious traders I know will have their execution platform separate from their charting package simply because the very best of either are exclusive to their functions.
A good charting software, which is very powerful is Updata’s TraderPro software, they also have a dedicated real-time FX data feed which covers over 2000 currency pairs! Not bad at all I’m sure you can manipulate the chart patterns to your absolute taste using this badboy!
I know this is pretty outdated, but for others who may stumble here.
Being a price action trader it’s nice to have good drawing tools. I also am not a fan of metatraders drawing tools, exception is their fib retracement tool. Anyway i use the Dealbook platform, its free and good for drawing. I have also tried Ninjatrader and Fibonacci trader, i would say they are even better but they aren’t free. But you pay for what you get. I would check out Fibonacci trader out at least.
I’m sure you can manipulate the chart patterns to your absolute taste using this badboy!