Hey guys. I am new to the forex market. I have been very successful trading stocks, futures, and options, but a new lifestyle change will prevent me from daytrading. Due to my ability to only now trade at night, I will need to make the forex change.
Is technical analysis in forex applied the same it is in stocks? I have a solid charting system that has worked very well, but am still confused if forex should be charted in the same manner. Thoughts?
I think you should get a demo account and try it. TA that works with stocks may or may not work with forex…the only way to find out is to test it.
It may come down to the type of technical analysis you use. The root of TA is in identifying the patterns created by market psychology, which is pretty consistent across markets, but some specific methods may be more applicable in one market than another because of the nature of what they focus on. I, personally, am not an indicator user and have no problem switching between markets.
A more important question, though, is whether you’ll find enough good opportunities trading at night.
trends exist in all markets, enough said.