I have gone long on a few pairs and i have noticed that the price has dropped, now this might be a re-tracement as the move up was extended…
What time frame do I check as to whether I think this will re-trace or reverse (using fibs), do I check the buy in chart (i.e 15 mins) or the time frame I am trading (4 hours).
Or doesn’t it matter?
Sorry to sound stupid.
This is something you should have had already defined in your plan before even putting the trade on.
Generally speaking you want to be viewing things from the time frame you’re trading unless you have a very good, specific reason to use something else.
thanks and sorry to have troubled you.
no question is ever stupid.
if you think a retracement is in the offing, you CAN see it in any timeframe (in your case, 4 hour or 15 min chart). it’s just that different timeframes show different amounts of bars/candles.
A higher TF such as daily will give a better picture of the trend. Never rely on a reversal. The price can move in one direction for days, week, and months. (look at AUD)
Indicators will not help you if a currency has a strong reason for moving.
If it is a question between cutting your losses and waiting for a reversal, I would always cut my losses.
Indicators can help assuming the trader knows how to use them properly. if you were referring to overbought/oversold indicators during high trend times, then I agree with you
which demo account is the best to try out? for beginners with very little knowledge in trading forex
refer to your original thread, there were a few replies posted.
‘best’ is relative, you have to find out what’s ‘best’ for you yourself
It doesn’t really matter which time frame you use to check the Fibonacci retracement level, as long as you draw the Fibo chart from the same starting point and use the same ending point. It will give the same information. However, the longer time frame will show a simpler looking chart. So, for an extended trend, I go with a longer time frame.
But it is very important to know in advance what I want. Otherwise I am not sure I will find the right answer. I can’t just keep switching charts until I find the right time chart.
sorry, can you explain that further?
fxm is right, a Fib plotted on one timeframe will manifest the same information in another timeframe
What is the exact, step by step procedure to respond to an intra-forum personal message? Thanks.
hello…sorry for bad english
I have visa electron debit card in domestic currency
must I have bank account in dollars? or can have in my domestic currency and when i go to deposit (broker site) they will convert my money to dollars
thank you