Some Forex traders use Fundamental Analysis. They analyze the market using economic and political news. One commonly used website is the forexfactory.com. Others use the charts with prices to analyze the situation. This is called Technical Analysis. In this type of analysis, it is important to analyze charts. It is very handy that this can be done online. Tradingview.com is a website that is commonly used to analyze online Forex Trading charts. You will have live charts as long as the markets are open.
In this post, I will try to explain how online Forex Trading charts can be used when trading Forex.
How to use Tradingview.com
Tradingview.com is the website where you can go to find online Forex trading charts. I would like to recommend you to make a free account. It is not necessary to start paying for an account. The free account gives you enough charts and tools to do most of the things, especially if you are a beginner. Here below the screen, you will see when starting with tradingview.com. On the right-hand side, you will see the button ‘join for free’ to make your free account. This is handy when you start marking up your charts. Your mark-ups will be saved.
After you have created an account there are different things to do. For now, I will stick to the charts (a menu option). Choosing charts will give you something like this:
In the head of the chart, you will see the name of the pair or cross. In this example, the cross is GBPCHF (Great Britain Pond – Swiss Franc). You will also see the time frame of the chart. In this situation, it is a 4-hour chart – 4H. There are some black lines on the chart, showing some trend line, flags and consolidation phase. A lot of terminologies is used, isn’t it? Please follow a course that will help you learn and understand what it is all about.
As mentioned before you can use tools to mark up your online Forex charts. On the left, you will find a lot of tools. First, you have the option for your cursor (cross or dot or arrow). The next option is all about lines. Gann, Pitchforks and Fibonacci tools are next. And the list goes on and on. You can write on the charts, and even use symbols. Here you will see an example of the use of Fib retracement tool used on the GBPCHF-chart.
With the lines above you can draw different patterns. Like this.
In time, you want to mark up your own patterns. Tradingview.com will give you this possibility. Want to draw XABCD, Cypher or Triangle pattern that is all possible. Or just a simple Head and Shoulders or complicated Elliott waves, the free account of Tradingview will allow that.
Other online Forex Trading Charts
Of course, Tradingview is not the only online Forex Trading charts. MetaTrader 4, the trading platform for Forex Trading, will also give you the charts. The best way to download the MetaTrader 4 is from the website of your broker. Your broker is like a bank where you have your account(s) to trade Forex. My favorite broker is JAFX. You will tell the broker which trades you want to enter or leave and he will do the work for you. However, the possibilities to mark up the charts are far less in MetaTrader 4. On the other hand, you can see all your trades and you can have different charts open on one screen.
There are different ways to access online Forex Trading charts. The website most traders use is Tradingview.com You have to open a free account that gives you enough possibilities to see charts, mark up charts and a lot of other possibilities I haven’t discussed here. If you are new to all of this, just give it a try.
Please let me know what your experience is with Tradingview.com.