Ahoy, chart enthusiasts! Set sail with us as we set out on a thrilling adventure through the vast sea of mt4 trading charting to uncover its hidden secrets link. FXCM Markets MT4 will guide you in the world of advanced charting. It can help you navigate the mystical Fibonacci or the rhythmic dance that is Elliott Waves.
1. Fibonacci and the Golden Ratio of Trading
Draw & Drea: Grab the Fibonacci Retracement tool from the Toolbar, and then click and drag a price swing. Watch the magic of golden numbers unfold on your graph!
Price Pivots. Use the retracement zones as possible support and resistance areas. Did the price bounce from the 61.8% point? Fibonacci works!
Extensions: Delve deeper into ‘Fibonacci Extensions’ to anticipate potential profit targets.
2. Elliott Waves : Riding Market Rhythms
Elliot Waves contain a series of waves that are both impulse and correctional. Have you ever noticed a wave pattern with a 5-3? You could just be dancing the Elliott rhythm.
Predicting The Next Move: Based off of wave patterns, determine possible future movement. Will the market continue in an uptrend, or will it undergo a correction? Let Elliott guide your steps.
3. More Charting Magic in MT4
Imagine holding an Andrew’s Pitchfork, which can be used to show possible price channels. Select the tool. Then, select three points of significance and let MT4 create the possible price paths.
Gann Grid. This angular Grid helps in understanding price movements. A grid not only for squares but also for smart traders.
4. Charting Tips: How to Master the Art
Fibonacci or Elliott are sophisticated tools and require some finesse. These methods are more effective when you give them time to work.
Combine multiple methods to overlay and overjoy. Why not look for a Fibonacci regression within an Elliott corrective pattern? Double your analysis and double your fun!
FXCM Markets is always releasing new features and updates. Keep your MT4 update to get the latest charts.