Complete Beginner - Charts
As a complete beginner starting the process of using and understanding Charts I'm hoping for a little guidance.
Don't know why but decided to use TradingView for charts.
Worked out how to get Trend Lines, Vertical and Horizontal Lines etc.
Understand in a simplistic way the idea of Candlesticks, bullish and bearish movement, trending and support and resistance levels, breaking out of trends etc.
Hoping for a little guidance because I can't find the answers I'm looking for on google etc.
Going to concentrate (for now) on only two currency pairs (EUR:USD & GBP:USD) but mainly GBP:USD.
Q: When trading Binary Options and using charts as a tool which Moving Average lines should I be using? 10 & 30 day pair or some other pair?
Q: Should I looking at 1m, 3m, 5m or 15m Charts or a combination of these or some other chart or set of charts?
I gather that (I may be wrong) that if I'm using a 5m chart I should looking for a 10m or a 15m expiry time on trades. Is this correct? So on a 3m chart should I be looking for 5m or a 10m trade etc etc?
I live in the UK and I have worked that 07:00hrs GMT to 08:00hrs GMT London and Japan exchanges are open and between 12:00hrs GMT and 16:00hrs
GMT exchanges are open.
Q: On average which time periods are best to concentrate on:
A: 07:00hrs to 08:00hrs (London & Japan)
B: 08:00hrs to 12:00hrs (London Only)
C: 12:00hrs to 16:00hrs (London & USA)
I understand that the first and last half hour (08:00hrs/08:30hrs & 15:30hrs/16:00hrs) can give sudden and movement in either direction quite randomly.
Q: Is this worth looking at or ignoring because its too risky not knowing which way it will go?