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Complete Beginner - Charts

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?



Comments

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    The opens are always more contentious because of all the flood of pending orders that get executed so yes for most its not wise to trade then. The London and USA are the most liquid active periods of time to trade. Most trades will be executed then. That is the most traded period of time.
  • akwe_xavanteakwe_xavante Posts: 2
    Thank you lotzofbotz

    I will stick to 09:00hrs GMT to 15:00hrs GMT but with focus on 12:00hrs GMT to 15:00hrs GMT.

    Working on a 1m, 5m and 15m charts which moving average pairs should I use?

    I'm currently using the 10 & 30day MA pair!
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