Hey folks. Just entered the mad world of Forex. I have been reading the tutorial on the site 'Babypips' and decided to start testing what I have learnt using 4RunnerForex MetaTrader 4 test account. Took me a while to get used to the interface but getting there. ANyway, to the point, I have a couple of queries. First I thought I'd test what I'd learnt about candlestick patterns and what signals they give, whether the market is bullish, bearish etc. It seemed to work for a while but now I just seem to be getting wipe out all the time.
My query is this, if you change the time period of the graph, then the candlestick structure totally changes. SO can these candlesticks really be of any use at all when one time scale is suggesting that you sell while another suggest buying would be the best proposition.
Secondly, according to Babypips, with some interfaces you can draw a trend line, click on Fibonacci extension or retracement et voila, all you extension or retracement lines are drawn on the graph in realtion to the end of your trend line. It doesn't work like this for me. If I click on the graph after selecting this function, it just draws a horizontal line exactly where I click, which doesn't really tell me anything other than it has drawn a line where I have clicked my cursor.
PLease help. ALready frustrated as hell after a week of this.
Cheers
Jim
My query is this, if you change the time period of the graph, then the candlestick structure totally changes. SO can these candlesticks really be of any use at all when one time scale is suggesting that you sell while another suggest buying would be the best proposition.
Secondly, according to Babypips, with some interfaces you can draw a trend line, click on Fibonacci extension or retracement et voila, all you extension or retracement lines are drawn on the graph in realtion to the end of your trend line. It doesn't work like this for me. If I click on the graph after selecting this function, it just draws a horizontal line exactly where I click, which doesn't really tell me anything other than it has drawn a line where I have clicked my cursor.
PLease help. ALready frustrated as hell after a week of this.
Cheers
Jim