{"id":127783,"date":"2018-06-11T10:17:50","date_gmt":"2018-06-11T14:17:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=127783"},"modified":"2018-06-11T10:17:50","modified_gmt":"2018-06-11T14:17:50","slug":"4-key-tips-for-trading-intraday-charts-on-forex-cfd-markets","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/4-key-tips-for-trading-intraday-charts-on-forex-cfd-markets\/","title":{"rendered":"4 Key Tips for Trading Intraday Charts on Forex & CFD Markets"},"content":{"rendered":"
June 11, 2018<\/div>
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By Admiral Markets<\/b><\/p>\n

Dear traders,<\/p>\n

Many traders find intraday charts exciting and action-packed on the one hand, but also difficult and challenging on the other hand.<\/p>\n

This article explains four specific tips and tricks that are useful when tackling the charts on lower time frames.<\/p>\n

We will explain how traders can use patience, Pivot Points, Fibonacci, and other tools for better and more informed trading decisions.<\/p>\n

Tip #1: Weekly Pivots Offer Great Value<\/h2>\n

Many traders already use daily Pivot Points (PP), but not many are aware that
\nweekly Pivot Points<\/a> (PP) are just as equally valuable.<\/p>

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Free Reports:<\/p><\/div>\r\n

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<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

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Weekly PP levels are key Support & Resistance (S&R) levels where traders can expect the trend to stop. They also indicate key breakout and bounce zones and show how much space (between the PPs) is available when trading.<\/p>\n

Not many intraday traders use weekly PPs because they tend to focus on the daily ones. Although the latter is equally important, the weekly levels offer more confluence and even stronger S&R zones. Traders will do well to avoid setups that are trading into these key levels.<\/p>\n

Admiral Markets offers its own Pivot Point indicator via a special plugin called
\nMetaTrader Supreme Edition (SE)<\/a>, which can be used on both MetaTrader 4 and MetaTrader 5. MTSE offers 60+ extra features in addition to the PP indicator, including custom indicators, expert advisors, and other tools.<\/p>\n

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Source: MetaTrader <\/em>Supreme Edition<\/em><\/a> showing EUR\/USD 1H chart from 16 to 31 May 2018<\/em><\/p>\n

Tip #2: Don’t Worry About Missed Setups<\/h2>\n

Fear and annoyance are often the main driver of entries based on your emotions rather than the trading plan itself.<\/p>\n

Emotions can run very high when trading lower time frames. There could be a wide range of reasons for that, from missing a valid setup to chasing a setup that isn’t ready yet. A trader’s mind likes to play tricks on you.<\/p>\n

A great step in the right direction is simply done by avoiding hasty, fearful, and stressed decisions. Always keep in mind that the financial markets will never run out of new opportunities\u2026 The best is to focus on finding a new, better setup rather than fretting about old and missed ones.<\/p>\n

Tip #3: Fibonacci on 4 Hr\/Daily Charts<\/h2>\n

When trading 5 and 15-minute charts, traders often lose sight of the developments on higher time frames.<\/p>\n

In a way, they get distracted by minor price movements, forgetting or neglecting bigger price movements on the 4-hour and daily charts.<\/p>\n

Higher time frames offer valuable information about the market structure. The key to understanding market structure is spotting trend and momentum, S&R levels, and price patterns.<\/p>\n

The market structure helps assess whether the financial instrument is worth trading or not. It also helps with determining strong exit points.<\/p>\n

The Fibonacci tool is very useful for understanding S&R levels on higher time frames. They offer key bounce and break spots, entries, and targets.<\/p>\n