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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.66%, while traders in France 40 are at opposite extremes with 79.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0X721EyXki
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  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.30% 🇦🇺AUD: 0.07% 🇨🇦CAD: 0.00% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇯🇵JPY: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rdSUCcdssH
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.56%, while traders in France 40 are at opposite extremes with 80.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/85hvnrXx2Y
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Guideline for Chart Time Frames

Guideline for Chart Time Frames

Richard Krivo, Trading Instructor

Instructor's Response:

Any indicator, the MACD included, will provide valid feedback based on the data from whichever chart it is placed. That being said, we advocate the use of the Daily, the 4 hour and the 1 hour charts. We would use the Daily chart to determine the overall trend of the pair.  In so doing, we would determine the direction in which we will ultimately trade the pair.  Then we would use the 4 hour or the 1 hour chart to "fine tune" our entry into the direction of the Daily trend.  We would do this by waiting for the pair to complete a retracement AGAINST the Daily trend on either chart and then, when the pair begins to move back in the direction of the Daily trend, we would make our entry in that direction.

 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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