4 Hour chart for day trading

M

mapidea

New Member
#1
#1
Hello

I have some question regarding day trading.

I have a software which does not show the previous days data. It only show intray day (tick, 1 min, 5 min, 1 hour, 30 min, etc) and it also shows EOD data. I am using TradeRacer from ICICI.

But it doesn't have a option for 4 hours time period.

We can use the 4 hours chart in the intraday but it will show only one line because it doesn't show any data from previous days.

I am doing intraday trading, please let me know how important is the 4 hours chart. I can get the previous days data to show the 4 hour chart.

How will the 4 hours chart help compared to 5 min or 10 min chart.


Q2 - For the first 100 minutes of a trading day the 5 minutes chart doesn't show many details like ADX and MACD and only shows Moving Average. What should be the strategy to trade in the first hour of trade. Which charts can I use.


Thanks a lot
 
4

4xpipcounter

Well-Known Member
#3
#3
Mapidea, assuming you are from India, let me suggest opening a demo account with GCI. It has the USD/INR on it along with many of the Indian markets. I'm from the USA and forecast many of the Indian markets, and all the data, plus a lot more is on the GCI MT4 platform.


mapidea said:
Hello

I have some question regarding day trading.

I have a software which does not show the previous days data. It only show intray day (tick, 1 min, 5 min, 1 hour, 30 min, etc) and it also shows EOD data. I am using TradeRacer from ICICI.

But it doesn't have a option for 4 hours time period.

We can use the 4 hours chart in the intraday but it will show only one line because it doesn't show any data from previous days.

I am doing intraday trading, please let me know how important is the 4 hours chart. I can get the previous days data to show the 4 hour chart.

How will the 4 hours chart help compared to 5 min or 10 min chart.


Q2 - For the first 100 minutes of a trading day the 5 minutes chart doesn't show many details like ADX and MACD and only shows Moving Average. What should be the strategy to trade in the first hour of trade. Which charts can I use.


Thanks a lot
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