Tickmill Technical Analysis powered by Autochartist

Save time finding a potential opportunity with automated analysis.

Tickmill Technical Analysis, powered by Autochartist, is a powerful chart pattern recognition and automated alerts tool. It is delivered through a powerful web-based application accessible directly from fxTrade or an MT4 plug-in.

Chart Pattern Recognition and Automated Alerts supported by the Autochartist:

• Continuous intraday market scanning helps you to stay on top of market movements
• Automatic chart pattern recognition and pattern quality indicators help inform your trading decisions
• Get notified by automated alerts when the chart patterns you specify emerge or complete

Follow the steps below to access Tickmill Technical Analysis:

1. Log-in to Tickmill Web or Tickmill Desktop
2. Select the “Technical Analysis” icon on the left-hand menu
3. Tickmill Technical Analysis will launch in a browser window

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How to predict exchange rates?

It’s time for action! You learn how to open and close trading orders in Metatrader. Now you are ready to trade on the Forex market. But how to decide what to do – buy or sell? Is there an answer?

Luckily there are! You buy a currency if you think its rate will go up and you sell it if you predict its price will go down.

To make such a forecast, you need to look at two things – a chart in Metatrader and an economic calendar. Below you will find a quick guide on how to analyze the Forex market and make profitable trades.

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How to make profit with the help of fundamental analysis?

Fundamental analysis does not mean that you have to do hard and painstaking work. Fundamental means ‘economy’. If the economy is doing well, the currency will rise.

To make an estimate of the future value of the EUR versus the USD, we need to compare the economies of the eurozone and the United States: whichever is better, the currency will strengthen. For example, imagine that the European economy grew 0.5%, while the US economy increased 2% during the same period. The strength is clearly on the US side, so traders would expect the EUR to drop against the USD. To make money on this decline, they will sell EUR/USD.

Every day the most important countries in the world release their economic statistics. You can find a calendar of these releases, their forecasts and actual figures in the economic calendar. If you check it regularly, you will get a lot of great trading ideas.

On 23 May 2018, UK indicators came in below forecasts, while US figures were fine. Thus, GBP/USD declined during the day. You can open sell orders on your trades and make money.

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How to make money using technical analysis?

Technical analysis is also simpler than it sounds. It does not require knowledge of mathematics or mechanics. All you need to do is draw a line and pay attention to the indicators – the same way you would look at your car’s speedometer.

The main principle is that you buy at low levels and sell at high levels. And, trends are your friends. A trend is when a chart moves in one direction – up or down – for a long period of time. Traders buy during an uptrend and sell during a downtrend. An uptrend is a situation when the price is constantly setting higher lows and higher highs. A downtrend is when price forms a series of lower highs and lower lows. Below you can see an example of a downtrend.

Note that traders usually connect chart highs and lows with so-called trend lines as we did in this image. You can tell that it is a downtrend when you connect the two highs with a descending line (points 1 and 2). Technical analysis allows you to expect that by the time the price comes to this line (point 3), it will reverse and you will be able to sell. You will be able to close your trade at point 4 or 5.

This is just one of the techniques you can use. To have more options for making profit, check out Tickmill’s tutorial.

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What type of analysis is used?

The logical question now is when to use fundamentals and when to use technical analysis.

Some traders only trade on economic news, while others feel that they only need price charts to be successful.

Both types of analysis have their advantages.

There is also an opportunity to take the best of both methods: choose to buy or sell with the help of economic analysis and then determine the optimal level to enter your trade with the MetaTrader technical tools.

This way you will double your profit opportunities.