The Forex technical analysis is based on the detection of certain trends and patterns, consisting of typical figures or shapes formed on symbol charts. Various technical analysis tools use identified trends to make forecasts on future exchange rate changes, define market entry and exit points and set Stop Loss and Take Profit levels.
MetaTrader 4 offers 24 analytical objects: lines, channels, the Gann and Fibonacci tools, shapes and arrows. With these tools, you can forecast the future price dynamics. Objects can be manually applied both to charts and indicator windows.
Each symbol can be displayed in 9 timeframes — from one minute (M1) up to a monthly one (MN). This allows traders to see the quote dynamics in detail and combine technical indicators and graphical objects on various periods of a single symbol. For example, after building a trend line on the daily period, you will see it on M15 as well, thus being aware of the longer-term trend. This will allow you to assess the current market situation more accurately reducing the influence of the human factor in decision making and turning your Forex trading into a more systematized activity.