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The best 4hr Forex pairs to trade depend on your trading style, psychology, and trading system. In a trending market, one type of 4hr Forex pair may not work for you, and vice versa. High volatility pairs require different trading strategies, and the best 4hr forex pairs will fit your personality and preferences. For example, a 5min candle might show very little order flow, or a small amount of profit taking, and this can create a negative feedback loop. For this reason, a good entry point is two to three candlesticks ahead of the desired entry point.
Another useful tool when trading 4hr Forex pairs is the moving averages. These lagging indicators, such as moving averages, can be used to predict when to buy or sell. They are also a good way to determine a perfect entry point - typically two to seven candlesticks before the price chart - and you can always exit if you don't make any money. To trade using moving averages, you should follow the trend of the moving averages.
As a beginner, you should start by focusing on major currency pairs. The US session has the most liquidity, so EUR/USD is the best time to trade. Once you've learned the major currency pair, you can expand your trading to other instruments. This will give you a broad perspective on the market and allow you to better analyze the trends and pick the best times to trade. However, you should remember that trading is high risk and involves substantial losses. As such, you should only invest in currency pairs that you feel comfortable trading.
In addition to the 4-hour charts, you should use mobile applications and watch the timeframe for the closing of each candle. Then, you can see if there are pockets of opportunity. For example, when trading currencies on the intraday time frame, you should be looking for the close of each candle. This is a good time to take advantage of the time difference between New York close and the closing time in Europe and Australia.
If you're trading in the daily timeframe, you can check the momentum of a currency pair with the stochastic indicator. The moving average is a great way to spot a trend, but the daily timeframe is usually the better choice. You can analyze the market's movement in a different way, but the 4hr chart is an essential part of a forex trader's arsenal. This timeframe is the key to making money with forex trading.
If you're a newbie, EUR/USD is an ideal pair for you to trade. It accounts for over a third of the total volume on the Forex market. This currency pair has good liquidity and low spreads, which makes it an excellent starting point for any trader. A major financial institution uses EUR/USD as one of their major trading instruments, and you can find some of the best Forex pairs with tight spreads and liquidity.
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