If you’re a forex trader who likes to focus on naked charts with just support/resistance levels across the different timeframes drawn onto your charts, then you’ll know that things can get messy pretty quickly. The whole reason you choose to trade without indicators is to keep your charts clean and to make your patterns clean and precise.
If you’re using different coloured horizontal or trend lines across different timeframes, even just a single week’s price action can see your MT4 forex trading charts become an absolute mess. Sometimes you’re honestly just best if you wipe your MT4 forex trading charts clean and start again!
Here are three reasons that you should just wipe your charts and start again.
1. Forces you to Analyse Forex Markets Fresh
When you have drawn a ton of lines, studies or indicators on your charts, your mind essentially trains itself to see what it wants to see. Say for example that you’re always watching a certain trend line that has been broken. Even if price is no longer obeying the level, you still keep it there and you try to trade where it should be bouncing.
If on the other hand, you had a clean chart, then maybe your eyes wouldn’t be drawn back to that same old broken level which price is no longer obeying and you’d be able to see the clear swing low that is now acting as strong resistance. Simply by wiping clear your MT4 forex trading charts, you can change your whole perspective on what your mind sees.
Always try to analyse the forex market from a fresh perspective. It will revolutionise your trading.
2. Makes you Focus on Only the Forex Levels that are in Play
If price hasn’t hit a level for 12 months and now sits 10,000 pips away, then is there really any reason you need to be distracting yourself with the line? Why not simply remove the line from your chart and keep your attention fixed firmly on the levels that are in play at this moment?
It’s the same concept as we spoke about above. If you’re always looking at a certain level, your attention is taken away from where it should be. Don’t let your subconscious bog you down in forex trading. Always try to update your MT4 charts to make sure you’re looking where you need to be looking for forex trading opportunity.
Not all markets are in play, all of the time. Try to focus only on the forex levels that are in play and see if it increases your trading strike rate.
3. Keeps your Eyes on any Unfolding Forex Candle Patterns
Candle patterns by themselves are hard to trade. But when you combine them with strong, higher time frame support/resistance levels or trend lines, then they’re just about the most powerful tool that you can add to your forex trading arsenal. It’s for this reason that you want to be able to see the candle patterns that are forming at the key levels in play.
If your MT4 charts are full of old levels and trend lines that are no longer valid chopping through price, then how can you expect to see the patterns that are currently in play? You have to keep your charts clean and visible so you can exploit these highly powerful patterns to gain an edge.
Just remember that patterns that form at major support/resistance levels are the ones that are key. Make sure your charts are clean and up to date so you never misidentify what the MT4 forex trading chart is telling you.
Source: Vantage FX Blog