[quote=jerryyap;4637225]How you set it in your MT4? I thought all the candles will look exactly the same even if we switch from say EST to GMT. It is only the lower x-axis showing different time.
Sorry for the delay in answering your question. The candles do not look the same once you go up to the 4hr or daily charts. Simply because the candle is opening and closing at different times. Let's say on your MT4 platform (CET) your 4hr candle opens an hour before mine at 1.4000 and the price drops to 13960 in that hour. When mine opens at 13960 (GMT) an hour later, it's going to close an hour later so it's going to sometimes be a totally different shape! If one relies on candlestick formations to make a trading decision, it can make a difference.
I am a Rookie trader (so politely forgive me for any Rookie'ness in advance) who stumbled upon this forum while researching how to make a Long Term trade on the GBP/AUD pair.
I am wanting to short the AUD against the GBP but I am not at all interested in pips. I am interested in the long term trend and have been looking at the 5 & 10 year graphs. I would like to bet that the AUD will get as low as $2.50 to The Pound (circa 25% variance) within a given amount of time, say for arguments sake 12-16 months. One way for me to make this trade safely is to sell AUD cash and buy GBP cash. I suppose if I am correct I stand to make circa 20pc gross return. However, I would prefer some kind of leveraged option, as I want a higher return and don't have much equity to play with on this trade. I also don't want to pay a margin call or have to close out my trade if the dollar strengthens in the meantime (as I am willing to bet that the longer term trend will continue); does this mean I should be looking at a Binary Trade?
I am wanting to choose a spread (?) where the graph line will either a) pass through 'x' axis between two given dates, AND/or b) pass the 'y' axis, where the graph line will be above $2.50 for The Pound after a single given date.
If anyone out there can point me in the right direction as to what platform I should use to execute such a trade that would be great, any foreseeable pitfalls etc.