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When it comes to forex trading, there is a wide variety of strategies and methods that you can choose based on your preference. One of those methods is charting, and the individual analyzing charts to predict the next price movements is called a chartist.
Essentially, a chartist believes that the price movement is not random and can be predicted by studying the charts and past trends. For instance, a chartist would search for head and shoulder patterns and resistance and then analyze it further with the rest of the chart. This method is part of the technical analysis in forex trading because they don't use fundamental aspects in their calculations (although some combine the two). Therefore, a chartist can also be referred to as a "technical analyst".
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In practice, sometimes charting can be an overwhelming task for traders because price charts are not easy to read, especially if traders must analyze them manually. However, there is one tool called Autochartist that could help traders with such issues.
Autochartist offers a unique technology that could scan the market automatically while at the same time, interpret it to produce a full analysis of the charts. With chart patterns provided as its main analysis offering, Autochartist also serves some other technical tools such as horizontal levels, Fibonacci patterns, consecutive candles, alert to extreme changes, volatility analysis, as well as macro-economic analysis, and fundamental analysis for stock trading.
Since its first launch in 2004, Autochartist has received many praises and recognitions from traders across the globe. The company behind it is basically a technical analysis provider that specifically scans the market's price movements and identifies unique patterns in the charts. It covers the currency market as well as the commodity and stock market, so traders with more than one tradeable product can use this tool easily.
There are various features offered by Autochartist, such as:
To improve the quality of its service, Autochartist collaborates with various well-known trading technology providers such as Advanced Markets, Econoday, TradeToolsFx, MetaQuotes, Spotware, TechFinancials, SpotOption. The last four names are platform providers that allow Autochartist to be integrated into a wide option of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader.