|08-14-2014, 02:10 PM||#1|
The Basics of Forex Charts
Learning how to read a forex chart is considered to be somewhat of a science. They look complicated at first glance. Forex charts can look drastically different depending on what options you want to use. Charts usually have settings for the display style of the price and the time frame that you want to view. Time frames can be anywhere from 1 second to 10 years, depending on the charting system. Price can usually be displayed as a candlestick, a line, or bar.
Charts have typically have several different display modes for displaying the price. One method that price can be displayed is called Japanese candlesticks. Candlestick charts are the most commonly used display method for showing the price on a forex chart. There are theories about using candlestick patterns to predict the price.
Price can also be displayed as a line. Line charts are a good way to simplify the display of the price. The line chart will show you the closing price for each period.
Another way to display the price is by using a bar chart. The bar chart is similar to the candlestick chart. A bar chart will show you where the price opened, the high and low, and where the price closed.
One of the best reasons to learn how to read a chart properly is so you can apply technical analysis. Not every trader believes in using technical analysis, but it can be useful, even if it is not your primary method of trading. Technical analysis relies on the price that is on the chart you are using. Most charting systems will allow you to add technical analysis tools as overlays on your chart.
Understanding Support and Resistance
Using Moving Averages
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