A Forex chart is used by traders to conduct a technical analysis, which helps them to make better trading decisions. Forex charts contain real time data and keep traders updated on currency trades. It is possible to make Forex trading decisions based on the interpretation of foreign exchange charts.
Forex charts help make the difference between Forex trading success and failure. It is crucial that a trader knows how to read Forex charts, as technical analysis will help them to become aware of new trends, and to make the right purchase or sell decision at the correct time.
Forex traders are always looking out for reliable Forex currency charting tools which are user friendly. Many options are available in the market today which help to customize a Forex currency chart. A foreign exchange chart can be selected for any currency pair, and any type of Forex chart, which is needed, can be used. It can be a line, bar, candlestick, or any other type, the trader prefers. A number of different charts are available on the Easy-Forex platform to suit different traders' requirements. There are day Forex charts, one hour Forex charts and five minute Forex charts, which are also known as tick Forex charts.
The candlestick Forex chart is quite closely linked to the Forex bar chart, the only difference is that it contains price direction information. The candlestick Forex chart bar consists of the body and the shadows. The opening and the closing price makes up the body of the candlestick Forex chart. In case the opening price is lower than the closing price the body is left or blank. And when the opening price is higher than the closing price the body is filled with color. The color of the body solely depends on the trading platform. Certain candlestick Forex chart patterns have prediction qualities.
The bar Forex chart is the most popular and a more common one. It contains plenty of information about the price movement of the currency pair. The high and the low price are united with the help of the vertical bar. The bar Forex charts help for better visualization of the market movements, which is the reason, it's the primary choice of most traders.
In the lines Forex charts, the prices are displayed as a point in the map. The resultant price points connect through a line called 'price line'. The line Forex charts are a characteristic of the trend of the price of the currency but provide little additional information. The line Forex charts have different time periods. The time period selected is the point to point price period. The bigger time period the wider the chart becomes.
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