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How to Read Forex Charts. The Ultimate Guide for Beginners
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Most Commonly Used Forex Chart Patterns
Related search: Market Data. Market Data Type of market. Learn to trade Strategy and planning How to read forex charts. How to read forex charts. Will Hall-Smith Senior financial writer , London. What is a forex chart? How to read different types of forex charts Forex traders tend to choose between four main types of chart — candlestick, HLOC, line and mountain — each of which is read in a different way. Candlestick chart Candlestick charts display pricing information in long, thin bars that resemble candles.
In addition, each candlestick will show four specific prices for the currency pair: Open: the price at the start of the period Close: the price at the end of the period High: the highest price traded during the period Low: the lowest price traded during the period. Line chart Unlike a candlestick or HLOC chart, a line chart only shows the close price for the time period you have selected eg one hour. Mountain chart The final type of chart is a mountain chart.
What is Forex?
Using technical analysis to forecast FX prices While this guide has introduced the basic concepts you need to know to read forex charts, many experienced traders use more advanced technical analysis to forecast price movements. Explore the markets with our free course Discover the range of markets you can spread bet on - and learn how they work - with IG Academy's online course. Try IG Academy. Turn knowledge into success Practice makes perfect. Try it out. Ready to trade forex?
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The bottom of the vertical bar indicates the lowest traded price for that time period, while the top of the bar indicates the highest price paid. As the price fluctuations become increasingly volatile, the bars become larger. As the price fluctuations become quieter, the bars become smaller. The fluctuation in bar size is because of the way each bar is constructed. The vertical height of the bar reflects the range between the high and the low price of the bar period. The horizontal hash on the left side of the bar is the opening price, and the horizontal hash on the right side is the closing price.
A bar is simply one segment of time, whether it is one day, one week, or one hour. Open : The little horizontal line on the left is the opening price. Low : The bottom of the vertical line defines the lowest price of the time period. Candlestick charts show the same price information as a bar chart but in a prettier, graphic format. However, in candlestick charting, the larger block or body in the middle indicates the range between the opening and closing prices.
Traditionally, if the block in the middle is filled or colored in, then the currency pair closed LOWER than it opened.
How to read forex charts like a pro
Here at BabyPips. They just look so unappealing. A color television is much better than a black and white television, so why not splash some color on those candlestick charts? We simply substituted green instead of white, and red instead of black. This means that if the price closed higher than it opened, the candlestick would be green. For now, just remember that on forex charts, we use red and green candlesticks instead of black and white and we will be using these colors from now on.
The purpose of candlestick charting is strictly to serve as a visual aid since the exact same information appears on an OHLC bar chart. There are many different types of charts available, and one is not necessarily better than the other. The data may be the same to create the chart but the way that data is presented and interpreted will vary.
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Each chart will have its own advantages and disadvantages. You can choose any type or use multiple types of charts for technical analysis.
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It all depends on your personal preference.