Introduction to Forex Charting

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Forex Charting

• Line charts

Line charts are good at giving you a quick view of forex market trend support and resistance levels.

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Line charts are made by a line from the high price to the high price of the next, low to low, open to open. By common feed, line charts that show a connection from one closing price to the next are the most useful and the most widely used;

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• Bar charts

A bar chart shows us a price bar for each period of time. An individual price bar gives us four pieces of information that we can use to help us make our trading decisions: The open, high, low, and close, you will sometimes see bar charts called OHLC charts. Example below:

Introduction to Forex Charting

• Candlestick charts

Moving on with Candlestick charts show the same information as a bar. Candlestick charts indicate the high and low of the given time period just as bar charts do, with a vertical line.

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With the currency closed higher than it opened. For example, if the real body is white or another light color, the top of the real body likely indicates the close price and the bottom of the real body indicates the open price.

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Scalping is a very controversial method. It’s a bit of a “death by a thousand cuts” strategy and is closely linked to trend trading.

But automatic trading has also some advantages. It is impossible to say what is better: manual or automatic trading all depends only on the trader and his strategy. But there are some advancements which can help you. Decide on the following:- FX platform MetaTrader 4

  • how many orders you are planning to open within a day;
  • Amount of time you can spend on trading;
  • Which Trading volumes do you want to deal with.

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