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#1: Forex trading with a line chart
A line chart is the simplest chart you can use for forex trading. It shows the performance of a currency pair.
This type of chart is great for long-term trading as it doesn’t show price activity, just single prices.
Have a look at an example of a line chart below…
#2: Forex trading with a bar chart
This is one of the most popular charts forex traders use. Have a look at the bar chart below…
Unlike the line chart, the bar chart shows you the currency range for the period you’re looking at.
There are three main things you can see on a bar chart…
1. The chart shows the high and low prices for the period selected, marked with a vertical bar.
2. The small horizontal line to the left of the bar is the opening price.
3. The small horizontal line to the right of the bar is the closing price.
You can use a bar chart over any time period.
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#3: Forex trading with a candlestick chart
A candlestick chart is a bit like a bar chart. Many traders prefer it to a bar chart as it’s easier to read.
Have a look at the candlestick chart below…
The candlestick shows you:
• The high price shown by the wick at the top of the candlestick;
• The low price shown by the wick at the bottom of the candlestick;
• The opening price and the closing price from the formation of the candlestick. If the price rises during the time period, the candlestick is green, if the price falls, the candlestick is red.
Did you understand today’s article with ease?
You’re now ready to create your forever-profitable trading system…