How to read forex trading charts?

Forex analytics have key importance and is an essential part of trading in the international market. With the aid of special instruments, which are called charts and trading bar graphs, a trader can forecast the market changes. To read these charts it is essential to know what types of graphs exist and where they can be used.

The types of most popular graphs

Linear

Bar charts

A profitable forex strategy consists of many components, but if a trader cannot analyze and take the needed information out of these components, any strategy may easily become unprofitable.

How to read Japanese candlesticks

Every chart has its own peculiarities and it is wrong to say that all graphs can be read the same. As an example of a chart Japanese candlesticks are of significant interest, because they are pretty popular among the traders in the market.

A famous rice trader in Japan created this chart in the 18-th century. For many years long people have no idea about this chart. However, thanks to Steve Nison the world have known what Japanese candlesticks are.

A candlestick has:

The chart represents a valid analytical system that can be used without additional instruments (though it is recommended to use the levels of support and resistance).

To read the candlestick chart:

In conclusion, it is worth saying that every trader has the same opportunities in the marker. Nevertheless, some traders examine thoroughly the instruments, indicators and Forex Advisors, with which they work; others prefer to say that they rely on their brokers and luck. Analytical approach gives a constant profit. It is up to a trader to decide which way to go.



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How to read forex trading charts?
Forex analytics have key importance and is an essential part of trading in the international market. With the aid of special instruments, which are called charts and trading bar graphs, a trader can forecast the market changes. To read these charts it is essential to know what types of graphs exist and where they can be used...

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