How Important Are Live Forex Charts In Your Trades
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You cannot be a Forex trader without a reliable Forex chart in the same way that any professional cannot do without their tools of trade. Forex charts are more than just numbers and forecasts. They enable traders to perform fundamental and technical analysis on different currency pairs. These reports also provide valuable historic data on currency rates, allowing traders to view them in a broader sense. Different traders have their style and method of charting, which is why there are so many types of charts available.

Forex charts help users visualize what the foreign exchange market looks like in general and enable better forecasting and identification of different markets' behaviours and patterns. These charts are necessary for technical and fundamental analysis. While technical analysts focus on comparing actual events with known patterns, fundamental analysts try to determine the correlation between the trends that are visible on the chart and macro events like political and economic events.

For traders to profit from Forex charts, they should understand key points like support and resistance levels, along with other indicators that have to be lined up to signify if a certain level will hold or break. By looking at these indicators, you can formulate a trading strategy applicable for a specific period. Joining a service that assists you in reading and analysing chart information is recommended if you are serious about learning and profiting from Forex trade.

There are many different Forex chart types you can use, depending on the kind of visualization that will best help you analyse releases. Line charts are probably the simplest out of all types of charts. They are based on closing rates per time unit, thus resulting in the formation of one homogenous line. Line charts are best at showcasing resistance and support levels. Bar charts typically include three separate rates per time unit—the high, low, and closing rates. Some bar charts may also include the opening rate for a particular period. Point and figure charts are usually based on price and don't provide any linear representation of the time element. Candlestick charts feature prices at the opening, closing, high, and low points per each selected time period. Dark candles indicate a decline while transparent candles mark an increase. Other charts also exist beyond these basic types, some offering a combination of data that can help you better analyse market movements and strategize for your trade. Please visit for more.


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