Different Types of Forex Charts

Wednesday, December 31, 2008

There are a few different types of Forex charts including price charts, line charts, bar charts and candlestick charts.

The price chart simply provides pricing information at certain time intervals. Line charts usually provide closing prices each connected with a line in order for Forex traders to see the overall pattern or movement of prices over time. Bar charts basically show the fluctuations of prices during a set time interval. Most Forex traders look at the Forex chart using Japanese candlestick graphs.
On this type of Forex chart, the candlestick basically shows the price fluctuations within the given time period in relation to the time allotted on the chart.

There are different colors involved with candlestick charts where green indicates rising prices and red indicates falling prices. There are many popular “patterns” such as a “morning star” which many Forex traders using candlestick charts will refer to and use in order to help guide their trading decisions. It is important to research and get to know these types of patterns if you would like to use candlestick charts as your Forex trading chart of choice. As far as most Forex traders will agree, the market is never truly predictable and Forex trading, just like any other financial market can have its ups and downs. It is always best to do your research and learn how to successfully trade in the Forex markets through the use of free Forex software demos and more.

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