Understanding Forex Charts. Remember, every single bar on the chart stands for a collection of data and has a meaning of its own. A big difference between a line chart and an OHLC (open, high, low, and close) chart is that the OHLC chart can show volatility.
Forex trading requires sufficient practice and learning. On the other hand, the y-axis, which is the vertical line, shows the price of the currency pair. It is completely up to you and your trading strategy to decide which time period you want to analyse.
There are three specific points that create a candlestick, the open, the close, and the wicks.
The primary purpose of using a Forex chart is to identify tradable patterns and.
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This time rate could be as short as the past ten minutes, or as long as the past ten years. Once Forex traders understand the basics of charting and "Technical Analysis", it is easier (although still very difficult) to understand why markets move in certain patterns and cycles. In this guide, you'll learn how to read these patterns.