Forex Live Chart - What you should Know About Charts
Written by Matthew Johnson
Forex live chart is a necessity if you are planning to do your own market analysis. 'Live' here means the service that provide it will use current actual market data to create the chart. Basically, it is a very useful information tool to have even if you don't do your own analysis.
The first step is to choose the currency pair to analyze from the drop down menu or other interface. After you find the one that you need, choose the chart type, it usually comes in four types: Line, Bar, Candlestick, and Table. If you are a beginner, I suggest to start with a Bar type. Once you select the type, choose a time frame such as one minute, five minutes, daily, weekly, etc.
In the bar chart, every vertical bar that you see represents a time frame. The top of the bar is the highest price and the bottom of the bar is the lowest price during that particular time frame. For each vertical bar, there are two horizontal bars, one to the left and the other to the right. The bar at the left is the opening price while the bar at the right is the closing price for that specific period of time. Tips: Use the zoom function to see it clearly.
If you are going to use forex live chart, you should at least know these things:
About Support and Resistance
The market volatility can bring it anywhere and no one can predict it 100%. But based on historical data, there are some condition where the price doesn’t exceed or below a certain price for a period of time.
Example:
-From July to December, the EUR/USD prices never exceed 1.645, that means 1.645 is the resistance for EUR/USD in that time period.
- From January to May, the USD/JPY prices never fall under 90.070, that mean 90.70 is the support for USD/JPY during that period.
Entry and exit point can be decided based on these support and resistance data. A conservative strategy is buy at support and sell at resistance. There is also more advanced strategy such as buying at resistance breakout and sell at higher price; it is all depend on the currency, circumstances, and your trading system.
Note: A time when the price has moved passed support or resistance line is called breakout.
Indicators
A good chart software also allows you to add various indicators. Indicator is a mathematical calculation based on prices which you can use to help you make decision. For instance: MVA indicator can present you the average price for a certain period, EMA present you the weighted price calculation for a selected period, and so on.
Forex live chart can be used in various other ways to support a trader and understanding the basic function is a good start for your trader career.
Article author
About the Author
Further reading
Further Reading
Article
How Should We Celebrate the Anniversary
How Should We Celebrate the Anniversary of the Birth of Prophet Muhammad (PBUH)? For Muslims, Prophet Muhammad (PBUH) is the best creature ever. He is the last messenger and prophet sent by the Almighty Allah to guide people from the darkness of ignorance to light of Divine guidance. At any human scale, he (PBUH) is a man of extraordinary achievements. This is a fact admitted not only by Muslims, but by non-Muslim thinkers and philosophers also. Having put Prophet Muhammad (P
August 25, 2023
Article
This is Jesus, Son of Mary, the Word of Truth
This is Jesus, Son of Mary, the Word of Truth rn Festivals and celebrations are considered one of the distinctive characteristics and key features of societies around the world as they constitute a major part of cultural fabric for people. This means that there is hardly any human society without festivals, whether they are related to religious occasions or non-religious ones. While there are some Islamic festivals like, Eid al-Fiá¹r and Eid al-Adha, there are also various c
August 14, 2023
Article
BRISE Token: How to buy Bitgert's Crypto Token
Why do traders buy native tokens of exchanges? Native tokens, often referred to as exchange tokens, are digital tokens that cryptocurrency exchanges issue to offer their users a variety of advantages. These tokens can be exchanged for access to premium services, a reduction in trading fees, and payment for transaction costs. But what actually makes these tokens unique is their potential for value growth, which attracts investors as an appealing investment opportunity. Investo
May 19, 2023
Article
Customet satisfaction
Customer satisfaction Despite all the effort and money poured into CX tools by companies, customer satisfaction continues to decline. In the United States, it is now at its lowest level in nearly two decades, per data from the American Customer Satisfaction Index (ACSI). Consumer sentiment is also at its lowest in more than two decades. This negative dynamic in the customer-centric ecosystem in which we now live creates the challenge of figuring out what is going wrong and wh
March 18, 2023