The best chart on forex trading to get profit

Using charts is the most important thing in monitoring the price movements of various assets in the financial markets.

To monitor the exchange rate in forex trading, we need a chart. Many forex analysis (technical, fundamental, sentiment / Intermarket) will use charts to assess current market conditions and prepare projections for future price movements.

Therefore, forex traders must know the various charts that are commonly used to choose which is most suitable for trading activities.

There are many types of Forex Charts. But the most frequently available for trading platforms are line, candlestick, and bar chart.


  • Line Chart

Line Chart is the simplest type of forex chart which when seen by our eyes will only look line and look less attractive. Line charts formed by drawing a line from one closing price to the next closing price. If arranged continuously, then we can see price movements as in the following figure:
Line chart on the MetaTrader on Android
Line chart on the MetaTrader on Android

  • Candlestick Chart

Well, this chart is a chart that is popular today because it looks interesting and contains complete details.

Candlestick chart type not only contains closing price information, but this type also takes into account the opening price, the highest and lowest prices and closing (OHLC) displayed in a candle-like form, with the axis made of High and Low, while the candle bars represent the price difference Open and close.

When the Open price is higher than the Close price, it means there is a decline, so a Bearish candle (usually red) formed. Meanwhile, if the Open price is lower than the Close price, it means an increase, so a Bullish candle (usually green) formed.
Candlestick chart on the MetaTrader on Android
Candlestick chart on the MetaTrader on Android

  • Bar Chart

For bar charts, it also contains information on opening prices, high and low prices, and closing prices. Therefore, Bar Charts are often also called OHLC charts (Open, High, Low, Close). For example, a graph like this:

Bar chart on the MetaTrader on Android
The bar chart on the MetaTrader on Android

Well, those are some charts displays commonly used on trading platforms. Return to the main topic according to this post:

What is the best chart on forex trading to get profit?

Among the three types of forex charts, most traders use Candlestick charts because the information is complete and easy to read. I think too because I am used to candlesticks; I feel that they are suitable.

Besides, Candlestick charts can form the formation of Candlestick patterns that show the turning point of price movements, so I often consider it a high-accuracy trading signal.

Not all forex trading platforms install Candlestick charts as default charts. If the graph on your platform is still a Line Chart or Bar Chart, then just change it to Candlestick manually.

Usually, the option to change the graph type is available in the menu bar. You can also change the colors of the Bullish and Bearish candles, not green and red.


Actually, there are like candlesticks, which I sometimes use, namely: Heiken-Ashi which means average bar in Japanese. But it includes it in Metatrader in the indicator category.

Ok, I hope this less qualified post can be useful. This is the basis of forex so there is no harm in discussing this trivial thing?
For those who want to learn more basic things, you might also be interested in reading posts about the Best timeframe to profit from trading.

Thanks.

0 Response to "The best chart on forex trading to get profit"

Post a Comment

Iklan Atas Artikel

Iklan Tengah Artikel 1

Iklan Tengah Artikel 2

Iklan Bawah Artikel