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Forex Chart Types & Reading

http://www.forexexplore.com The beauty of technical analysis lays in the ability to predict future by looking at the past. That's where forex charts come handy. Don't worry, it has nothing to do with geometry. Charts are a graphical description of forex price activity over a specific period of time.

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Forex Chart Types & Reading

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  1. Forex Chart Types Charts are a graphical description of forex price activity over a specific period of time. There are a lot of chart types but the most favorite ones are: - Line Chart - Bar or OHLC Chart - Candlestick Chart

  2. Reading Line Charts Forex line chart is the basic type of chart and gives a trader a chance to observe the price changes. It consists of data points which represent closing prices and are connected by lines.

  3. Reading Bar Charts Compared to line chart that only shows closing price bar chart also shows an opening price, highest price and lowest price all at the same time. So instead of a continuous line you get short vertical "bars" with little left and right "tails".

  4. Reading Candlestick Charts Candlestick charts have exactly the same "features" as a bar chart with open, high, low and close prices within one vertical bar, except that the bar is more like a larger block which is down right in the middle of the vertical line and it shows the range of opening and closing prices.

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