It Is Vital For Forex Traders To Learn To Interpret Forex Charts
There are several different tools in the forex trader's toolbox and one of the most important important is the forex chart. Put simply, a forex chart is a graph of the prices of a currency pair over a given period of time. Reading forex charts is critical to any trader's business and so it is vital to know how to read them and to understand precisely what they mean.
A forex chart is created for a currency pair like the EUR/USD or USD/GBP and shows the movement of the two currencies concerned against one another over time. A EUR/USD chart, for instance, shows you how the Euro and the US dollar have moved against one another during the period for which the chart is plotted.
Across the base of the chart you have the timeline which can for instance be divided into 15 minute, 60 minute, one day, one week, or longer periods of time. Then up the right-hand side of the chart are incremental values which are usually fixed to run from just below to just above the bottom and top prices achieved during the time period in question. For a EUR/USD chart for instance the values may run from 1.2540 at the bottom to 1.2564 at the top.
Forex charts are helpful because they give a very clear and easy to read picture of just how a pair of currencies is doing and you can see at a glance if a currency is getting stronger or weaker so that you can act accordingly. Choosing a time frame for a chart is also important and a short time scale can help you identify very minor trends and a long time scale can help you to identify longer term trends.
You can find free forex charts all over the Internet on various websites and a lot of of these will even allow you to put charts on your own websites. These charts are fine for glancing at trends occasionally but dedicated traders will need to have access to much more detailed charts which are constantly being updated in real time. This is essence means having access to suitable trading software which operates through a broadband internet connection so that you are always online. Anything less than round the clock access to the most up-to-date charts across a wide range of currencies will make life hard forserious traders.
With dozens of world currencies being traded each day there are far too many currency pairs for anybody to track of them all mentally and the beauty of the correct forex software is that it lets you study multiple forex charts to show at a glance just what your favorite currency pairs are up to. Naturally you will wish to keep a close eye on those charts showing currencies in which you have invested, but you will also want to keep tabs on other currency pairs which you might want to open trades in if they move in a favorable direction.
The ability to quickly and easily monitor the movements of a wide variety of currency pairs means that you are less likely to miss trading opportunities which you could easily miss without access to the correct forex charting software.
LearningForexTradingOnline.com provides information on learning forex and also includes details of forex charting software.
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