The most important types of fx charts

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The most important types of fx charts

Fx charts are the most fundamental aspects of FX analysis, and there are several ways to display fx charts. However, the choice of fx charts is dependent on the analyst concerned, preferring any scheme that provides the best signal at the early stage

And it is also important to note that some Forex brokers provide charts, as part of their trading platform, while others do not

 

Forex charts

1-Line chart

The Fx line chart is  the simplest chart of the Forex charts, representing the Y axis of time while X-Axis displays the price, and we can plot the market position in minute, hour, 15 minutes, day,  week or even monthly  basis, and this type of graph displays the closing price only

 

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the period Fx charts do not provide additional information such as high and low price and the opening price.

The biggest advantage of a linear plan analyzer is its simplicity, the ability to understand price movements very easily, and the linear chart also shows trends by simply observing the slope

 

2-Bar chart

The bar chart uses vertical bars to display the price action for a given day, with the help of a line from the lower  to the highest price, where the bar represents the opening, highest, lowest and the actual close price of the day.

 fx charts allow traders to see patterns easily, and fx charts are a set of four prices on a certain day, And is also referred to as the price bar

 

3-Candlesticks

Differs in the way they are visually constructed, where fx charts are drawn over a single day, weekly, and monthly period, providing a detailed picture of the longer price movement, and fx charts displays a thick object called the real body, which is the thick line that extends above and below the shadow, The bottom of the upper shadow represents the high price, the bottom of the lower shadow represents the low price, and the opening and closing values ​​are based on the upper and lower border of the candle body.

if the fx chart candle black, then the top is the opening value and the black body represents a downward trend and vice versa with white candle upward trend

 

Fx traders usually use this type of chat in common to execute and open trading position rather sell or buy and applying a different type of trading strategies such as fundamental, technical, numerical analysis

 

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In summary, there are many fx chart charts for technical analysis in the Forex market, although candlestick charts are the most widely used in Forex, followed by line charts and bar charts. It is worth mentioning that all fx charts of these charts come with its advantages and disadvantages, Although all fx charts can be used as a result of personal preference or perceived accuracy by the trader

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