Learning forex graphs and charts is generally considered to be somewhat of rocket science. They look highly complex at first glance. Typically, forex charts can also look extremely distinct based on what choices you decide to use. Plus, charts have settings for specific display styles of the time frame and cost that you desire to view. Also, time frames can be expected anywhere from about 1 sec to 10 yrs, relying on the chat systems.
Cost can be displayed as a bar, line, or candlestick mostly. The brokers in South Africa are also quite reliable and easy to use, especially for beginners and their forex graphs are also easy to learn.
Without any further ado, let’s have a look at how you can easily learn forex charts to comprehend forex trading;
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Learning Forex Trading Graphs – A Guide for Beginners
There are two basic factors needed to learn forex trading charts completely. So, here we go;
Timeframe of the Forex price chart
A time frame actually refers to a specific period utilized to plot cost quotes & display the cost chart. For instance:
- In a candlestick chart or graph, the time frame correlates with one candlestick. If there is a timeframe of M30, every candlestick generally displays the price fluctuation range every 30 minutes.
- In the line chart, a small dot is the timeframe’s closing price mostly. When the period of 30 minutes ends, the graph draws a dot correlating with the final cost. At last, all the points are usually connected by the line.
Time scale & price scale:
The yellow box is the cost scale. It shows how much the cost of euros is in US dollars. The recent market price (1.12678) is highlighted with a green color. It means that you can purchase about 100,000 euros for almost $112,678 right now. This green color actually elaborates that the cost is increasing at the moment. On the other hand, the red color indicates that it is falling. The thin horizontal line means that the level of price is relative to the old quotes. As the price in the chart changes constantly, the price color (red, green) will also change every time.
The blue-colored box marks the scale of time that elaborates the previous EUR value. The yellow arrow demonstrated another scale. This usually permits the time changings of the displayed historical data. For instance, if you select 7D, your chart will expectedly show the cost changes over the last 7 days. Plus, the green arrow shows the menu to switch the scale types (logarithmic and percentage). Moreover, it also points out the time zone as well as the current time.
In this article, we have summarized all the essential factors regarding how to learn forex graphs. All in all, learning forex charts is highly important if you want fewer risks in trading. If you are a beginner and find it difficult to learn forex graphs, you can follow the above points to do it conveniently.