how to read charts
Line Chart | Bar Chart | Candlesticks Chart
If you decide to make technical analysis as the foundation of your trading decisions then you would need to know the price chart. It would certainly be beneficial for you if you fully understand the basic of price chart.
OHLC: (Open, High, Low, Close)
EXAMPLE: D1 (daily price chart)
OPEN: The opening price of that day. This price is only quoted once a day, at the beginning of the period.
HIGH: The highest price traded on the day. This price will move if new highs are quoted during the D1 period.
LOW: The lowest price traded on the day. This price will move if new lows are quoted during the D1 period.
CLOSE: This is the closing price of the day. This will show the most current price, therefore this will continually move with every new price quote. At the end of the period the close price is the last quote of D1.
Knowledge of forex charts are very important and it involves analyzing charts (candlestick, bar or even line charts). MT4 provide an easy to use forex charting tools.
Forex charting on MT4 will help you make a better informed decision on when and where to buy or sell or even when not to trade.
There are 3 most common forms of price chart : Line Chart; Bar Chart and Candlestick Chart.