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Random article: Types of Forex Charts and Graphs
Forex charts serve as framework of technical analysis, and besides allow monitoring behavior of trading contracts by eye. We will now discover the following notions, which are often used for reviewing price charts: • open price – the price of the first transaction within the reviewed time interval; • close price – the last price for the present time interval; • maximum – the largest price for a certain time interval; • minimum – the least price within time interval; The most popular time-frames are: W1 (week), D1 (day), H4 (4 hours), H1 (1 hour), M30 (half of hour), M15 (15 minutes), M5 (5 minutes). The simplest type of Forex chart is the linear – jogged line, which more often is built for close prices.
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Popular article: Basics of Technical Analysis
By technical analysis we should basically understand employment of price chart (and results of its math interpretation) for further market and price forecast. Technical analysis rests upon repeated nature of market and implies that ups and downs of currency quotations on charts are rotated according to certain time periods. An advantage of technical analysis is its universal application: with its help one can research any financial contract for any period of time. The market accounts for everything. That means that any event, which could affect price behavior is already accounted by market and is reflected on the price chart. This proposition means that all factors impacting the price will be definitely reflected in its behavior, therefore, it is required to monitor quote graph.
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