Interpreting Live FOREX Charts
Reading live FOREX charts can be a challenging task if you have never done it before. The FOREX market is a very dynamic one and requires a lot of analysis in order to succeed. Here are a few basics that you need to interpret FOREX charts.
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Basic Chart Information
Every trading platform is a little bit different. Each broker has their style and most of them also offer the popular Metatrader platforms. While they all have different features, many of what you will see is uniform with all brokers. For example, you will be able to pull up a chart of any currency pair that your broker offers.
A currency chart will provide you with a lot of information. The default setting will allow you to see the price of the currency pair over a certain period of time. Each increment of time is referred to as a candle. If you have your chart set on a one hour time frame, each bar will represent one hour. If you drag your mouse over a candlestick, it will tell you the opening price, closing price, and high and low prices.
You can also find Broker, Exotic and International Information on most charts. Before you invest money in anything, do some research and be sure to know what you are doing.
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