Basic Charts types and Its importance
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Thread: Basic Charts types and Its importance

  1. #1
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    Basic Charts types and Its importance

    The very first time i see market it look like very tough but as i have some experience about market i get solution to trade with chart type it is very helpful and will give trader good opportunity in market with best ideas we can used , and it is very best to make trade plan because we have past all movement about market and when i have experience about movement it really help trader and here we see how many way about chart and what give trader help for good trading .
    Chart types:
    There are 3 types of chart that you are likely to experience in your trading career ; Candlestick chart,Bar chart , and line charts .they are all used same price and same data the only difference is there change like we see price in all these format in different way ./below image is to explain these three type with same data .
    CHART TYPE.png

    Candlestick chart:
    This type will show high low open and close price for each period of time which a trader is selected , the body of each candlestick represent the open and closing prices while the candle "wicks"display the high and low prices for each period , and we have freedom to chose any color scheme for bullish and bearish candlestick .make sure we can differentiate each period with open and closing on chart that make it more popular then any other format of chart .

    Bar chart:
    In this type all the open close high and low price for each period of time in designated for bar .the vertical line is created by the high and low for prices bar , the dash to the left of the bar was the opening of price and dash to right was the closing of price , It is very similar to candlestick chart but not too much comprehended .

    Line chart:
    This is very simple kind in chart because there is no high low open price mostly line target close of price and it is widely used in all the government analysis about weather about economy and most used in Forex by new trader because it is very easy in kind .

    Time frame:
    It is realted to all type of chart so it is important that we discuss it , the amount of single time frame to complete particular bar or candle of chart , if we chose 4 hour time frame so every candle and bar will created after 4 hour time period ,and if we chose 5 minute chart its mean every candle is based on 5 minute after it new candle start its formation .

    Bid Vs Ask :
    Our chart focused is on whether we want to look for bid prices or ask prices the side we choose will depend on whether we are wanting to place a sell order or a buy order , remember there are type of price for every forex pair .

    "The bid price is where we can open a sell position or close our long position , and ask price is where we can open buy position or close sell position "

    Too be clear, we are free to places any type of order that we want no matter what type of chart we are looking at , we can follow what we learn but for new trader we must have understanding about all and if we use best of our decision making and trading knowledge so we can chose the best trading option for work in this market .

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  2. #2
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    Yes, that is how everyone trader has seen the forex market when we all first began. It looks very confusing and we do not understand what all the chart really represent . But with time we all discovered that it is not as difficult as we were thinking it to be. You see when you do not understand a thing it looks very difficult even the simplest of thing looks very confusing and difficult when it is not understood. The candlestick chart is the best of the three.

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  3. #3
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    The line charts and even the bar charts are things that I don't find useful because they don't have some of the basic elements that is needed for me, the way the open and close doesn't give me the information about what I should analyse, the candlestick chart is where the real deal is, this had a clear body and tail where you can easily draw your support and resistance.

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  4. #4
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    This all ideas of chart is really very important in trade all the trader used ideas according to own learning like most of trader use candlestick chart because these are reason for profit if we learn market well and plan with different candlestick formation remember them it will added quality in our trading and also we can earn bigger .

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  5. #5
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    This is very best way to select chart which is useful and i think candlestick is the best form of chart give us good results and we can make better trade always , every trader working for the good techniques to get used and if we are using these pattern so it will be easy to get success with form of charts and by trend finding indicator .

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  6. #6
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    This is very informative thread which is actually useful for very trader to run a good trade so we needs to be familiar with the types of charts for the better selection of good trading ways that are very suitable for satisfying results but we should select only valuable methods with solid ideas and own plans to work with selective charts by following the rules o our own plans.

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  7. #7
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    Quote Originally Posted by melan View Post
    This is very informative thread which is actually useful for very trader to run a good trade so we needs to be familiar with the types of charts for the better selection of good trading ways that are very suitable for satisfying results but we should select only valuable methods with solid ideas and own plans to work with selective charts by following the rules o our own plans.
    These are all basic and very effective charts an everyone must keep supporting their trade from one of these specifies chart patterns so everyone have own personal choices about the charts or other method but these are very common and very reliable for earn safe income but i mostly use Candlestick charts that are help to form actual yield in the form of big profits from it.

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  8. #8
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    bilal786, candlestick pattern are good but i am almost failure in that section so if you are earning kindly make a journal and share with us because i don't think so just candlestick is best, in technical we have many strong ways and in fundamental all technical also fail, so for getting best signal we should first use fundamental then technical

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  9. #9
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    Quote Originally Posted by naeem555 View Post
    bilal786, candlestick pattern are good but i am almost failure in that section so if you are earning kindly make a journal and share with us because i don't think so just candlestick is best, in technical we have many strong ways and in fundamental all technical also fail, so for getting best signal we should first use fundamental then technical
    I think the reason behind is over confidence overall trendline trading is best to work and always it will help trader to make good plan , and there are lot of pattern which we can use and will do our trade in better way every trading strategies is useful and give trader good results in follow all the strategies .

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  10. #10
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    Even though majority of traders are making use of the candlesticks to trade the forex market , that does not mean that the other two charts namely the bar chart and the line chart are not good to trade the market , it is just that most of us do not know how well it can be analyze and interpreted to suite the market condition. I have seen some few folks making use of the bar chart and they seems to be doing very fine with it and sometimes the use of the two can be combined for analysis.

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