What is Forex and how does it work?
27 November 2015
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- theforexscalper
theforexscalper
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Learn everything about Orderflow trading?
theforexscalper
Email us now :
info@theforexscalpers.com
how to mark up a chart in forex
There are three different Forex charts of use when trading at the Forex market.
Let me introduce you to them: Line charts, bar charts, and candlestick charts.
We have a strong preference for the candlestick charts because they give us the most information.
So a chart with just one line the shows us the movement of the quote.
Line charts are easy to read and show us the trend in the Forex charts.
Also good at using to see the Support & Resistance levels.
Although the line chart gives us information about the history of the pairs price, it’s hard to see the individual prices.
The Bar charts show us individual prices for a certain time period.
Every bar has it’s own information and will so give you a more accurate view of your positions.
The bar has an open, high, low and closing point.
Most traders use the candlestick chart because they tell us a lot of clear information.
Especially the Price Action is really recognizable.
Don’t get confused, the candlestick shows us the same information as the bar charts, however, it’s easier to read.
Candlesticks give good information about the highs and lows at a certain timeframe.
Back in the day when Godzilla was still a cute little lizard, the Japanese created their own old school version of technical analysis to trade rice. That’s right, rice.
A Westerner by the name of Steve Nison “discovered” this secret technique called “Japanese candlesticks,” learning it from a fellow Japanese broker. Steve researched, studied, lived, breathed, ate candlesticks, and began to write about it.
Slowly, this secret technique grew in popularity in the 90’s.
To make a long story short, without Steve Nison, candlestick charts might have remained a buried secret. Steve Nison is Mr. Candlestick.
Welcome to my author blog. With over 12 years of experience in the financial markets, Trading is more than a profession for me; it's a passion that has fueled my curiosity and determination. Over the years, I've explored various trading strategies, dabbled in different asset classes, and navigated through the ever-evolving landscape of technology and innovation. Through it all, I've witnessed firsthand the transformation of the financial industry. My mission is to share the wealth of knowledge I've gained over the years with you, my fellow traders and aspiring investors. Whether you're a seasoned pro looking for fresh perspectives or a newcomer eager to understand the basics, you'll find something valuable here.
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