The Old Lands OTS 3.0 Forum Index The Old Lands OTS 3.0
This is official board of our new project. Return to the old times, return the old langs. We change 7.6 client for 3.0 version. We change graphics, map and scripts. We need scripter C++ if you want to join our team, write in forum.
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   GalleriesGalleries   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Forex Live Chart - What you should Know About Char

 
Post new topic   Reply to topic    The Old Lands OTS 3.0 Forum Index -> News Board
View previous topic :: View next topic  
Author Message
dwo8C5z2




Joined: 10 Feb 2011
Posts: 1707
Read: 0 topics

Warns: 0/5
Location: England

PostPosted: Fri 17:49, 25 Mar 2011    Post subject: Forex Live Chart - What you should Know About Char

Forex live chart is a necessity if you are planning to do your own market analysis. 'Live' here means the service that provide it will use current actual market data to create the chart. Basically, it is a very useful information tool to have even if you don't do your own analysis.
The first step is to choose the currency pair to analyze from the drop down menu or other interface. After you find the one that you need, choose the chart type, it usually comes in four types: Line, Bar, Candlestick, and Table. If you are a beginner, I suggest to start with a Bar type. Once you select the type, choose a time frame such as one minute, five minutes,[link widoczny dla zalogowanych], daily, weekly, etc.
In the bar chart, every vertical bar that you see represents a time frame. The top of the bar is the highest price and the bottom of the bar is the lowest price during that particular time frame. For each vertical bar, there are two horizontal bars, one to the left and the other to the right. The bar at the left is the opening price while the bar at the right is the closing price for that specific period of time. Tips: Use the zoom function to see it clearly.
If you are going to use forex live chart, you should at least know these things:
About Support and Resistance
The market volatility can bring it anywhere and no one can predict it 100%. But based on historical data, there are some condition where the price doesn��t exceed or below a certain price for a period of time.
Example:
-From July to December, the EUR/USD prices never exceed 1.645, that means 1.645 is the resistance for EUR/USD in that time period.
- From January to May, the USD/JPY prices never fall under 90.070, that mean 90.70 is the support for USD/JPY during that period.
Entry and exit point can be decided based on these support and resistance data. A conservative strategy is buy at support and sell at resistance. There is also more advanced strategy such as buying at resistance breakout and sell at higher price; it is all depend on the currency, circumstances, and your trading system.
Note: A time when the price has moved passed support or resistance line is called breakout.
Indicators
A good chart software also allows you to add various indicators. Indicator is a mathematical calculation based on prices which you can use to help you make decision. For instance: MVA indicator can present you the average price for a certain period, EMA present you the weighted price calculation for a selected period, and so on.
Forex live chart can be used in various other ways to support a trader and understanding the basic function is a good start for your trader career.


The post has been approved 0 times
Back to top
View user's profile
Display posts from previous:   
Post new topic   Reply to topic    The Old Lands OTS 3.0 Forum Index -> News Board All times are GMT + 2 Hours
Page 1 of 1

 
Jump to:  
You can post new topics in this forum
You can reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum

fora.pl - załóż własne forum dyskusyjne za darmo
Powered by phpBB © 2001, 2005 phpBB Group
Regulamin