Forex charts are an essential part of making money on the exchange and learning how to read them is the key to your success. Hone your skills and increase your chances of making money with this short guide.
Getting to grips with forex charts
What is a forex chart?
A forex chart shows you the exchange rate between two currencies and how it has changed over time. If you’re just getting into forex trading, learning to use these charts will help you understand the markets.
You can view a forex chart for any currency pair of your choice, EUR/USD (Euros to US Dollars, GBP/JPY (British pounds to Japanese yen), and so on.
Forex charts and time frames
The period of time shown on a forex chart depends on the time frame you select.
Many forex charts are set to a daily time span by default, showing you the trading data over a 24-hour period. You can also select other time frames like minutes or months.
Learning to read advanced forex live charts and real-time trading charts will help you spot trends and seize opportunities to make money.
The different types of forex charts
Forex charts come in different forms, but the three most popular types of chart are line charts, bar charts and candlestick charts. Here’s what you need to know about each of them.