What Role Does A Live Trading Chart Forex Play in Trading: Many traders display some live trading charts forex on the personal computer screen, but some Forex beginners see it and think that it is fantastic to have the charts lined up! I think you are here.
The way the live trading charts forex are arranged is meaningful, and you can intuitively know the exchange rate status with just one arrangement! So, this time, I would like to introduce “What Role Does A Live Trading Chart Forex Play in Trading?
Change the time axis of live trading charts forex between the same currency pairs
First of all, I would like to introduce how to arrange the most orthodox charts and how to arrange charts with different time axes in the same currency pair. The charts are all in the same currency pair (US dollar-yen is prepared as a sample), and they are arranged in the order of 1 minute, 10 minutes, 1 hour from the left.
To explain in a little more detail, the current market price is entirely different between traders who mainly use the 1-minute timeline chart for trading and traders who mainly use the 1-hour timeline. You can often see it, so you are checking “what are the overall traders looking at?”
In other words, even if the people participating in the trade are trading in the same currency pair, the aim and feeling of the transaction will be different so that you will get a difference in consciousness and a bird’s-eye view (see things from a broad perspective). For this reason, we are arranging live trading charts forex on multiple time axes.
Also, if you consciously look at the live trading charts forex on multiple time axes in this way, even if you are using only a one-time axis chart, you will naturally be asked, “What kind of chart is on the other time axis?” Will be able to create an image.
However, it takes time to understand the chart so much, and it is necessary to keep looking at the chart for a long time, so many traders prepare live trading charts forex with different time axes, and at least once a day at other times, I’m checking the market situation on the axis.
In particular, if you analyze the market price on the 1-minute chart, even if the price movement is minimal when viewed from the whole market, it looks like a substantial price movement, so it seems that a massive price movement is occurring. It is not uncommon for a company to lose track of the market (trend market) and lose a lot of money.
To make it easier for beginner traders to imagine, “Where are you on a voyage to the ocean, where are you in the wide ocean, and what waves are you riding (or are you trying to ride)?” The traders are always trying not to lose sight of the big picture.
By the way, this time, I talked about how to arrange charts and imagine the market price from there, but in reality, when you become an intermediate person, a little more advanced chart analysis Will come to do.
For example, after grasping the strong relationship and situation of the entire market with a cross yen or straight dollar chart on the same time axis, switch to the graph of the currency pair to be traded and search for the timing of trading start and end.
However, if you squeeze that much in one lesson, the difficulty level will rise at once, so first of all, I would like you to instill in your body the chart analysis method I introduced this time.
This time too, it’s been a long story, but thank you very much for staying with us until the end.