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Understanding Forex Trading

What are intraday charts? Intraday charts are those charts that have a timeframe of less than a day or 24 hours. So, a 1 minute, 5 minute, 15 minute, 30 minute, 60 minute and 240 minute charts all are intraday charts. 240 minute chart can be known as the 4 Hour chart. Reading an intraday chart is the same for these completely different timeframes.

You can view these timeframes utilizing a bar chart or a candlestick chart. A bar chart and a candlestick chart have some relatedities and a few differences. On a bar chart,the time period like the 1M, 5M, 30M, 60M or the 240M is represented with a bar. This bar will have a small horizontal bar to symbolize the open, high, low and close of that point period. There are some bar patterns which are considered to be crucial and day traders love to trade them.

On the other hand, on the candlestick chart, time period like 1M, 5M, 15M, 30M, 60M and 240M are represented by a candle body that has the open and close. This candle body will have two wicks on the top and bottom of the candle body that will show you the high and low of that point period. If the closing value was higher than the opening price, now we have a bullish candlestick and it is always given a light shade like white or grey. And in case the closing worth was lower than the opening worth, we’ve got a bearish candlestick that is always given a dark shade like black. There are a number of candlestick patterns that when seem on these charts are considered to be important trend reversal and development continuation patterns.

These intraday charts are utilized by short term traders or what are more popularly known because the day traders. 1M chart could be very fast and there is a lot of noise on these charts due to the very short timeframe used. 5M charts are also a bit fast. Both these 1M and 5M charts are utilized by scalpers who must quickly enter and exit the market grabbing a number of pips every time. One of the crucial fashionable charts are the 4H charts that many day traders use to trade the Forex market. When you trade on these 4 hour charts, you don’t need to monitor them continuously as compared to the decrease timeframe charts that need frequent monitoring. However, reading these intraday charts is nearly the same. If you know the best way to read the 4H charts, you will also be able to read the decrease timeframe charts like the 1M, 5M, 15M, 30M and the 60M!

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