Types Of Forex Charts And The Advantages Of XFR Financial Ltd
Forex market is the largest financial market where thousands of traders trade every day with the motive of making good profits. There are beginners and there are experts who invest big amounts of money on this huge market but there is no straight guarantee on your success. Only those people get some success who build a strong strategy based on the powerful analysis using Forex tools like charts, indicators, historical graphs, signals and other tools. Forex charts are the most important tool in getting a good overview of the current and pass trends in the Forex market. You not only get the graph of the movement of the currency from XFR Financial Ltd but you also get to know the relation between the currency prices and the major factors affecting them. Here are the major types of Forex charts prevalent at present:
Types of Forex charts
Let us discuss some of the major FX charts existing in the FX market.
Line chart-It represents the movement of a currency pair by connecting the closing prices through straight lines.
Bar chart- It provides the information of the movement of the currency pair over a fixed intervals say 30 min through vertical bars. Each of the bar 4 hooks show open, close, high and low rates accordingly.
Candlestick chart- It is close to the bar type of charts but represent the OCHL values as candlesticks having the wicks at both the sides. When opening rate exceeds the closing then it is solid and is hollow when the opening rate is lower than closing.
There are also some other types of FX charts and here are those-
- Volumetric Japanese candles charts
- Point and Figure charts also known as XO or crosses-zero charts
- Renko charts
- Kagi charts
- 3-line break charts
Advantages of Forex charts at XFR Financial Ltd
- FX charts can be analyzed to determine what is the good time to buy or sell a foreign currency.
- Forex chart provide a unique way to look into the real-time Forex data. You can see all the currency values in a particular time frame at XFR Financial Ltd
- Using indicators and drawing tools, the technical analysis of the FX charts can be done.
- Real time data is equal in importance to a historical forex data and both of which are displayed in a FX chart which is very helpful in determining the forex moves.
- Once you know the information of how currency performed in a particular time frame it is easier for you to make trades on possible future movements as predicted by these charts. The different types of Forex charts at XFR Financial Ltd have their different advantages for a Forex trader and therefore you should go through the features of every type of FX chart and select which one is best for you. It depends upon how easily you interpret the information by a particular Forex chart type.
