How do you read a forex chart?

[Fin_Trader]

I prefer naked price action, i.e. trading using intuition. But intuition comes after you watched charts thousand times and feel how certain pattern can play out in this situation.

I would call it trading intuition. Because it is impossible to trade successfully using intuition and without knowledge. Only experience can tell you how to predict price movement.

 

[Latham]

To read a forex trading chart, identify the time frame (e.g., daily, hourly), and analyze price movements. Look for trends, support and resistance levels, and candlestick patterns. Use indicators like moving averages or RSI to gauge momentum and market strength. Always consider news events that may impact prices.

 

[LeoFx]

Reading a forex chart involves analyzing price movements over time, using candlestick patterns to identify trends and reversals. Key elements include support and resistance levels, trend lines, and technical indicators like moving averages. Understanding these components helps traders make informed decisions based on market behavior and potential future movements.

 

[Polakandil]

In platforms such as MetaTrader 4 and 5, the most widely used chart type is the candlestick chart, because it is easier to read, even though the concept is similar to a bar chart, to differentiate between bull and bear charts, it is easier to use a candlestick chart.

 

[TradeWizards]

Forex chart reading does not only involve analyzing price movements, it is very important to use harmonic patterns and indicators to identify trends and reversals. Understanding these components helps traders choose the right strategy and make informed decisions for possible future moves.

 

[borzy]

In platforms such as MetaTrader 4 and 5, the most widely used chart type is the candlestick chart, because it is easier to read, even though the concept is similar to a bar chart, to differentiate between bull and bear charts, it is easier to use a candlestick chart.

They are both good but MT5 is much better, charting capabilities as well as coding tool are major breakthrough compared with MT4

 

[Polakandil]

They are both good but MT5 is much better, charting capabilities as well as coding tool are major breakthrough compared with MT4

Maybe one day MT4 will be outdated and no longer used, many brokers including FXOpen now offer MT5 as an advanced platform developed by Metaquotes. Previously, this company had developed Metatrader 3, but the most popular is Metatrader 4.