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CHARTING BASICS (2.1)

CHARTING BASICS (2.1)

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Published by Trading Floor
Charts are a forex trader’s best friend. As a Forex trader, you will most likely utilize your price charts more than any other available tool. Since your charts are going to play such a large part in your trading, it is imperative you become familiar with them. The more comfortable you are with your charts, the easier it will be to become a successful forex trader.
Charts are a forex trader’s best friend. As a Forex trader, you will most likely utilize your price charts more than any other available tool. Since your charts are going to play such a large part in your trading, it is imperative you become familiar with them. The more comfortable you are with your charts, the easier it will be to become a successful forex trader.

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Published by: Trading Floor on Mar 11, 2011
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10/02/2012

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Chapter 2.1
Charting Basics
 
 
 1
CHARTING BASICS
Charts are a forex trader’s best friend. As a Forex
trader, you will mostlikely utilize your price charts more than any other available tool. Sinceyour charts are going to play such a large part in your trading, it isimperative you become familiar with them. The more comfortable youare with your charts, the easier it will be to become a successful forextrader.To help you become acquainted with your charts and how you caneffectively use them, we will cover the following concepts:
Contents 
Chart setupChart time framesChart types
 
 2
CHART SETUP
Let’s start from the very beginning and take a look at how a forex price
chart is set up. Once you understand the basics, you will be much moresuccessful applying more advanced concepts to your technical analysis.Forex price charts are built on two axes
the X axis (horizontal axis) andthe Y axis (vertical axis).The X axis runs horizontally along the bottom of the chart providing atimeline for everything that has happened on the chart. The mostrecent price action is shown on the right side of the chart and the mostdistant price action is shown on the left side of the chart.The Y axis runs vertically along the right side of the chart providing aprice scale for the price movement on the chart. Lower prices areshown toward the bottom of the chart and higher prices are showntoward the top of the chart.When you put the two axes together, you can see at what price acurrency pair was trading at a particular time in the past. For example,you can see that the EUR/USD was trading at 1.4000 on 20 September2007.

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