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Types of charts

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A candlestick is a chart, also known as a Japanese Candlestick Chart, and is favoured by traders due to the wide range of information they portray. The chart displays the high, low, opening and closing prices. A candlestick has three points; open close and the wicks.The wicks show the high to low range and the 'real body' (wide section) shows investors if the closing price was higher or lower than the opening price. If the candlestick is filled then the currency pair closed lower than it opened. If the candlestick is hollow, then the closing price is higher than the opening price.

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A bar chart shows the opening, close, high and low of the currency prices. The top of the bar represents the highest paid price and the bottom indicates the lowest traded price for that specific time period. The actual bar represents the currency pair's overall trading range and the horizontal lines on the sides represent the opening (left) and the closing prices (right). A bar chart is most commonly used to identify the contraction and expansion of price ranges.

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A line chart is easy to understand for beginners trader's. In a line chart, a line is drawn from one closing price to the next. When connected, it is easy to identify a general price movement of a currency pair throughout a time period and determine currency patterns.


What are technical indicators?

Technical indicators are mathematical calculations that use historic price action and volume to forecast future price movements, providing trade entry and exit signals. These signals suggest a potential time and price for a trader to enter a trade, in order to profit from the predicted move in price. Technical indicators are usually displayed over or below price charts to help traders identify trends and overbought or oversold situations.

Technical indicators are designed to describe short-term price trends and are useful for finding the price level and time to enter or exit a trade. Common technical indicators include:

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Moving average
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Bollinger Bands
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Stochastic indicator
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Relative Strength Index
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Alligator Oscillator