Last: 
Getting to know various charts or forex charts
The existence of forex charts will make it easier for you as a forex trader to read price movements over time. With forex charts, you can determine the trend that occurs and find price movement patterns that will later appear to create profits in trading. If traders do not know how to read forex charts well, then trading strategies that require expertise to read charts will be difficult to implement. In fact, basically a forex chart is a display that shows the movement of market prices. So, before understanding more about how to read forex charts correctly, you need to know the three types of forex charts used in forex trading to help your analysis be effective!1. Line Chart
Line charts are one of the most simple forex charts on the trading platform. This chart is often used by traders and technical analysts because it can show complete data. The Line Chart is shown as a line that will connect the prices in the closing session. For example, a trade is closed at certain prices in the past few days. Each of these closing price levels will be linked to a straight line, and here you can easily see the general price movement over a given period. For example, in a few consecutive days a trade closes at the price of 100, 200, 150, 250, and so on.
2. Bar Chart
Bar charts are one of the preferred forex charts and are quite popular among American traders. Why is that? According to them, forex bar charts are easier to use than other charts because the bar units are simpler. Although it is a bit more complicated than a line chart, this type of forex chart provides information regarding the opening, closing, highs and lows in a given period of time. Because it has this information, this chart is often referred to as an OHLC (Open-High-Low-Close) chart.- Low represents the lowest price ever traded in a given period of time.
- High represents the highest price in a given period of time.
- Close The small horizontal line on the right side represents the closing price.
3. Candlestick Chart
What is a candlestick? A candlestick is a type of forex chart or price chart that reads the price movement in the financial market technically. It is called a candlestick because its shape is similar to a candle. It is said that this chart originated in the land of Sakura and is also known as the Japanese Candlestick Chart. To create a candlestick chart, you must have data on the opening price (open), high price (high), low price (low), and closing price (OHLC) or better known as OHLC in a certain period. These forex charts provide information that is not much different from bar charts. The difference between these two charts only lies in the 'posture'. The body itself depicts the distance between the open and close prices in a given period of time. Usually, the body of this forex chart candlestick is white and black. If the body on the chart is white, then the open price is below, on the other hand, if the body is black, then the open price is up. If the open price is below the close price, then this position is commonly called a bull candle. In technical analysis, the term bull or bullish is used when the market price tends to rise. To describe a falling price movement, the term bear or bearish is used, so that a candlestick that has an open price above the close price is called a bear candle. Many traders prefer to use this type of chart because it is more visually helpful to recognize the open, close, high, and low prices than the bar chart. Candlesticks are also included in one of the most widely used forex charts by technical analysts due to their easily recognizable ability to present data. After knowing about candlestick charts, make sure to download the application of GIC through the Play Store or App Store.So, what are the keys to reading forex charts correctly?
1. Observe price movement patterns
You need to adjust the price movement pattern to the type of transaction you are making. If you want to buy, then focus on currency pairs whose charts are rising. And vice versa, if you want to sell, look for a currency whose chart is declining.2. Check the time-frame used
There is no need to panic when you see fantastic price movements. Do a thorough check for the chart you are using because each time frame has its own characteristics that need to be adapted to your trading system. Make sure the chart display is on the same time frame as your analysis. In addition, you can also focus on one time frame for entry, so that the trading process can be more directed. Remember, you also need to pay attention to the difference between the selling price and the buying value in order to read the chart properly and correctly. Do you already know how to check the time-frame? Share your skills with your friends so they understand it better. In addition, invite your other friends to join GIC or register as an IB and earn income from the program!3. Pay attention to the spreads that apply
The next important key to reading forex charts is to pay attention to the spread. The spread is the difference between the sell price (bid) and the buy value (ask), or sell quotes and buy quotes. This is a determining factor, whether the take profit can be executed correctly or not. Therefore, at the time of open buy, make sure the price is in the bid area, on the contrary, at the time of open selling, the price is around the Ask area.4. Check the time zone displayed
Pay attention to the time zone displayed at the bottom of the chart or forex chart. Usually, forex charts are organized based on a specific time zone, such as GMT time, New York time, or other time zones. A common problem in reading forex charts is how to distinguish your local time from the server time when following news announcements. To avoid missing news and getting confused about time zones, you can outsmart this by converting the announcement time to local time, so that the time the announcement will occur can be more easily adjusted to your trading preparation.5.Make sure your internet is connected
The last step is to check your forex chart, whether the candles displayed are in line with the current market conditions or not. Usually, charts that are not connected to the internet will be stagnant, and traders who are not aware of it often make the mistake of analyzing the price. If the trader only realizes after the actual price has moved far, then this can certainly be detrimental from all sides. For this reason, don't forget to always check your internet network first. Although it looks trivial, this problem can cause losses. Especially if you are placing trades in a sizable number of lots. Do you already understand how to read forex charts? Then you can test your knowledge in the Preliminary Test and find out how far you are capable!
