How chart time frames affect forex analysis




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How chart time frames affect forex analysisHow Chart Time Frames Affect Forex Analysis

Talking Points:

-More than one way to analyze and trade FX

-Chart time frame can impact the resulting trades

-Explore different styles in a demo account

One of the aspects of FX trading I love the most is how there are many different ways to trade the market. The market is large and liquid and there is not just one way to trade it.

Due to the plethora of different methods and strategies available to trade FX, there is likely a method and strategy that likely fits your personality.

Today, were going to explore the time frame to use on a chart when technically analyzing the market.

There are several chart time frames available and you can even create your own using FXCMs Marketscope charts.

For example, when you create a chart, youll see choices from “T” (which is a tic chart) to “M1” (which is a 1 month chart).

The time frame of chart simply means how much data is included within each bar of the chart.

For example, “m1” chart represents a 1 minute chart. This implies that each bar or point on the chart will represent 1 minute of price activity. (Notice in this example a “M1” is monthly while lower case “m1” is 1 minute.)

There are different ways to represent the data on the chart. For example, you can plot a line chart, bar chart, or the more popular candlestick charts.

You can even plot data in a non-time specific format like what a range bar, renko, or point and figure chart would provide. Those types of charts are beyond the scope of this piece, so we will stick with the time based charts.

Most charting packages offer the ability to customize the time frame of your chart as well. Whether you decide to use a custom time frame or an already populated time frame is up to you.

Here is a guide to help you determine what time frame of chart might be appropriate for you. If you are not sure, try out different styles in a free practice account.