What type of chart is better for profitable trading?

<p id="isPasted">A line chart is the simplest and most elementary type of equity chart used to analyze financial markets. The line chart only plots the closing price of the underlying security. It has a line connecting the dots created by the close price.&nbsp;</p><p>In this chart, a graph can show the price data for the underlying security. On the graph, the time is from left to right along the horizontal axis (x-axis). And the price levels are from the bottom up along the vertical axis (y-axis).</p>

<p>A tick chart is a chart that shows a bar after a set of trading figures. A tick chart shows a bar after a predetermined number of trades during a day. So, some charts may depict a bar after 300 trades while others may show a bar after 500 trades. This gives a pictorial representation of the frequency of trades of a specific security or stock in one day of intraday trading.</p>

<p>There is no one type of chart that is universally better for profitable trading. The type of chart that works best for you will depend on your individual trading style and the type of assets you are trading. Some common types of charts that traders use include line charts, bar charts, and candlestick charts.</p><p>Line charts are simple charts that show the closing price for a particular time period, such as a day or week. They can be useful for identifying long-term trends, but may not provide as much detail as other types of charts.</p><p>Bar charts, also known as OHLC (open-high-low-close) charts, show the open, high, low, and closing prices for a particular time period. They provide more information than line charts and can be useful for identifying short-term price movements.</p><p>Candlestick charts are similar to bar charts, but they also show the opening and closing prices as well as the highs and lows for a particular time period. They use a series of candlesticks to represent the price action, with the body of the candlestick representing the range between the open and close, and the wicks representing the high and low. Candlestick charts can be useful for identifying patterns and making trading decisions.</p><p>Ultimately, the best chart for profitable trading will depend on your individual trading goals and strategies. It's important to experiment with different types of charts and determine which one works best for you. It may also be helpful to use a combination of different chart types in your analysis.</p>

<p>There is no one chart type that is definitively better for profitable trading. Different chart types can provide different perspectives and insights into the price action of an asset, and what works best for one trader may not work as well for another.</p><p>However, Some chart types can be useful for specific strategies. For example, Candlestick charts are popular among traders who use technical analysis and look for patterns and signals in the price action of an asset. Bar charts are also a popular choice among traders, As they give more details about the price action of an asset over a given time period than a line chart, providing open, high, low, and closing prices.&nbsp;</p><p>Renko chart can be useful for traders who like to focus on the price movement rather than time,&nbsp;</p><p>Point-and-figure charts are popular among those who are looking to identify long-term trends,&nbsp;</p><p>Ultimately, the most important thing is to experiment with different chart types and find the one that works best for you and your trading strategy.</p>

<p id="isPasted">If you want to succeed in Forex you need to understand what Forex trading is. You are trading against Professional traders who run the market and take a percentage of the profits from the Bank, Institutional, and Retail traders who enter the market.</p><p>The best way to analyze the market is to go out to the monthly chart and see which way the long term bias is. After that scale down into 2 lower time frames and see which way the price action is heading. Always trade in the direction of the long term bias using patience. You get paid to wait. Find long term targets that the Smart Money traders are using and assess where the current price action is in relation to these longer term targets. Day trading on a short time frame will put you out of sync with the longer term bias. This is why Retail traders struggle to profit. Cycle into rotations in the direction of the longer term bias and try to stay out of Smart Money’s bull and bear traps and stop runs.</p>