Forex Candlesticks: A Complete Guide for Forex Traders

Learn how to interpret candlestick charts for forex with our expert guide.

Forex candlesticks provide a range of information about currency price movements, helping to inform trading strategiesWhat could possibly be more important to a technical forex trader than price charts? Forex charts are defaulted with candlesticks which differ greatly from the more traditional bar chart and the more exotic. These forex candlestick charts help to inform an FX trader’s perception of price movements - and therefore shape opinions of trends, determine entries, and more.

All currency traders should be knowledgeable of forex candlesticks and what they indicate. After learning how to analyze forex candlesticks, traders often find they can identify many different types of price action far more efficiently, compared to using other charts. The added advantage of forex candlestick analysis is that the same method applies to candlestick charts for all financial markets.quiz!There are three specific points that create a candlestick, the open, the close, and the wicks.

The top of the upper wick. If there is no upper wick, then the high price is the open price of a bearish candle or the closing price of a bullish candle.The bottom of the lower wick. If there is no lower wick, then the low price is the open price of a bullish candle or the closing price of a bearish candle.The image below shows a blue candle with a close price above the open and a red candle with the close below the open.

Candlestick charts are the most popular charts among forex traders because they are more visual. Candlestick charts highlight the open and the close of different time periods more distinctly than other charts, like the bar chart or line chart.Forex price movements are perceived more easily on candlestick charts compared to others.Candlestick charts offer more information in terms of price than line charts.

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