What are Bar Charts? | #25 Invest Diva Forex Coffee Break Trading Education Course26th September 2018
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The nosy and geeky traders were dying of curiosity and wanted to visually see where the currency pair is moving during specific time periods, especially longer periods such as hourly, 4-hour, daily or monthly. They could, of course, set their charts to 1-minute to see the most recent movements, but by doing that, they would miss out on the general view on the market. If only there was a way to know what prices the pair covered during a specific period of time…
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This led to invention of the second generation charts: the Bar Charts. Bar charts are more informative compared to Line Charts because they display not only the closing prices but the open, high, and low prices as well.
In other words, by keeping an eye on a Bar Chart, you can know that in a given time period were in the forex dance floor (aka platform) the pair started dancing, where they dipped, where they jumped, and where they ended the round. Now, this may not be useful at all if you were just watching a couple dancing the Argentine tango, but in forex trading, it can reveal many useful secrets.
The Tango song’s name is El Capitalismo Foraneo
Which was danced by Nicole Scherzinger and Derek Hough in Dancing with the Starts 2010
Here is what a bar looks like (Not to be confused with a chocolate bar, legal bar exam, or a retail establishment that serves alcoholic beverages.)
Open: The little horizontal line to the left is aligned with the open price at a given time period
High: The top of the vertical line shows the highest price in that time period
Low: The bottom of the vertical line is the lowest price of the time period
Song: “Low” by Coldplay. You can buy the song here:
Close: The little horizontal line to the right is the last price or the closing point of the time period
In the hourly bar chart, it takes one hour to form one bar. Each bar displays the open, high, low and close prices.
Script, Presentation & Cinematography
By Kiana Danial at Invest Diva
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