Charting
The most suitable chart for you will depend on your strategy, timeframe, and visual preferences. Some popularly used trading charts include candlestick charts, line graphs, bar charts, and Renko charts.
Once you’ve opened an account with us, you can open an instrument’s chart and apply a range of technical analysis tools. You can also place a buy or sell order using our multi-functional tickets, and apply risk-management controls at the same time.
Traders adopting a short-term strategy, such as scalping or day trading, might choose from a range of shorter timeframes, from 1-second, through to 1-hour.If you’re using a longer-term strategy, such as swing trading or position trading, a daily, weekly, or monthly timeframe may be more suitable.
Day traders tend to focus on hourly charts for overall trend direction, and shorter-term charts, such as 15-minute or 30-minute timeframes, for more refined buy and sell signals. Learn more about day trading.
When trading forex, there is no definitive ‘best’ chart timeframe to use, as this can vary based on your trading strategy, whether it be short-, medium- or long-term. You can also use an analysis of all three, as long as the trading signals are visible.
Candlestick trading is one of the most commonly used chart types, and they have multiple timeframe options. Candlestick patterns can be displayed over both short- and long-term charts.
Scalpers often tend to focus on short-term timeframes, as trades only tend to last from between a few seconds to a few minutes. Therefore, a 1-minute or 5-minute interval chart would display price data appropriately.
Candlestick charts can be good for beginner traders as these can help you to understand price action across the financial markets, making it easier to find entry and exit spots. Other chart types including line, bar, and Renko charts often lack granular information, possibly making it more difficult to determine these points.