The first step to correctly reading a chart in MetaTrader is knowing how to interpret the price and time axes.
➤ The horizontal axis of the graph shows us the time. This means that we can see historical prices as we move to the left of the chart. The dates and times displayed will vary depending on how the graph is zoomed in or out. The further away it is, the more historical price action you can see.
➤ On the other hand, the vertical axis shows the price at which a certain asset is trading at that moment.
How do you read this trading chart? Based on this simple understanding of price and time, we can deduce some scenarios that help traders make decisions about what to trade and when:
➤ If the price has fallen from the left side to the right side of the trading chart, we can deduce that during that period of time, the market is in a downtrend or that the sellers are in control.
➤ If the price of the asset has increased from the left side to the right side of the chart, we can deduce that during that period of time, the market is in an uptrend or that the buyers are in control.
This may sound simple to some, but it is actually quite important. Why? Because once a market trend kicks in, it could stay that way for an extended period of time.
Another way to interpret Forex charts is by calculating how much a market is moving up or down. For this, we must analyze the asset prices and be clear about what the "pips" are.
Read the full post on the DotBig broker website.
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