forex bar opening price
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Many people like trading foreign currencies on the foreign exchange forex market because it requires the least amount of capital to start day trading. Forex trades 24 hours a day during the week and offers a lot of profit potential due to the leverage provided by forex brokers. Forex trading can be extremely volatile, and an inexperienced trader can lose substantial sums. The following scenario shows the potential, using a risk-controlled forex day trading strategy. Every successful forex day trader manages their risk; it is one of, if not the most, crucial elements of ongoing profitability.

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Forex bar opening price

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Bar charts are one of the most popular trading chart types. They provide a lot of information that the day trader can use when making trading decisions and are relatively easy to read and interpret. Bar charts consist of an opening foot—facing left—a vertical line, and a closing foot—facing right. Each bar includes the open, high, low, and close price that occurred during a specific interval, set by the trader.

For example, if a day trader opts to view a one-minute bar chart, then a new bar will form every minute, and each bar will show the open, high, low, and close price for each minute. The interval can also be something other than time, such as a specific number of transactions.

When a chart displays transactions, it is called a "tick chart. Bar charts also show the direction of movement—upward or downward—in the price, as well as how far the price moved during the bar. Day traders can then assess how the price is moving based on the bar chart. Those who make trading decisions based on those price bars are called price action traders. The former is more popular and includes information on the open O , high H , low L , and close C price, whereas the HLC chart just includes information on high, low, and close.

The open is the first price traded during the bar and is indicated by the horizontal foot on the left side of the bar. The high is the highest price traded during the bar and is indicated by the top of the vertical bar. The low is the lowest price traded during the bar and is indicated by the bottom of the vertical bar. The close is the last price traded during the bar and is indicated by the horizontal foot on the right side of the bar.

The direction the price has moved during the bar is indicated by the locations of the opening and closing feet. If the closing foot is above the opening foot, then the price made upward progress during the bar. If the closing foot is below the opening foot, then the price made downward progress during the bar.

The range of the bar is indicated by the locations of the top and bottom of the vertical bar. It takes a bit of practice to get used to reading a bar chart, especially when the price is moving very quickly. Remember that the open is always on the left, and the close always appears on the right like how you read: from the right to the left, because the open always comes before the close. The vertical part of the bar represents how high and low the price went during the interval of the bar.

A bar chart can also typically include volume—for example, how many shares, forex lots, or futures contracts are changing hands on each bar. Therefore, it is also recommended that you understand buying and selling volume when reading a bar chart. Other chart types include Renko , candlestick , and Heikin Ashi charts. On a stock chart, an inside bar is a bar that doesn't break the high or the low of the bar before it.

This indicates a decline in volatility ; the same amount of time has passed, but the stock price has a smaller range. This signal can be combined with other indicators, such as movement in the VIX volatility index. Each trader determines the time it takes to form a bar on their stock chart. The closing price is the last price traded during the bar and is indicated by the horizontal foot on the right side of the bar.

Legions of forex traders view closing prices as being the most important data point on the bar because it summarizes the final sentiment of the given period. No matter what you may be trading in the financial markets, an OHLC bar chart appears as illustrated below. Pretty straightforward, right? Bet you thought it would be more difficult than that.

Functionally, you can have 5-minute bars, minute bars, 1-hour bars, 4-hour bars, etc. In forex, the most commonly used bars are the minute, 1, and 4-hour, and daily. It is completely up to you and your trading strategy to decide on which time period you want to analyze price action. A 1-minute bar chart, which shows a new price bar each minute, would be useful for a day trader but not an investor.

A weekly bar chart, which shows a new bar for each week of price movement, may be appropriate for a long-term investor, but not so much for a day trader. Ultimately, your specified period should complement your trading strategy. Bar charts also show the direction of movement—upward or downward—in the price, as well as how far the price moved during the bar. When a trader makes trading decisions based on those price bars, they are called price action traders.

Fun Fact: Nicolellis range bars were developed in the mids by Vicente Nicolellis, a Brazilian trader and broker who spent over a decade running a trading desk in Sao Paulo. Nicolellis developed the idea of range bars, which consider only price, thereby eliminating time from the equation. In addition to the placement of the components, the size of the bar matters, too.

This is one of the things that make OHLC bars powerful technical indicators: they have built-in range finders! The size of bars changes according to the economic pressures that affect the supply and demand for a currency pair. The distance between the high and low is named the trading range. Thus, an oddball bar that is different in size or component configuration from the bar preceding it should get attention.

When it is interpreted correctly, this simple symbol can be used to show turning points, trend lines, and support and resistance levels. Really, it is a swift, comprehensive expression of price movement. All relevant information is included. While bar charts are not absolute in their ability to predict currency movements, they provide you with an important tool to better understand market movements.

Do you think you will be using bar charts when trading? Our guess is that you will! If not, perhaps one of the other chart types will suit your fancy. Just be sure that your chart is user-friendly and intuitive! Seriously, we barely ever sleep….

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The range high and low then come into play as trade filters, depending on their locations relative to the opening tick. Let's see how this works in two common intraday scenarios. That action establishes a morning range, with the swing low occurring at the same price as the opening print. A slow decline then sets into motion, triggering a test at the opening print in the middle of the lunch hour. The fund bounces for 30 minutes and rolls over, retesting the pivot around p. The solid downside thrust confirms a breakdown that yields a nasty intraday decline.

The failed bounce over the lunch hour completes a bearish cup and handle pattern that adds reliability to short positions taken when price breaks the opening print and range low. It is important to note that breakdowns yielding sizable intraday swings can often be traded for several days because they continue to act as resistance. Similar dynamics apply to opening price breakouts.

Note how the opening print is located between the first swing high and low of the session, setting up different tape dynamics than the QQQ example. In this case, a violation of the first print should have less impact because obstacles to movement are waiting, higher and lower. The first 5-minute bar establishes the morning range, but that is not obvious until it is tested successfully for around 45 minutes into the trading day red circle.

In turn, the next upswing tests the opening tick , yielding a breakout that adds more than 60 cents in the next 10 minutes. Price promptly stalls at the range top, completes a bullish cup and handle pattern and breaks out in a strong directional thrust that fills the gap and keeps on going into the closing bell.

The three data points bring order into typical morning chaos, allowing you to set first strategies into motion while the majority is struggling to evaluate the market tone. This extra insight generates a well-defined trading edge that adds predictive power in very short time frames, giving you a leg up on the path to profitability. The first trade of the day in liquid markets defines a narrow price level that can act as support or resistance for the entire session.

This opening price principle has numerous applications when used in conjunction with the intraday trading range. Technical Analysis Basic Education. Day Trading. Trading Strategies. Your Money. Personal Finance. Your Practice. Popular Courses. Trading Strategies Beginners. A chart aggregates every buy and sell transaction of that financial instrument in our case, currency pairs at any given moment.

When the future arrives and the reality is different from these expectations, prices shift again. And the cycle repeats. Whether the transaction occurred by the actions of an exporter, a currency intervention from a central bank , trades made by an AI from a hedge fund, or discretionary trades from retail traders, a chart blends ALL this information together in a visual format technical traders can study and analyze.

A simple line chart draws a line from one closing price to the next closing price. When strung together with a line, we can see the general price movement of a currency pair over a period of time. All you know is that price closed at X at the end of the period. You have no clue what else happened. But it does help the trader see trends more easily and visually compare the closing price from one period to the next. The line chart also shows trends the best, which is simply the slope of the line.

Some traders consider the closing level to be more important than the open, high, or low. By paying attention to only the close, price fluctuations within a trading session are ignored. A bar chart is a little more complex. It shows the opening and closing prices, as well as the highs and lows. The bottom of the vertical bar indicates the lowest traded price for that time period, while the top of the bar indicates the highest price paid.

As the price fluctuations become increasingly volatile, the bars become larger. As the price fluctuations become quieter, the bars become smaller. The fluctuation in bar size is because of the way each bar is constructed. The vertical height of the bar reflects the range between the high and the low price of the bar period. The horizontal hash on the left side of the bar is the opening price, and the horizontal hash on the right side is the closing price.

A bar is simply one segment of time, whether it is one day, one week, or one hour. Open : The little horizontal line on the left is the opening price. Low : The bottom of the vertical line defines the lowest price of the time period. Candlestick charts show the same price information as a bar chart but in a prettier, graphic format. However, in candlestick charting, the larger block or body in the middle indicates the range between the opening and closing prices.

Traditionally, if the block in the middle is filled or colored in, then the currency pair closed LOWER than it opened.

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It's a tougher process with currencies because forex crosses trade through hour cycles, with no universally agreed opening or closing prices. A bar chart shows where the price of an asset moved over a period of time and is useful for tracking prices and aiding in trading decisions. If one looks at a daily price chart, he/she will probably notice that some bars opened close to their low prices, but closed near the middle.