Last update 2020.09.22
We have covered explanations about the patterns of candlestick charts, in another article here on the Wiseinvest Academy, but despite the popularity of candlestick charts, there are also other important chart types available for forex trading.
What you can learn ahead
- Understanding the concept of charts in trading
- What are the most popular charts in forex
- Reading open, high, low, and close (OHLC) in trading charts
- How to trade forex without concern about trading charts
- What is the best way to trade forex.
So, this article compares candlesticks charts to bar charts and the classic line chart, to find the answer to “what’s the best chart to trade forex” and how to take advantage of forex trading.
Let’s dive into the candlestick trading world
As a reminder, if you are using a candlestick chart of the AUD/NZD symbol while receiving a Wise AI trading or AI forex signals alert, you can clearly observe the movement once the price drops below a certain price, such as when it reaches a take profit objective on a short trade.
For traders who only want to know the open, high, low, and close (OHLC) prices, the bar chart can be a cleaner representation that the candle chart. The bar chart contains the same information as the candlestick, but it is not filled with color.
Compared to candlestick charts, there are small differences, the open price comes first, at the left of each bar, on the bar chart, and the closing price on the right side of each bar. The thin line goes from the maximum to the minimum price. Finally, the color pattern is the same. If the closing price is higher than open, the bar will be one color (i.e. green), otherwise, it will be another contrasting color (i.e. red). Let’s see how the same AUD/NZD graph above will look like as a bar chart here below.
The candlestick and bar charts look very similar, and we are capable of interpreting the same information, it simply looks a bit more cleaner in a bar chart, as they open and close prices are denoted by the small horizontal lines to the left and right of each bar. It can make a difference once you start to put some indicators and other analyses over the image, as a bar chart can stay cleaner than a candlestick chart.
Very often, traders want to see the trend of the forex pairs and our mindset almost immediately thinks about lines. Therefore, the other very popular fashion of presenting data in forex is using a plain Line chart. Using the same example of the AUD/NZD forex pair, we change to the chart to a line graph in our fx broker analysis tool.
We can set the green line to maximum prices, the red line to minimum prices, and the blue line from opening to closing prices.
One very important information is that the line is not continuous, it was made by a sequence of spot measures connected. It represents a continuous line, but it is not, rather a series of dots that are connected. It is relevant because future values can be very far away from previous values, making our graph jump from one dot to another.
I would prefer the two first kinds, candlesticks and bar charts, exactly to avoid the feeling of connection between each period, compared to a line chart. And because I like to use other line indicators as mobile means.
However, since using the Wise automated AI Trading system or AI forex signals, which is powered by Artificial Intelligence (AI) I don’t have to focus so much on charting to find trading opportunities. Instead, the AI can trade totally automated in the fx broker account. On the other hand, when using the AI signals system, I focus on the signals generated and do not need to look graphs anymore. I just do it for research purposes or fun.
Chart analysis made by humans is more subjective than those made by Artificial Intelligence, which is completely objective and based on math. Wiseinvest has what we believe is the best AI to analyze graphs for you.
If you are using Wiseinvet automated AI trading you do not need to do chart analysis. It is an efficient, simple, safe and totally automatic way to trade forex. As another option to trade, with the AI forex signals system you can see the results of your trading signals by copying and pasting it in your favorite broker, as xtb.com or FXCM.
It is relevant to know that AI-powered trading systems can consider a much wider range of parameters and information than is possible to plot in any kind of graph. That is one reason why it can perform better than single algorithm trading systems and individual forex trading analysts.
Of course, not all AI-powered trading systems are equal. Wiseinvest is proud to have developed the Wise forex trading system after many years of research, and being able to deliver above-average results in our trading system’s performance.
The best way to trade forex
There are two ways to invest with our AI in forex without concern about forex trading charts.
1. Automated with AI-Trading. Check out the 3 steps to trade automated with our AI.
By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.
With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.
Automated AI trading benefits
- Setup in 3 minutes.
- Totally hands-off, from anywhere.
- Invest from just $1.
- APY of 40% over the past 13 years*.
- Lightning-fast execution & no slippage.
- No commissions, no management fees.
- Portfolio with 40 different automatic strategies.
- No MT4/MT5 or other platforms required.
- Test with a risk-free practice account.
- Trading results directly on our dashboard.
Would you like to open a forex broker account? Our AI is integrated to trade automated with the brokers Oanda and FXCM. Click here to open an account with FXCM or here to open with Oanda. Those are some of the best forex brokers in the world.
2. Manually with AI forex signals.
Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5, and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.
There are five unique variables for each AI signal, and each must be copied exactly, in order to match the performance of the signal as close as possible.
Each AI forex signal alert consists of the following five data points:
- Symbol (forex pair)
- Direction (long or short)
- Position size (number of units or lots)
- Take profit (price level to exit with maximum gain)
- Stop loss (price level to exit with maximum loss)
Check out how to trade with our AI forex signals.
- Subscribe to a Wise-Plan.
- Open a Brokerage account. Check this article about the best forex Brokers.
- Set an amount and a position size on our Wiseinvest dashboard.
- Our AI will send you real-time trading alerts by email and Telegram.
- Copy the signals and paste into your Brokerage account.
All forex signals are sent every time that our AI trading system identifies a new trading opportunity. Our trading strategies are developed on a variety of time frames such as 4 and 8 hours.
Wiseinvest AI forex signals are Market Orders and you do not need the entry price. You can copy each signal while it is available on our dashboard. We do this way to assure that traders will just place signals while they are good to be traded.
You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.
When investing through Wiseinvest automated AI trading or AI forex signals, you do not need to calculate pips and change the leverage in your forex broker account. Learn more about leverage in forex trading clicking here.
What is the AI performance in forex trading?
The Win Rate of our AI moves as shown by the period and can reach up to 95%. The introduction relies upon the capable wild estimation metric, which infers that our model is valuable at whatever point the Win Rate is more noticeable than 60%. All methods of our AI trading system search for stable returns and sufficient results to achieve an ordinary return of 40% consistently (APY), without the usage of high impacts.
We appreciate that what is significant in forex trading is the definitive result. Thusly, the money related master needs to consider that Win Rate isn’t commonly the best estimation to measure execution in forex, as other sign providers uncover. For instance, out of 100 trades, solitary 1 trade may be an adequate disaster to make the 99 trades not gainful. For this circumstance, the Win Rate would be 99%, yet the convincing result would be unfeasible (negative).
We revolve around the appearance of 40% of APY and not just on Win Rate.
It is essential to see that forex brokers may charge spreads, commissions, and overnight costs in your trading account, and these components can impact the AI execution. You can check our forex trading history to see more about AI trading execution clicking here.
How much do I need to trade forex with AI?
You can start in forex trading with a free AI signs or AI trading record and make a store from just $1 in the dealer. It is moreover possible to test using a danger-free practice account with our AI trading structure. Regardless, in order to do a capable peril, the board in authentic records, we suggest you start from at any rate $100. Notice that some forex traders require assorted beginning stores to trade forex.
What is the trading strategy of our AI?
Our AI methodology is the blend of different AI trading structures, with more than 100 features, that portray 40 particular procedures which simultaneously consider: Quotes of the 28 forex sets, Supports, and Resistances in different timeframes, Trends and Counter-designs, Cross-markers, Index of each pair, Economic Calendar, Investors Sentiment.
Our AI looks at those fundamental, technical, and sentiment factors that impact forex trading, and all models are surveyed constantly using different burdens. In the wake of completing the examination, the choice of the sign transmission procedure is made considering the improved likelihood of flashing advantage and the total open for theory.
Using technical analysis, our count considers not simply the instances of various examples, including sponsorship and deterrent levels and cross-pointers, yet our AI is moreover prepared to make its own progressing record for each cash pair, that is used to recognize what is the best course and target.
Practically identical to fundamental analysis in forex, the AI makes an association inside the budgetary calendar to find news data that can impact express money sets.
- Charts of candlestick, bars, and lines are useful to see forex pairs and related chart patterns visually.
- Each chart type has some favorable aspects, my favorites are candlesticks and bar charts.
- Once Artificial Intelligence came forex, it can supersede human analysis over any chart type. That is why you need providers like Wiseinvest to increase your chances of obtaining profitable results.
Wise AI forex system can provide a stronger strategy than a pure human-powered charting analysis, no matter which kind of graph you choose, thanks to our AI-powered approach.
Did you enjoy reading, “Candle vs Bar vs Line? What’s the Best Chart?” If you liked our content, please subscribe and read more on our Academy of forex trading.
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. The forex broker Fxcm warns that 69.66% of retail forex traders lose money trading CFDs.
The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.