Intraday Chart
This chart is used to plot price movements during a trading session. It would consist of all the data points between a market opening and closing.
Intraday charts give you a detailed picture of the day’s movement. These charts can be used to view a single day’s movement from session opening to closing or many days intraday movement from opening to closing.
For the time being just have a look at the chart above. It’s a 60 min chart of EUR/AUD. The data between the vertical lines represents one day’s trading activity.
Daily Chart
A day represents a complete cycle of events in our lives right from sunrise to sunset. We wake up every morning, perform our duties during the day and retire from all the chores in the night and the cycle moves on. We live our lives in parts and a day is the best representation of such parts.
An advantage of looking at daily charts is that it makes your trading less emotional as it adds only one new piece of information every day.
Weekly Chart
Weekly charts plot a whole week’s price data. So, a weekly candle opening price would be Monday’s open, and close would-be Friday’s closing level. The highest and lowest that the stock or index may have travelled during the whole week will become the high and low for the weekly candle.
Monthly Chart
Monthly charts are prepared using the same principles that are used for preparation of weekly charts. The opening price of the first trading day of a month’s open is considered as the opening level for month.
Ideal Chart Timeframes Based on Market Participation
(STOCKS/INDICES)
Ideal Chart Timeframes Based on Market Participation
(FOREX)
