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Chart Lessons: 1
| What Are Charts? |
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- Price charts are a visual representation of where the prices of commodities have been. The study of those charts and the underlying data is called technical analysis.
- Bar charts are the "standard" way of showing price action, with a vertical line showing the highest and lowest price for the day, week, or month, and a "spur" to the right of the bar showing the closing price for the day.
- Charts and technical analysis are used by more than 80% of traders, as a short hand way of remembering where prices have been, and attempting to forecast where they are going. There are thousands of technical analysis tools in existence, with more being developed each day, as traders seek the ultimate money maker.
- Technical analysis measures the flow of money into and out of the market. It can often identify a change in the news, even before the news is out, because traders aren't required to share private info, but they do have to take a position to profit from it!
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