Live Forex charts are a must if you plan to do your own market analysis. 'Live' here means providing services that will use the current actual market data to create graphs. Basically, Renko charts indicator is a very useful information tool to have even if you do not perform your own analysis.
Working of Renko Chart Indicator
First of all, you have to pick the currency pair that you want to analyze. It usually comes in the form of a drop-down menu. Once you get the one that you want, select the chart type, it typically is available in four forms: Line, Bar, Candlestick, and Table.
In the bar chart, each vertical bar that you see indicate the time frame. The top bar is the highest price and the bottom bar is the lowest price for a certain period.
For each vertical, two horizontal bars, one to the left and another to the right. The left bar represents the opening price and the right bar represents the closing price for that time frame.
Understanding Support and Resistance
The market volatility can bring it anywhere and no one can predict it 100%. But based on historical data, there is some condition where the price doesn't exceed or below a certain price for a period of time.
Entry and exit points can be decided based on the data that support and resistance levels.
An orthodox approach is to buy at support and sell at resistance. There is also a more sophisticated strategy such as buying at the resistance breakout and sell at a higher price; it all depends on the currency, state, and your trading system.
Forex live chart can be used in various other ways to support a trader and understanding the basic function is a good start for your trader career.