What is an intraday chart? Intraday charts have a time limit of one day or less than 24 hours. So, a 1 minute, 5 minute, 15 minute, 30 minute, 60 minute and 240 minute charts are all intraday charts. The 240 minute chart is also known as the 4 hour chart. This is the same as reading an intermittent chart for different time periods.
You can view these timeframes using bar time or candlestick charts. A bar chart and a candle chart have some similarities and some differences. In a bar chart, periods like 1M, 5M, 30M, 60M or 240M are presented with a bar. This bar will have a small horizontal bar to represent the opening, high, low and close to that time period. There are some types of bars that are considered extremely important and day traders prefer to trade them.
On the candle chart, on the other hand, periods like 1m, 5m, 15m, 30m, 60m, and 240m are represented by a candle body that is open and closed. This candle body will have two wicks above and below the candle body which shows you the high and low of that time low if the closing price was higher than the opening price, we have a bullish candlestick and it is always given a light color like white or gray. And if the closing price was lower than the opening price, we have a bearish candlestick that is always given a dark color like black. There are many candlestick patterns that appear in these charts when it is considered to be the opposite of the important trend and the type of trend continuity.
These intraday charts are short term traders or more popular which are known as day traders by 1M chart very fast and there is a lot of noise due to very short time usage in these charts. 5M charts are also a bit faster. Both these 1M and 5M charts are used by scalpers who have to quickly enter and exit the market by grabbing a few pips at a time. One of the most popular charts is the 4H chart which many day traders use to trade in the Forex market. When you trade on this 4 hour chart, you will not need to monitor it more frequently than a low time frame chart that requires frequent monitoring. However, reading the charts on this intraday is almost the same. If you know how to read 4H charts, you’ll also be able to read low timeframe charts like 1M, 5M, 15M, 30M and 60M!