The types of charts that a trader needs to use is dictated largely by the type of trader involved. One can be a position trader, swing trader, day trader or a mix of the three. Whatever the case, each type of trader will require different charts to properly trade in their chosen time frame.
5 minute charts are favored mostly by day traders. The reason for this is the very quick reactions needed to determine proper entry and exit points. Most day traders would use several charts at the same time. These can include 30 seconds, 1 minute, 5 minutes and 1 hour charts. Being a day trader myself, I use all those charts and even use the 4 hour and daily charts to properly place my take profit and stop loss points. It may seem quite confusing to use several charts but believe me, in the heat of trading, you will use at least 3 maybe even 4 charts heavily.
Lastly, with respect to the best chart for forex, you can probably surmise that there is not one BEST chart. You need a combination of charts to trade well and profitably. A single chart is inadequate.
