Drawing Candlesticks Commodities Charts on MetaTrader 4 Software
The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candles.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Commodities Price went down
Blue - Commodities Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of data can be analyzed from these charts.
These will show the Opening, High, Low, Closing commodities price of a specific time period. This is abbreviated O-H-C-L.
The body of the candlesticks will show commodity instrument movement that was within the opening and closing commodities trading price of a specific trading period - it's also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the commodities trading price movement was likely to continue in upwards bullish commodity trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the commodities price reached.
Japanese Commodity Trading Candles Lessons
The Japanese patterns guides can be used to learn how to ascertain commodity trend reversal commodity signals or commodity trend continuation trading signals from different patterns & formations.
To study more about the various commodities trading strategies for trading these patterns, a trader can read these tutorials:
Japanese Candlesticks Tutorial
Inverted Hammer Commodities Candle-Stick Pattern & Shooting Star Commodities Candlestick Pattern
Piercing Line Commodities Candle-Stick Pattern & Dark Cloud Cover Commodity Candlestick Pattern
Morning Star Candles & Evening Star Candles
