Drawing Candlesticks Charts in MT4
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 button keys shows where a trader should choose the button do choose this option.
These are drawn using also color coding:
Red - Gold Price went down
Blue - Gold 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 information can be analyzed from these charts.
These will explain the Opening, High, Low, Closing price of a specific time period. This is abbreviated O-H-C-L.
The body of the candlesticks will show xauusd trading price movement that was within the opening & closing xauusd trading price of a particular trading period - it is also used to determine a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the xauusd trading price movement was likely to continue in upward bullish gold trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the price reached.
Japanese XAUUSD Candlesticks Tutorials
The Japanese patterns guides can be used to learn how to determine gold trend reversal signals or gold trend continuation trading signals from the different patterns & formations.
To study more about the various trading strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line Gold Candle Pattern & Dark Cloud Cover Candle Pattern
Morning Star Candlesticks and Evening Star Candlesticks
