How to Read XAUUSD MetaTrader 4 Charts Beginner Traders Gold Trading Guide
There are 3 types of charts used in Gold: Line, bar & candlesticks - how to read xauusd charts beginners guide.
How to Read MetaTrader 4 XAUUSD Trading Patterns
Line Charts - gold line charts draws a continuous line connecting closing xauusd trading prices of gold.
Gold Trading Line MT4 Gold Chart - How to Read XAUUSD MT4 Charts Beginner Traders Gold Lesson
MetaTrader 4 Gold Chart Bar Charts - gold trading bar charts are displayed as sequence of OHCL bars. O-H-C-L represents OPEN HIGH LOW & CLOSE. The Opening xauusd trading price is displayed as a horizontal dash on the left & closing xauusd trading price as a horizontal dash on the right.
Gold Trading Bar MetaTrader 4 Gold Chart Charts- How to Read XAUUSD MT4 Charts Beginner Traders Gold Lesson
Main disadvantage of a bar chart MT4 Gold Chart is that it is not visually appealing, therefore most traders don't use them.
Candles Chart MT4 Gold Chart - these gold candlesticks chart MT4 Gold Chart use the same xauusd price data as the bar charts (open, high, low, and close). However, they are represented in a much more visually identifiable way that looks like a candlestick with wicks on both its ends.
How to Analyze Candles Gold Trading MetaTrader 4 Charts
The rectangle part is known as the body.
The high & low are described as shadows & plotted as poking lines.
Gold Candlesticks Charts
The color of the xauusd candlestick is either blue or red:
- (Blue or Green Color Candlesticks) - Gold Prices moved up
- (Red Color Candles) - Gold Prices moved down
Most gold trading platforms like the MT4 XAUUSD Trading Software, use colors to mark the direction of the xauusd price. MT4 Gold Chart Candles colors used are blue or green: when price moves upwards, color of MT4 Gold Chart candle is blue: when price moves downward, color of MetaTrader 4 Gold Chart candle is red.
How to Read XAUUSD MetaTrader 4 Charts Beginner Traders Gold Guide
When Gold Trading MT4 candles charts are used it's very easy to see if the xauusd trading price moved up or down as opposed to when MT4 bar charts are used.
The Japanese candles charts techniques also have very many patterns & formations that are used to trade the Gold Trading Markets. These xauusd chart patterns have different xauusd analysis interpretation & the most common are:
How to Read XAUUSD MT4 Charts Beginner Traders XAUUSD Guide
The above MetaTrader 4 Gold Chart patterns is what makes the Japanese Gold Trading MT4 Charts candles patterns popular among gold traders & it is why this type of technical MT4 Gold Chart analysis are the most widely used when it comes to interpreting the Gold market.
