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