How to Interpret/Analyze Gold MetaTrader 4 Charts Illustrated Beginners Guide
There are three types of charts used in XAUUSD: Line, bar and candles - how to read charts beginners guide.
How to Interpret/Analyze MT4 Patterns
Line Charts - line charts draws a continuous line joining closing prices of xauusd.
Gold Line MetaTrader 4 Chart - How Can I Read XAU USD MT4 Charts Illustrated Beginners Guide
MetaTrader 4 Chart Bar Charts - xau/usd bar charts are shown as sequence of O-H-C-L bars. OHCL represents OPEN HIGH LOW and CLOSE. Opening price is highlighted as a horizontal hyphen to the left & the closing price as a horizontal hyphen to the right.
Gold Bar MetaTrader 4 Chart - How Can I Read XAU USD MetaTrader 4 Charts Illustrated Beginners Guide
Main disadvantage of a bar chart MT4 Chart is that it is not visually appealing and identifiable, therefore most traders don't use them.
Candlesticks Chart MetaTrader 4 Chart - these gold candles chart MT4 Chart use the same price data as the bar charts (open, high, low, and close). However, they are represented in a more visually identifiable and appealing way which resembles a candlestick that has wicks on both its ends.
How to Analyze/Interpret Candles XAUUSD MetaTrader 4 Charts Discussed
The rectangle part is referred to as the body.
The high & low are referred to as shadows & drawn as poking and protruding lines.
Candles Charts
The colour of the candle-stick is either blue or red:
- (Blue or Green Colour Candles) - Prices headed up
- (Red Color Candles) - Prices went down
Most gold platformsplatforms like the MetaTrader 4 Platform, use colours to mark the direction of the price. MT4 Chart Candles colour used are blue or green: when price moves upwards, color of MT4 Chart candle is blue: when price moves down-ward, color of MetaTrader 4 Chart candlestick is red.
How to Interpret/Analyze Gold MetaTrader 4 Charts Illustrated Beginners Guide
When XAUUSD MT4 candles charts are used it is very easy to see if the price moved upward or downward as compared to when MT4 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 and the most common are:
How to Interpret/Analyze XAUUSD MetaTrader 4 Charts Illustrated Beginners Tutorial
The above MT4 Chart patterns is what makes the Japanese Gold MT4 Charts Illustrated candlesticks chart patterns popular among traders and it's why this type of technical MT4 Chart analysis are the most widely used in interpreting the Gold market.
Study More Tutorials & Topics:
- What Does a Gold Leverage of 1 1 Mean?
- What is Lot Size in Gold for Standard Lots?
- XAUUSD Platform/Software MT5 Tool-bars
- How Do I Install MT4 XAUUSD Platform/Software?
- How to Set Momentum Trading Indicator on Gold Chart in MT4 Platform Software
- Multiple XAUUSD Time-frames in Trading Chart Trade
- 15 Minute Time Frame Trade Strategies
