Drawing gold candlesticks Charts in MT5
The fourth option on the MT5 charts menu is the gold candlesticks button - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above MetaTrader 5 buttons shows where a trader should select the button do choose This MetaTrader 5 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 xauusd trading analysis and easier to trade with. A lot of information can be analyzed from these charts.
These will show the Opening, High, Low, Closing xauusd price of a specific time period. This is abbreviated O-H-C-L.
The body of the gold candlesticks will show xauusd price movement that was within the opening and closing xauusd price of a particular trading period - it is also used to determine a lot of information. For example in the above chart the long blue body meant there were a lot of buyers and therefore the xauusd price movement was likely to continue in the upwards bullish gold trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the xauusd price reached.
Japanese candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine gold trend reversal signals or gold trend continuation signals from the different patterns and formations.
To learn more about the various gold trading strategies for trading these patterns, a xauusd trader can read these guides:
Japanese candlesticks Tutorial
Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
Piercing Line Gold Candlestick Pattern and Dark Cloud Cover Candlestick Pattern
Morning Star gold candlesticks and Evening Star Candlesticks
