Drawing gold candlesticks Charts in MT5
The fourth option on the MT5 charts menu is the gold candles button - used to choose the chart to trade with as candles.
To trade with these candlesticks, the above MT5 button keys 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 analysis & easier to trade with. A lot of data can be interpreted from these charts.
These will explain 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's also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the xauusd 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 xauusd price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to determine gold trend reversal signals or gold trend continuation signals from different patterns & formations.
To learn more about the various gold trading strategies for trading these patterns, a trader can read these tutorials:
Japanese candlesticks Tutorial
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line Gold Candlestick Pattern & Dark Cloud Cover Candle Pattern
