Drawing Candlesticks XAGUSD Charts in MT4
The fourth option on the MT4 charts menu is the candlesticks button key - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Silver Price went down
Blue - Silver Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of data can be interpreted from these charts.
These will explain the Opening, High, Low, Closing xagusd price of a specific time period. This is abbreviated as OHCL.
The body of the candlesticks will show xagusd trading price movement that was within opening and closing xagusd trading price of a specific trading period - it is also used to determine a lot of data. For example in the above chart the long blue body meant there were a lot of buyers & therefore the xagusd trading price movement was likely to continue in upward bullish silver trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the xagusd trading price reached.
Japanese Silver Trading Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to ascertain silver trend reversal signals or silver trend continuation signals from different patterns & formations.
To know more about the various silver trading strategies for trading these patterns, a trader can read these guides:
Inverted Hammer Silver Candle Pattern and Shooting Star Silver Candlestick Pattern
Piercing Line Silver Candle Pattern & Dark Cloud Cover Silver Candlestick Pattern
Morning Star Candles & Evening Star Candles
