Drawing Candlesticks Charts in MT4 Platform Software
The fourth option on the MetaTrader 4 charts menu is the candles button key - used to select and choose the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a bitcoin trader should select the button do choose this option.
These are drawn using also colour coding:
Red - Bitcoin Price went down
Blue - Bitcoin Price went up
This chart type is also preferred by many traders because they are more appealing for trading analysis & easier to trade with. A lot of data can be analyzed from these charts.
The will explain the Opening, High, Low, Closing btcusd crypto price of a given time period. This is abbreviated as OHCL.
The body of the candles will show bitcoin price movement that was within the opening & closing bitcoin price of a specific period - it is also used to figure out a lot of data. For illustration in the above chart the long blue body meant there were a lot of buyers & therefore the bitcoin trading price movement was likely to continue in upward bullish bitcoin trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point which the bitcoin trading price reached.
Japanese Bitcoin Trading Candlesticks Guides
The Japanese patterns tutorials can be used to learn how to ascertain trend reversal signal or bitcoin trend continuation trading signals from different patterns and formations.
To learn and know more about the various bitcoin strategies for trading these patterns, one can then study these lessons:
Inverted Hammer BTC USD Crypto Candle Pattern and Shooting Star Bitcoin Candle Pattern
Piercing Line Bitcoin Candlestick Pattern and Dark Cloud Cover Bitcoin Candlestick Pattern
Morning Star Candles and Evening Star Candles
Learn More Lessons & Courses:
- Fibo Extensions in MT4 Charts Described
- BTC USD Trend-Line Drawing Indicator
- Types of Engulfing BTC/USD Candlestick Technical Indicator Patterns
- BTC USD Equity Management Guidelines Described
- How to Set Take-Profit BTC USD Order on MetaTrader 4 iPhone App
