Drawing Candlesticks Charts in MetaTrader 4
The fourth option on the MetaTrader 4 charts menu is the candles button - used to choose the chart to trade with as candles.
To trade with these candlesticks, the above buttons shows where a trader should select the button do select this option.
These are drawn using also color coding:
Red - CFD Price went down
Blue - CFD Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis & easier to trade with. A lot of information can be interpreted from these charts.
These will explain the Opening, High, Low, Closing cfd price of a particular time period. This is abbreviated O H C L.
The body of the candlesticks will show cfd instrument movement that was within the opening and closing cfd price of a particular trading period - it's also used to determine a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the cfd price movement was likely to continue in upwards bullish cfd trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point & the lowest point that the cfd price reached.
Japanese CFD Candles Lessons
The Japanese patterns courses can be used to learn how to determine cfd trend reversal signals or cfd trend continuation signals from the different patterns & formations.
To learn and know more about the various cfds strategies for trading these patterns, a trader can read these tutorials:
Japanese Candlesticks Tutorial
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line CFD Candlestick Pattern & Dark Cloud Cover Candle Pattern
Morning Star Candlesticks and Evening Star Candlesticks
