Drawing Candlesticks Charts in MT4
The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candles.
To trade with these candlesticks, the above button keys shows where a trader should choose the button do choose this option.
These are drawn using also color coding:
Red - Commodity Trading Price went down
Blue - Commodity Trading 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 information can be analyzed from these charts.
These will show the Opening, High, Low, Closing commodity price of a specific time period. This is abbreviated O-H-C-L.
The body of the candlesticks will show commodity price movement that was within the opening & closing commodity price of a specific trading period - it is 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 commodity price movement was likely to continue in upward bullish commodity trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the commodity price reached.
Japanese Commodities Trading Candlesticks Tutorials
The Japanese patterns guides can be used to learn how to ascertain commodity trend reversal signals or commodity trend continuation trading signals from the different patterns & formations.
To know more about the various commodity trading strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line Commodity Trading Candlestick Pattern & Dark Cloud Cover Candle Pattern
Morning Star Candlesticks and Evening Star Candlesticks
