Drawing Candlesticks Charts on MT4

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 candle-sticks, the above buttons shows where a trader should choose the button do select this option.

These are plotted using also color programming:

Red - XAUUSD Price went down

Blue - XAUUSD Price went up

This chart type is also preferred by many traders because they are more appealing for analysis & easier to trade with. A lot of information can be analyzed from these charts.

The will show the Opening, High, Low, Closing price of a specific time period. This is abbreviated O-H-C-L.

The body of the candles will show xauusd instrument movement that was within the opening & closing 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 and therefore the gold price movement was likely to continue in upward bullish trend direction.

The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the gold price reached.

Japanese Candles Lessons

The Japanese patterns guides can be used to learn how to determine trend reversal signals or trend continuation signals from the different patterns & formations.

To learn and know more about the various xauusd strategies for trading these patterns, a trader can read these courses:

Japanese Candles Tutorial

Marubozu and Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Candle Pattern & Shooting Star Candlestick Pattern

Piercing Line Candlestick Pattern and Dark Cloud Cover Candlestick Pattern

Morning Star Candlesticks and Evening Star Candlesticks