Drawing Candlesticks Charts on MT4
The 4th option on the MT4 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 - Price headed down
Blue - Price headed 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 particular time period. This is abbreviated O-H-C-L..
The body of candles will show xauusd instrument movement that was within the opening & closing price of a specific 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 price movement was likely to continue in upward bullish trend direction.
The upper & lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the price reached.
Japanese Candlesticks Lessons
The Japanese patterns guides can be used to learn how to determine trend reversal signal or trend continuation signals from the various patterns & formations.
To learn & know more about the various xauusd strategies for trading these patterns, a trader can read these courses:
Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
Piercing Line Candlestick Pattern & Dark Cloud Cover Candle Pattern
