Drawing Candlesticks Gold Charts in MetaTrader 4 XAUUSD Trading Platform
The fourth option on the MetaTrader 4 charts menu is the candlesticks button - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a xauusd trader should select the button do choose this option.
These are drawn using also color coding:
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 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 gold price of a particular time period. This is abbreviated OHCL.
The body of the candlesticks will show xauusd instrument movement that was within the opening and closing gold price of a particular trading period - it is also used to determine a lot of information. For example 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 the upwards bullish xauusd trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the gold price reached.
Japanese Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine xauusd trend reversal xauusd signals or xauusd trend continuation signals from the different patterns and formations.
To learn and know more about the various xauusd trading strategies for trading these patterns, a xauusd trader can read these tutorials:
Japanese Candlesticks Tutorial
Inverted Hammer XAUUSD Candlestick Pattern and Shooting Star XAUUSD Candlestick Pattern
Piercing Line XAUUSD Candlestick Pattern and Dark Cloud Cover XAUUSD Candlestick Pattern
Morning Star Candlesticks and Evening Star Candlesticks
