Drawing xauusd candlesticks Charts in MetaTrader 5
The fourth option on the MetaTrader 5 charts menu is the xauusd candlesticks button - used to choose the chart to trade with as candlesticks.
To trade with these candlesticks, the above MT5 buttons shows where a trader should select the button do choose This MT5 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 xauusd technical analysis & easier to trade with. A lot of information can be interpreted from these charts.
These will show the Opening, High, Low, Closing gold price of a specific time period. This is abbreviated O-H-C-L.
The body of the xauusd candlesticks will show xauusd instrument movement that was within the opening & closing gold price of a specific 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 & therefore the gold price movement was likely to continue in upward bullish xauusd trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point & the lowest point that the gold price reached.
Japanese candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to ascertain xauusd trend reversal signals or xauusd 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 guides:
Japanese candlesticks Tutorial
Inverted Hammer Candle Pattern and Shooting Star Candle Pattern
Piercing Line XAUUSD Candle Pattern and Dark Cloud Cover Candle Pattern
Morning Star xauusd candles and Evening Star Candlesticks
