What's Candlestick in XAUUSD?
A XAUUSD candlestick is a gold price representation of a xauusd instrument which is used to represent the high, low, opening gold price & closing gold prices of a xauusd instrument for a specific period of time. XAUUSD candlesticks resembles a candle with wicks on both ends thus their name - candlesticks.
This type of gold price representation is commonly used by traders because it is easier to trade with and interpret when analyzing gold market price movement on the gold charts.
This candlesticks pattern can be selected for trading in MT4 platform and traders can then use this candlesticks charts when trading xauusd.
Candle Sticks Charts - these xauusd candlesticks charts use the same price data as bar charts (open, high, low, and close). The xauusd candlesticks resembles a candle with wicks on both ends.
How to Interpret Candlesticks XAUUSD Charts
The rectangle part is called the body.
The high and low are described as shadows and drawn as poking lines.
XAUUSD Candlesticks Charts
The color of the gold candlestick is either blue or red:
- (Blue or Green Color Candlesticks) - XAUUSD Prices moved up
- (Red Color Candles) - XAUUSD Prices moved down
Most xauusd trading platforms like the MetaTrader 4 XAUUSD Platform, use colors to mark the direction of the gold price. Candlesticks colors used are blue or green: when the price moves upwards, color of candle is blue: when price moves down, color of candlestick is red.
Drawing XAUUSD Candlesticks Charts on MetaTrader 4
To draw these on the MetaTrader 4 XAUUSD Platform, choose the charts plotting tools within the "MT4 Tool-bar" - shown below.
Drawing XAUUSD Candlesticks Charts on MetaTrader 4
To view this toolbar in MetaTrader 4 go to "View" Next to file at top left corner of MetaTrader 4 Platform, Click "View", Then Click "Toolbars", Then check "Charts" Button Key. Above MT4 toolbar will appear.
Once above charts tool bar, pops up you can then select the type of xauusd chart you want to convert to, If you want to trade using the bar charts format, click the bar chart tool button as shown above, for line chart trading click the line charts tool button, for Japanese candles charts click the "candlesticks charts tool button".
