Drawing Candles Charts on MT4

The 4th option on the MetaTrader 4 charts menu is the candlesticks button - used to select the chart to trade with as candles.

To trade with these candles, the above button keys shows where a fx trader should choose the button do select this option.

These are drawn using also colour coding:

Red - Price moved downwards

Blue - Price moved upwards

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

The will show the Opening, High, Low, Closing price of a particular time period. This is abbreviated OHCL.

The body of candlesticks will show currency pair movement that was within the opening and 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 thenceforth the market price movement was likely to continue in the upwards bullish trend direction.

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

Japanese Candlesticks Tutorials

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 more about the different strategies for trading these patterns, a forex trader then can study these lessons:

· Japanese Candles Tutorial

· Marubozu & Doji

· Spinning Tops

· Reversal Patterns

· Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern

· Piercing Line Candle Pattern & Dark Cloud Cover Candle Pattern

· Morning Star Candles & Evening Star Candles

Get More Tutorials and Topics:

Trade Forex Trading

Drawing Candles Charts on MT4

Japanese Candlesticks Tutorials