Drawing Candles Charts on MT4

The 4^th option on the MetaTrader 4 charts menu is the candlesticks button - used to choose 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 Opening, High, Low, Closing price of a particular given time period. This is abbreviated OHCL.

The body of candles will show currency pair movement that was within the opening & closing price of a specific period - it is also used to figure out a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers and thenceforth the price movement was likely to continue in the upwards bullish market trend direction.

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

Japanese Candlesticks Tutorials

The Japanese patterns guides can be used to learn how to figure out 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 Candle Pattern and Shooting Star Candlestick Pattern

· Piercing Line Candle Pattern & Dark Cloud Candle Pattern

· Morning Star Candlesticks & Evening Star Candlesticks

Get More Tutorials and Topics:

Trade Forex Trading

Drawing Candles Charts on MT4

Japanese Candlesticks Tutorials