Candles - Candlestick Patterns for Day Trading
Drawing Candlesticks on MT4 - Candles Patterns Guide for Day Trading
To draw these candlesticks on the MetaTrader 4, choose the charts drawing tools within the "MetaTrader 4 ToolBar" - illustrated below.
To view this tool bar on MetaTrader 4 go to "View" Next to file at the top-left corner of MT4 Platform, Click "View", Then Click "ToolBars", Then check the "Charts" Button. The above tool-bar will appear.
Once the above toolbar, appears you can then choose the type you want to convert to, If you want to trade using the bar charts, click the bar tool button as shown above, for line charts click the line tool button, for Japanese candlesticks patterns format click the "candlesticks charts tool button".
Candles - Candlestick Guide
Doji Candles - Candlestick Guide
This is a candlestick pattern with the same opening & closing price. There are various types of doji candlesticks pattern which form on charts.
following examples explain various patterns of the doji candlestick:
Long legged doji candle pattern has long upper and lower shadows with opening and closing price at the middle. When Long legged doji appears on a chart it demonstrates indecision between currency traders, buyers and the sellers.
Shown Below is example screen-shot image of the Long Legged Doji candle-sticks pattern
Doji Candlestick Pattern - Doji Candles - Candlestick Guide
Doji Candle Pattern - Doji Candles - Candle Guide
Marubozu Candles - Candlestick Guide
Marubozu candle pattern are long candles that have no upper or lower shadows, Like the examples illustrated below.
Marubozu Candles - Candlestick Guide
Marubozu candle-stick pattern are continuing candle-stick patterns that show price is going to continue in same direction as that of the marubozu candlestick. The marubozu candles pattern can be white/blue or Black/red depending on direction of the trend.
Spinning Top Candlesticks Candles - Candlestick Guide
Spinning tops candle-stick pattern have a small body with long upper and lower shadows. These spinning top candles are referred to by this term because these candle-sticks arrangements are similar to spinning top on a matchstick.
The upper and lower shadows of the spinning top candles pattern are longer than the body. The example below shows the spinning top candlestick pattern. You can look for pattern in your MT4 Software charts. The example below shows a screen-shot to help traders when it comes to learning & understanding these candle-stick pattern.
How Do I Read Candlestick Charts - Spinning Tops Candles - Candlestick Guide
Colour of the spinning top candle candlesticks pattern is not important, this formation shows indecision between buyers & sellers in the market. When these chart patterns appear at the top of a trend or at the bottom of the trend it may signify that the trend is coming to an end & it may soon reverse & start moving the opposite direction. However, it's better to wait for confirmation signals that direction of a currency has reversed before taking the signal from the candle pattern formation.
Hammer Candle-stick Pattern & Hanging Man Candles - Candle Sticks Guide
Hammer Candle-stick Pattern & Hanging Man Candle-stick Pattern candle-sticks look alike but hammer is bullish reversal candle pattern and hanging man is a bearish reversal candle-stick pattern.
Hammer Candlestick Pattern & Hanging Man Candle-stick Pattern Candles - Candlesticks Patterns - Candlestick Guide
Hammer Candles - Candlestick Guide
Hammer candle-stick pattern is a potentially bullish candle pattern that forms during a downtrend. It's named so because the market is hammering out a bottom.
Hanging Man Candles - Candlestick Guide
This hanging man candle pattern is a potentially bearish reversal signal which forms during a uptrend. It's named so because it resembles a man hanging on a noose up high.
Hanging Man Candle-stick Pattern - Candles - Candlestick Guide
Inverted Hammer Candles - Candlestick Guide
This is a bullish reversal candlestick stick pattern. It occurs at the bottom of a trend.
Inverted hammer candle pattern occurs at the bottom of a downtrend and indicates the possibility of a reversal of the downward trend.
Inverted Hammer Candle-stick Pattern - Candles - Candlestick Guide
Shooting Star Candles - Candlestick Guide
Shooting Star is a bearish reversal candle pattern. It forms at the top of a market trend.
Shooting Star candlestick pattern occur at the top of an uptrend in the market where the open price is same as the low & price then rallied up but was pushed back downward to close at near the open.
Shooting Star Candle-stick - Candles - Candlestick Guide
Piercing Line Candles - Candlestick Guide
Piercing line candle-stick pattern is a long black body followed by a long white body candlestick.
White body pierces the midpoint of the prior black body.
This Piercing Line candle pattern is a bullish reversal candle pattern that occurs at the bottom of a market downtrend. It shows that the market opens lower & closes above the midpoint of the black body.
This Piercing Line candle pattern highlights that the momentum of the downtrend is reducing and the market trend is likely to reverse and move in an upward direction.
This Piercing Line candle pattern is displayed known as a piercing line signifying the market is piercing a bottom showing a market floor for the currency price downward trend.
Piercing Line Candlestick Pattern - Candles - Candlestick Guide
Dark Cloud Cover Candles - Candlestick Guide
Opposite of piercing candle stick candlestick.
This candle-stick is a long white body followed by a long black body.
The black body pierces the mid-point of the prior white body.
This is a bearish reversal pattern which forms at the tops of an uptrend.
Dark Cloud Cover candle-stick pattern that the market opens higher & closes below the midpoint of the white body.
Dark Cloud Cover candle pattern highlights that the momentum of the uptrend is reducing and the market trend is likely to reverse & move in a down-wards trade direction.
Dark Cloud Cover candle-stick pattern is pictured known as a cloud cover signifying the cloud as a ceiling for currency price upward trend.
Dark Cloud Candle-stick Pattern - Candlesticks Guide
Morning Star Candles - Candlestick Guide
Morning Star Candle-stick Pattern - Candles - Candlestick Guide
Evening Star Candles - Candlestick Guide
Opposite of morning star candle-sticks pattern
Evening Star Candle-stick Pattern - Candlesticks Patterns - Candlestick Guide
Engulfing Candlesticks Patterns - Candles - Candlestick Guide
Engulfing is a reversal candlestick pattern which can be bearish or bullish depending upon whether it appears at the end of a market downtrend or at the end of a market uptrend.
Bullish and Bearish Engulfing Candle-sticks Patterns - Candlesticks Patterns - Candlestick Guide
Drawing Candlesticks on MetaTrader 4 - Candlesticks Patterns Tutorial for Day Trading
