Drawing forex candlesticks Charts in MetaTrader 5
The fourth option on the MT5 charts menu is the forex candles button - used to choose the chart to trade with as candles.
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 - Price went down
Blue - Price went up
This chart type is also preferred by many traders because they are more appealing for forex technical analysis and easier to trade with. A lot of information can be interpreted from these charts.
These will show the Opening, High, Low, Closing FX trading price of a specific time period. This is abbreviated O H C L.
The body of the forex candlesticks will show currency pair movement that was within the opening and closing forex price of a particular trading period - it's also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the forex price movement was likely to continue in the upward bullish forex trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the forex price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to determine forex trend reversal signals or forex trend continuation signals from different patterns & formations.
To study more about the various Forex strategies for trading these patterns, a trader can read these tutorials:
· Japanese candlesticks Tutorial
· Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
· Piercing Line Candle Pattern & Dark Cloud Cover Candle Pattern
· Morning Star forex candlesticks & Evening Star Candles
