Crude Oil Trading Candlesticks Guide

Candlesticks Patterns Explained for Day Trading

To draw these oil candlesticks on the MT4, select the charts plotting tools within the "MT4 Toolbar" - shown 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 "Charts" Button Key. Above toolbar will appear.

Once the above toolbar, appears you can then select the type you want to convert to, If you want to trade using the bar oil charts, click the bar tool button as shown above, for line oil charts click the line tool button, for Japanese candlesticks patterns format click the "candlesticks oil charts tool button".

Crude Oil Candles Tutorial

Doji Oil Trading Candlesticks Guide

This is a oil candle pattern with the same opening & closing oil price. There are various types of doji crude oil candlesticks pattern which form on Oil Trading charts.

The following examples show various patterns of the doji crude oil candle:

Long-legged doji oil candle pattern has long upper & lower shadows with opening & closing crude oil price at the middle. When Long-legged doji pops up on a Oil Trading chart it indicates indecision between crude oil traders, buyers & sellers.

Below is an example screenshot image of the Long Legged Doji oil candlestick pattern

Doji Crude Oil Trade Pattern - Doji Oil Candles Tutorial

Doji Crude Oil Trade Pattern - Doji Oil Candles Tutorial

Marubozu Oil Candles Tutorial

Marubozu oil candle pattern are long candles which have no upper or lower shadows, Like ones shown below.

Marubozu Oil Candles Tutorial

Marubozu oil candlestick pattern are continuing oil candle patterns which show crude oil price is going to continue in same direction as that of marubozu crude oil candlestick. The marubozu crude oil candles pattern can be white/blue or Black/red depending on the direction of the oil trend.

Spinning Tops Candles Oil Candles Tutorial

Spinning tops oil candle pattern have a small body with long upper & lower shadows. These spinning tops crude oil candlesticks patterns are referred to by this name because these candles arrangements are similar to spinning top on a match-stick.

The upper & lower shadows of spinning tops crude oil candlesticks pattern are longer than the body. Example explained below shows the spinning top oil candlestick pattern. You can look for the pattern in your MT4 Oil Trading Platform oil charts. The example explained below shows a screenshot to help traders when it comes to learning and understanding these oil candlestick pattern.

Spinning Tops Oil Candles Tutorial

Color of spinning tops candlestick crude oil candles pattern is not very important, this formation explain the indecision between the buyers and sellers in the Oil Trading market. When these crude oil patterns appear at the top of a oil trend or at the bottom of the oil trend it might signify that the oil trend is coming to an end and it might soon reverse & start going the other direction. However, it's best to wait for confirmation oil trading signals that the direction of a oil instrument has reversed before trading the signal from this oil candlestick pattern formation.

Hammer Oil Candle Stick Pattern & Hanging Man Oil Trading Candlestick Oil Candles Tutorial

Hammer Oil Candle Stick Pattern & Hanging Man Oil Candle Stick Pattern candlesticks look alike but hammer is bullish reversal oil candle pattern and hanging man is a bearish reversal oil candlestick pattern.

Crude Oil Candles Tutorial

Hammer Candlestick Oil Candles Tutorial

Hammer oil candle pattern is a potentially bullish oil candle pattern which occurs during a downwards oil trend. It is named so because the crude oil market is hammering out a market bottoms.

Hanging Man Candle Oil Candles Tutorial

This hanging man oil candle pattern is a potentially bearish oil trading reversal oil trading signal that forms during a upwards oil trend. It is named so because it resembles a man hanging on a noose up high.

Crude Oil Candles Tutorial

Inverted Hammer Candle Oil Candles Tutorial

This is a bullish reversal oil candlestick pattern. It occurs at the bottoms of a Oil Trading trend.

Inverted hammer oil candle pattern occurs at the bottoms of a down oil trend and indicates the possibility of reversal of the downwards crude oil trend.

Crude Oil Candles Tutorial

Shooting Star Candlestick Oil Candles Tutorial

Shooting Star is a bearish reversal oil candle pattern. It forms at the top of a crude oil trend.

Shooting Star oil candle pattern occur at the top of an up oil trend in the Oil Trading market where the open crude oil price is same as the low and crude oil price then rallied up but was pushed back downwards to close near the open.

Shooting Star Candle - Oil Candles Tutorial

Piercing Line Candlestick Oil Candles Tutorial

Piercing line candlestick 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 oil candlestick pattern is a bullish reversal oil candle pattern that occurs at the bottom of a market downwards oil trend. It shows that the crude oil market opens lower and closes above the midpoint of the black body.

This Piercing Line oil candlestick pattern shows that the momentum of the down oil trend is reducing & the crude oil market trend is likely to reverse and move in an upwards direction.

This Piercing Line oil candle pattern is displayed referred to as a piercing line signifying the crude oil market is piercing the bottoms showing a market floor for the crude oil price downward oil trend.

Crude Oil Candles Tutorial

Dark Cloud Cover Candlestick Oil Candles Tutorial

Opposite of piercing candlestick oil candle.

This candlestick is a long white body followed by a long black body.

Black body pierces the mid point of the prior white body.

This is a bearish reversal oil trading pattern which occurs at the top of an upwards oil trend.

Dark Cloud cover oil candlestick pattern that the crude oil market opens higher and closes below the midpoint of the white body.

Dark Cloud cover oil candlestick pattern shows that the momentum of the up oil trend is reducing & the crude oil market trend is likely to reverse and move in a downwards oil trading direction.

Dark Cloud cover oil candlestick pattern is shown known as a cloud cover signifying the cloud as a ceiling for the crude oil price upward oil trend.

Dark Cloud Cover Crude Oil Candle Stick Pattern - Oil Candles Tutorial

Morning Star Candlestick Oil Candles Tutorial

Crude Oil Candles Tutorial

Evening Star Candlestick Oil Candles Tutorial

Opposite of the morning star oil candlestick pattern

Oil Trading Candlesticks Guide - Candlestick Guide

Crude Oil Candles Tutorial

Engulfing is a reversal oil candle pattern which can be bearish or bullish depending upon whether it shows up at the end of a oil market down oil trend or at the end of a oil market upward oil trend.

Crude Oil Candles Tutorial

Drawing Oil Candlesticks on MT4 Software - Candles Patterns Explained for Day Trading