Drawing Candlesticks XAUUSD Charts in MT4

The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candlesticks.

To trade with these candlesticks, the above buttons shows where a gold trader should select the button do choose this option.

These are drawn using also color coding:

Red - Gold Price went down

Blue - Gold Price went up

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

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

The body of the candlesticks will show xauusd price movement that was within the opening and closing xauusd price of a particular trading period - it is also used to determine a lot of information. For example in the above chart the long blue body meant there were a lot of buyers and therefore the xauusd price movement was likely to continue in the upwards bullish gold trend direction.

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

Japanese Candlesticks Tutorials

The Japanese patterns tutorials can be used to learn how to determine gold trend reversal signals or gold trend continuation signals from the different patterns and formations.

To learn more about the various gold trading strategies for trading these patterns, a gold trader can read these tutorials:

Japanese Candlesticks Tutorial

Marubozu and Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Gold Candlestick Pattern and Shooting Star Gold Candlestick Pattern

Piercing Line Gold Candlestick Pattern and Dark Cloud Cover Gold Candlestick Pattern

Morning Star Candlesticks and Evening Star Candlesticks