Drawing Candles Charts in MetaTrader 4
The fourth 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 candlesticks, the above button keys shows where a trader should select the button do choose this option.
These are drawn using also color programming:
Red - Price moved downward
Blue - Price moved upward
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.
The will explain the Opening, High, Low, Closing price of a given time period. This is abbreviated O.H.C.L.
The body of candlesticks will show price movement that was within the opening & closing price of a particular period - it is also used to determine a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the price movement was likely to continue in upwards bullish trend direction.
The upper & lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the price reached.
Japanese Trading Candles Guides
The Japanese patterns guides can be used to learn how to determine trend reversals or trend continuation signals from the different patterns & formations.
To learn more about the various gold strategies for trading these setups, one can read these guides:
Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
Piercing Line Candle Pattern & Dark Cloud Cover Candle Pattern
Morning Star Candles & Evening Star Candles
