Drawing Candlesticks Charts in MT4

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

To trade with these candlesticks, the above button keys shows where a trader should choose the button do choose this 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 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 specific time period. This is abbreviated O-H-C-L.

The body of the candlesticks will show trading price movement that was within the opening & closing price of a particular trading 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 trading price movement was likely to continue in upwards bullish gold trend direction.

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

Japanese Trading Candlesticks Tutorials

The Japanese patterns guides can be used to learn how to determine gold trend reversal signals or gold 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:

Japanese Candles Tutorial

Marubozu and Doji

Spinning Tops

Reversal Pattern Setups

Inverted Hammer Candle-stick Pattern and Shooting Star Candle Pattern

Piercing Line Gold Candlestick Pattern and Dark Cloud Cover Candle Pattern

Morning Star Candlesticks and Evening Star Candlesticks