XAUUSD Candle Patterns for Day Trading
Drawing Candlesticks on MT4
To draw these candlesticks on the MetaTrader 4, select the charts drawing tools within the "MetaTrader 4 ToolBar" - illustrated below.
To view this toolbar in MT4 navigate to the "View" Next to file on top left corner of the MetaTrader 4 Software, Click "View", Then Click "ToolBars", Then check "Charts" Button. The above toolbar will appear.
Once the above tool-bar, appears you can then select the type you as a trader want to convert to, If you as a trader want to trade using the bar charts, click the bar tool button as illustrated above, for line charts press the line tool button, for Japanese candlesticks patterns format click the "candlesticks chart tools button".
Candle Sticks Course
Doji Candles Tutorial
This is a candlestick setup pattern with same opening & closing price. There are various types of doji candlesticks setup which form on charts.
following examples explain different patterns of the doji candle:
Long-legged doji candlestick pattern has long upper & lower shadows with the opening & closing price at the mid. When the Long-legged doji pops up on a trading chart it demonstrates indecision between the traders, the buyers & the sellers.
Below is example screen shot image screenshot of the Long Legged Doji xauusd trading candlesticks setup
Doji Candlestick Pattern - Doji Candles Guide
Doji Candlestick Pattern - Doji Candles Guide
Marubozu Candles Tutorial
Marubozu candlestick pattern are long candlesticks that have no upper or lower shadows, Like illustrated below.
Marubozu Candle Sticks - Marubozu Candles Guide
Marubozu candlestick pattern are continuing candlestick patterns that show price is going to continue in same direction as that of the marubozu candle. The marubozu candlesticks set-up can be white/blue or black/red depending on direction of the trend.
Spinning Tops Candles Tutorial
Spinning tops candlestick set-up have a small body with long upper & lower shadows. The spinning tops candlesticks patterns are referred to by this name because these candlesticks arrangements are similar to spinning tops on a match-stick.
The upper and lower shadows of the spinning tops candlesticks setup are longer than the body. The examples illustrated & described below shows the spinning tops candlestick pattern. You can look for the pattern in your MT4 Software charts. The examples illustrated & explained below shows a screenshot to help traders when it comes to learning & understanding these candlestick pattern.
How Do I Read Candlestick Charts - Spinning Tops Candles Guide
Colour of the spinning tops candlestick candlesticks setup is not very important, this pattern show the indecision between the buyers & the sellers in the market. When these chart patterns appear at the top of a trend or at the bottom of the price trend it may that the price trend is coming to an end and it may soon reverse and start going in the other direction. However, it is better to wait for confirmation signals that the direction of a market trend has reversed before trading the signal from this candlestick set-up formation.
Hammer Candlestick Pattern & Hanging Man Candles Tutorial
Hammer Candlestick Pattern and Hanging Man Candlestick Pattern candlesticks look alike but hammer is bullish reversal candle pattern and hanging man is a bearish reversal candle pattern.
Hammer Candle Pattern and Hanging Man Candle Pattern - Candles Guide
Hammer Candles Tutorial
Hammer candlestick set-up is a potentially bullish candle pattern which forms during a downwards trend. It is named so because the market is hammering a market bottom.
Hanging Man Candles Tutorial
This hanging man candlestick setup is a potentially bearish trading reversal signal which occurs during a upwards trend. It's named so because it looks like a man hanging on a noose up high.
Hanging Man Candle Pattern
Inverted Hammer Candles Tutorial
This is a bullish reversal candlestick pattern. It forms at the bottom of a trend.
Inverted hammer candlestick setup forms at the bottom of a down-trend & indicates possibility of a market reversal of the downwards trend.
Inverted Hammer Candle Pattern - Candles Guide
Shooting Star Candles Tutorial
Shooting Star is a bearish reversal candle pattern. It occurs at the top of a trend.
Shooting Star candlestick pattern form at the top of an up trend in the market where the open price is same as the low & price then rallied up but was pushed back downwards to close near the open.
Shooting Star Candle - Candles Guide
Piercing Line Candles Tutorial
Piercing line candlestick setup pattern is a long black body followed by a long white body candle.
The white body pierces the mid-point of the prior black body.
This Piercing Line candle pattern is a bullish reversal candlestick setup that forms at the bottom of a market downward trend. It shows that the market opens lower & closes above the mid-point of the black body.
This Piercing Line candlestick pattern portrays that the momentum of the down-trend is reducing & the price trend is likely to reverse & move in an upward direction.
This Piercing Line candlestick pattern is shown referred to as a piercing line signifying the market is piercing the bottoms illustrating a market floor for the price down-wards trend.
Piercing Line Candle Pattern - Candles Guide
Dark Cloud Cover Candles Tutorial
Opposite of piercing candlestick candle.
This candle 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 pattern which forms at the top of an upwards trend.
Dark Cloud Cover candle pattern that the market opens higher and closes below the mid-point of the white body.
Dark Cloud Cover candlestick pattern portrays that the momentum of the up trend is reducing and the price trend is likely to reverse & move in a downwards trade direction.
Dark Cloud Cover candle pattern is cited referred to as a cloud cover signifying the cloud as a ceiling for the price upwards trend.
Dark Cloud Candle Pattern
Morning Star Candles Tutorial
Morning Star Candle Pattern - Candles Guide
Evening Star Candles Tutorial
Opposite of the morning star candlestick pattern
Evening Star Candle Pattern - Candlesticks Guide - Candlestick Guide
Candle Sticks Tutorial
Engulfing is a reversal candlestick pattern that can be bearish or bullish depending upon whether it shows up at the end of a market down trend or at the end of a market up-wards trend.
Bullish & Bearish Engulfing Candles Setups - Candles Guide
Drawing Candles on MT4 - Candles Patterns Guide for Day Trading
Learn More Courses:
- Elliot Wave XAUUSD Theory
- Types of Candles & Their Definition Tutorial
- How Can I Read 100.0% XAU/USD Fibo Extension Level?
- XAUUSD Tips for Improving Gold Results
- How to Trade XAU USD Price Breakouts in Gold
- XAUUSD Accumulation/Distribution Technical Indicator
- Simple H4 XAU USD Strategy
- How to Activate a MT4 XAU USD Expert Advisor EA in MT4 Software
- MetaTrader 5 XAU/USD Platform Software Web Pages Guide
- Desktop Platform MetaTrader Software Versions
