XAUUSD Candle Patterns for Day Trading
Drawing Candlesticks on the MT4 Platform
To draw these candles on the MT4, select the charts drawing tools within the "MT4 ToolBar" - illustrated below.
To view this toolbar in MT4 navigate to the "View" Next to file on top left corner of the MT4 Software, Click "View", Then Click "Tool-Bars", Then check "Charts" Button. The above toolbar will appear.
Once the above tool-bar, appears you as a trader can then choose & 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 like illustrated above, for line charts press the line tool button, for Japanese candles patterns format setup click the "candlesticks chart tools button".
Candle Sticks Training Course
Doji Candles Tutorial
This is a candle setup pattern with same opening & closing price. There are different types of doji candlesticks setup which form on charts.
following illustrations describe different patterns of the doji candle:
Long-legged doji candle pattern has long upper and lower shadows with the opening and closing price at the mid. When Long-legged doji pops and shows up on a chart it demonstrates indecision between the Gold traders, the buyers & the sellers(bears).
Below is example screen-shot image screen shot of the Long Legged Doji xauusd gold trading candles setup
Doji Candle Pattern - Doji Candles Lesson Guide
Doji Candle Pattern - Doji Candles Lesson Guide
Marubozu Candles Tutorial
Marubozu candlestick pattern are long candles that have no upper or lower shadows, Like illustrated below.
Marubozu Candle - Marubozu Candles Lesson Guide
Marubozu candlestick pattern are continuing candle patterns which show price is going to continue in the same direction as that of the marubozu candlestick. The marubozu candlesticks set-up can be white/blue or black/red depending on the direction of the trend.
Spinning Tops Candlesticks Tutorial
Spinning tops candle set-up have small body with long upper and lower shadows. The spinning tops candlesticks patterns are referred to by this term because these candles patterns are similar to a spinning top on a match-stick.
The upper & lower shadows of the spinning tops candlesticks setup are longer than the body. The examples illustrated and shown and illustrated below shows the spinning tops candle pattern. You can look for the pattern in your MT4 Platform charts. The examples illustrated and shown illustrated below shows a screenshot to help the Gold traders when it comes to learning and understanding these candle pattern.
How Do I Read Candlestick Charts - Spinning Tops Candlesticks Lesson Guide
Colour of the spinning tops candlestick candlesticks setup is not very important, this pattern show the indecision between the buyers & the sellers(bears) 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 & start going in the other direction. However, it is better to wait for additional confirmation signals that the direction of a market has turned and reversed before trading the trading signal from this candle set-up formation.
Hammer Candlestick Pattern & Hanging Man Candles Tutorial
Hammer Candle Pattern and Hanging Man Candle Pattern candles look alike & similar but hammer is bullish price reversal candle pattern and hanging man is a bearish price reversal candle pattern.
Hammer Candle Pattern and Hanging Man Candlestick Pattern - Candles Lesson Guide
Hammer Candles Tutorial
Hammer candle set-up is a potentially bullish candlestick pattern which forms during a downward trend. It's named and called 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 forms during a upward trend. It's named and called so because it looks like a man dangling on a noose up high.
Hanging Man Candle Pattern
Inverted Hammer Candles Tutorial
This is a bullish price reversal candlestick pattern. It forms at the bottom of a trend.
Inverted hammer candle setup forms at the bottom of a down-trend & reflects possibility of a market price reversal of the downwards trend.
Inverted Hammer Candle Pattern - Candles Lesson Guide
Shooting Star Candles Tutorial
Shooting Star Candle is a bearish price reversal candle pattern. It occurs at the top of a trend.
Shooting Star candle pattern form at the top of an up trend in the market where the opening price is same as the low and price then rallied upwards but was pushed & forced back downwards to close near the open.
Shooting Star Candle - Candles Lesson Guide
Piercing Line Candles Tutorial
Piercing line candle setup pattern is a long black body followed by long white body candle.
The white body pierces the mid-point of the prior black body.
This Piercing Line candle pattern is a bullish price 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 candle pattern illustrates that the force of the down trend is reducing/decreasing & the price trend is likely to reverse & move in an upward direction.
This Piercing Line candle pattern is shown referred to & known as a piercing line signaling that the market is piercing the bottom illustrating a market floor for price downwards trend.
Piercing Line Candle Pattern - Candles Lesson Guide
Dark Cloud Cover Candles Tutorial
Opposite of piercing candle candlestick.
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 price reversal trade pattern which forms at the top of an upwards trend.
Dark Cloud Cover candle pattern the market opens higher & closes below the mid-point of the white body.
Dark Cloud Cover candle pattern portrays that the force of the up trend is reducing/decreasing and the price trend is likely to reverse and move in a downward trade direction.
Dark Cloud Cover candlestick pattern is cited referred to & known as a cloud cover signaling the cloud as a ceiling for price upwards trend.
Dark Cloud Candlestick Pattern
Morning Star Candles Tutorial
Morning Star Candle Pattern - Candles Lesson Guide
Evening Star Candles Tutorial
Opposite of the morning star candle pattern
Evening Star Candlestick Pattern - Candlesticks Guide - Candlestick Guide
Candle Sticks Tutorial
Engulfing is a reversal candlestick pattern that can be bearish or bullish depending upon whether it displays up at the end of a market down trend or at the end of a market upwards trend.
Bullish & Bearish Engulfing Candles Setups - Candles Lesson Guide
Drawing Candlesticks on MT4 Platform - Candlesticks Patterns Lesson Guide for Day Trading
Learn More Courses:
- Elliot Wave XAUUSD Theory
- Types of Candles & Their Definition Tutorial Course
- How Do I Read 100.0% XAU/USD Fibonacci Extension Level?
- XAU/USD Tips for Improving Gold Results
- How to Trade XAU USD Price Break Outs in XAUUSD Trading
- XAU/USD Accumulation/Distribution Trading Indicator
- Simple H4 XAUUSD Strategy
- How to Activate a MetaTrader 4 XAUUSD Automated Expert Advisor(EA) in MT4 Platform Software
- MT5 XAU USD Platform/Software Web Pages Guide
- Desktop Platform MetaTrader Software Versions
