All Oil Candlesticks Patterns Tutorial

Advanced Candlesticks Patterns PDF

Brief History

Candlesticks were created in the 18th century by legendary rice trader known as Homma Munehisa to give overview of the opening, high, low and closing market crude oil price over a given period of time.

They were used by the legendary rice trader to predict future market crude oil prices. After he dominated the rice market, Munehisa then eventually moved to the Tokyo exchanges where he then gained a huge fortune using this analysis. It is said that He made over hundred consecutive winning trades.

Types of Oil charts

There are 3 types of charts used in Oil: Line, bar & candles.

Line - plots a continuous line connecting closing crude oil prices of a crude oil.

Bars- displayed as sequence of OHCL bars. OHCL represents OPEN HIGH LOW and CLOSE. The Opening crude oil price is displayed as a horizontal dash on left and closing crude oil price as a horizontal dash on the right.

The main disadvantage of a bars is that it isn't visually appealing, therefore most traders don't use them.

Candlesticks Patterns - Best Oil Candles Guide - these use the same crude oil price data as bar oil charts (open, high, low, and close). However, they in a much more visually identifiable way which resembles a candle stick with wicks on both ends.

How to Analyze Best Oil Trading Candlesticks Tutorial

Rectangle section is called the body.

The high & low are described as shadows and drawn as poking lines.

The color is either blue or red

• (Blue or Green Color) - Oil Prices moved up
• (Red Color) - Oil Prices moved down

Most crude trading platforms like the MT4, use colors to mark the direction. Colors used are blue or green: when crude oil price moves up, red: when crude oil price moves down.

Candles Vs. Bar Oil Trading Chart

When candlesticks are used it is very easy to see if the crude oil price moved up or down as opposed to when bars are used.

The Best Oil Trading Candlesticks Book also have very many formations that are used to trade the Oil market. Best Oil Candles Guide - candlesticks patterns have different technical analysis interpretation and the most common Best Oil Trading Candlesticks Tutorial are:

The above Best Oil Trading Candlesticks Book and Patterns is what makes the Japanese candlesticks patterns popular among oil technical traders and it's why this type of oil analysis are the most widely used when it comes to analyzing the crude oil market. The analysis for these Japanese candlesticks pattern formations in oil trading is the same as that one used in stocks trading - Best Oil Trading Candlesticks Book.

Drawing japanese Candlesticks Crude Oil Charts in MT4 Platform

To draw Candlestick Crude Oil Trading Charts on the MT4, choose MetaTrader 4 charts drawing tools within the "MT4 Tool bar" - shown below.

To view this toolbar in MetaTrader 4 navigate to 'View' Next to file at top left corner of MT4 Platform, Click 'View', Then Click 'Tool bars', Then check 'Charts' Button. Above Charts tool-bar will appear.

Once the above toolbar, appears you can then select the type you want to convert to, If you want to view using the bar format, click the bar oil chart tool button as shown above, for line format click the line oil chart tool button, for Japanese candlesticks format click the "candlesticks oil chart tool button".

All Oil Candlesticks Patterns Tutorial. Oil Candlesticks Patterns Technical Analysis Explained - Oil Trading Candlesticks Patterns. Bullish Crude Oil Candle-sticks Patterns & Bearish Crude Oil Candle Patterns and Candlestick Continuation Patterns PDF - How to Read Candlestick Oil Trading Chart for Day Trading