Drawing Candlesticks Stocks Charts on MT4 Software
The fourth option on the MT4 charts menu is the candles button key - used to choose the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Stock Price went down
Blue - Stock Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis & easier to trade with. A lot of information can be analyzed from these charts.
These will show the Opening, High, Low, Closing stocks price of a particular time period. This is abbreviated O-H-C-L.
The body of the candlesticks will show stocks price movement that was within the opening & closing stocks price of a particular trading period - it is also used to determine a lot of information. For example in the above chart the long blue body meant there were a lot of buyers & therefore the stocks price movement was likely to continue in upwards bullish stock trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point & the lowest point that the stocks price reached.
Japanese Stocks Trading Candlesticks Lessons
The Japanese patterns tutorials can be used to learn how to ascertain stock trend reversal signals or stock trend continuation trading signals from the different patterns and formations.
To study more about the various stock strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Stock Candle Pattern and Shooting Star Stock Candlestick Pattern
Piercing Line Stock Candle Pattern and Dark Cloud Cover Stock Candlestick Pattern
Morning Star Candlesticks and Evening Star Candlesticks
