Drawing forex candlesticks Charts in MetaTrader 5
The fourth option on the MetaTrader 5 charts menu is the forex candlesticks button - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above MT5 buttons shows where a trader should select the button do choose This MT5 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 forex technical analysis and easier to trade with. A lot of information can be analyzed from these charts.
These will show the Opening, High, Low, Closing FX trading price of a specific time period. This is abbreviated O H C L.
The body of the forex candlesticks will show currency pair movement that was within the opening and closing forex 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 and therefore the forex price movement was likely to continue in the upwards bullish forex trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the forex price reached.
Japanese candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine forex trend reversal signals or forex trend continuation signals from the different patterns and formations.
To learn more about the various Forex strategies for trading these patterns, a forex trader can read these guides:
· Japanese candlesticks Tutorial
· Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
· Piercing Line Candlestick Pattern and Dark Cloud Cover Candlestick Pattern
· Morning Star forex candlesticks and Evening Star Candlesticks
