Introduction to the Forex Entry Point Indicator
The Forex Entry Point indicator is a trading tool that was developed to provide the best moments to enter a trade.
The readings provided by that gauge are simple and straightforward. Aqua lines signal long entries and bullish trends, and magenta lines signal short entries and bearish trends.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed in a separate window placed just below the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Important note. Sometimes when it plots a line, it may recalculate and replace that line. That issue makes it a NOT no-repainting indicator. Please take that into consideration. Past data look perfect on charts, but in reality, it’s not that reliable.
How does it work? How to apply in trading?
Trading Rules Explanation
Signals provided by that gauge are really intuitive and will not cause you difficulties. Simply follow the suggestions below.
Buy Trade with Forex Entry Point
Buy entry signal occurs after the appearance of an aqua color vertical line. The trade should be triggered after the candle closes. Set your Stop Loss below the last swing low of the market. You can take profit once your trade hits the 1:2 risk to reward ratio. Exit trade in the case of the arrival of a magenta color vertical line, as it forecasts trend change.
Sell Trade with Forex Entry Point
Sell entry signal occurs after the appearance of a magenta color vertical line. The trade should be triggered after the candle closes. Set your Stop Loss above the last swing high of the market. You can take profit once your trade hits the 1:2 risk to reward ratio. Exit trade in the case of the arrival of an aqua color vertical line, as it forecasts trend change.
The above instructions were just basic usage. To increase credibility you can use it in a combination of different forex approaches like candlestick patterns, trend channels, breakouts, etc.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Forex Entry Point indicator in MT4?
Download the Forex Entry Point.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Entry Point.ex4 or Forex Entry Point.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Forex Entry Point indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free MT4 Forex Entry Point Indicator
To download the Forex Entry Point Indicator for Metatrader 4 (MT4) for free just click the button below: