Technical analysts use indicators and price behavior as a way to determine entry-exit points for trades. However, some indicators require careful analysis to determine price direction. In order to be able to trade profitably, you must be able to spot market reversals, continuation and breakouts. A mistake can render your analysis useless. There are many indicators that can provide traders with simple entry and exit signals. The Forex Entry Point indicator is an example of such an indicator. You don’t need to analyze the data. The indicator does all the work for you. It does not have any huge lines or colors that make it difficult for you to read the price chart.
The MT4 Forex Entry Point indicator creates a separate window below the price chart. It displays pink and turquoise vertical lines and predicts possible price changes based on market movements.
You can combine the indicator with other trading strategies, which is a great advantage. It can be used at any time. You can use it for scalping in 1 to 5 minutes. You can also use it for longer periods of time, such as daily, weekly or 4 hours. This indicator can be used on any currency pair, including crosses and USD majors. It works best in highly volatile currency pairs such as GBP/JPY. The indicator is easy to use for novice and experienced traders alike, as it does not require a lot of analysis.
Forex Entry Point Indicator. Buy and Sell Signals
You now have a good idea of what this indicator means, both literally and figuratively. You may now be wondering how to use the indicator to get profitable buy-sell signals.
The indicator can produce two colors: magenta and aqua. The buy signal is given by the aqua color on the Forex Entry Point indicator. You have to wait for the bar to close to confirm your buy signal. If the indicator shows a magenta vertical color, it is a buy signal. This color indicates a price reversal.
A sell signal is when the indicator emits a vertical magenta color. Waiting for the bars to close is a good way to ensure a signal. If the indicator is showing an aqua color, close the short position as it indicates a price reversal.
You can also use a 1:3 risk-reward ratio to exit.
As mentioned earlier, this indicator is easy to use. The aqua color of the indicator produces a clear price rise. When the indicator shows magenta, the price falls sharply. In order to detect the appearance of the color, you only need to monitor the change in price.
One of the easiest indicators to use is the Forex Entry Point indicator. Just wait for the indicator’s color to change and jump into the trade. This indicator is also suitable for novice traders. Forex Entry Point can also be used together with other indicators to improve the signal.