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A custom forex indication called My Price Action forex indicator MT4 highlights major candlesticks where a significant price change may be anticipated. The indicator offers a number of chart indicators. It first shows colored arrows above and below the candlesticks on the chart. The arrows’ colors also depict price movement.
However, it is not possible to use the color arrow indicators as a sole entry signal for purchasing or selling. Before employing them in your trade, you might need to understand a lot about the different indicators and how to apply them.
The My Price Action forex indicator: how does it operate?
The fundamental idea behind the FX indicator is based on the candles’ shadows. When a chart candle has a shadow below or above, you understand the message. It helps determining the pressure to sell or buy at a specific time easier.
On the underside of the chart, for instance, you can observe a lengthy shadow. It indicates that there is more pressure to buy. In such a case, you can search for a lengthy entry opportunity.
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Trading with My price forex indicator MT4
Buy Trade
- Set a 4-hour time restriction on the chart.
- For the hightwick2 value and the hightwick1 value, respectively, enter 25 and 50.
- Decide on values for lowtwick2 and lowtwick1 of 25 and 50, respectively.
- Watch for areas of price consolidation on charts.
- A chart candle with the pink color arrow and the label NLB is what you want to find.
- When you see a green color arrow with the label NLS on top of the chart candle, place a stop-loss (SL) below the shadow and leave the long entry position.
Sell setup
- Decide on a 4-hour time frame.
- Set the hightwick2 value to 25 and the hightwick1 value to 50.
- Decide on values for lowtwick1 and lowtwick2 of 50 and 25, respectively.
- Watch for areas of price consolidation on charts.
- Look for a candle on the chart that says NLS and has an arrow in the color green above it.
- When you observe a pink color arrow beneath the candle with the label NLS, place a stop-loss order (SL) above the shadow and leave the short entry position.
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 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
Conclusion
You can determine whether there is buying or selling pressure by using my Price Action forex indicator for MT4. It decreases your need to actively search for patterns, like any technical indicator, but you cannot rely completely on it. You might need to utilize confirmatory tools or back-test the tool before using a live trading account.
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